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On December 9th, Jinhui Group (00137.HK) announced on the Hong Kong Stock Exchange that a buyer, in which the company holds approximately 55.69% equity, entered into a shipbuilding contract with the seller on December 9th, 2025. According to the terms of the contract, the seller agreed to build and sell the vessel at a contract price of US$33.45 million (approximately HK$261 million). The vessel will be delivered to the buyer on or before October 31st, 2028. The seller is Jiangmen Nanyang Shipbuilding Engineering Co., Ltd.On December 9th, Geely Automobile (00175.HK) announced on the Hong Kong Stock Exchange the latest progress regarding the selection of eligible Krypton holders. The selection process has been completed, and the results are as follows: a total of 777,228,611 consideration shares will be allotted and issued to eligible Krypton holders who have made a valid selection to receive the consideration shares. The number of consideration shares to be issued represents approximately 7.7% of the Companys total issued share capital as of the selection deadline (i.e., 5:00 p.m. (Eastern Time) on December 5, 2025); the Group will pay a total of approximately US$701 million in cash consideration to the remaining eligible Krypton holders who have selected or are deemed to have selected to receive the cash consideration. The Company will apply to the Listing Committee for approval for the listing and trading of the 777,228,611 consideration shares.Oil prices fell on December 9th, continuing the previous days decline, as traders focused on negotiations to end the Russia-Ukraine conflict, the looming global supply glut, and the direction of US interest rates. Soojin Kim of Mitsubishi UFJ Financial Group stated, "Traders remain cautious given the International Energy Agencys (IEA) forecast of a record oil glut next year, coupled with prices being confined to a narrow range of $4 since early November." Investors are currently awaiting the upcoming monthly reports from OPEC and the IEA for further clues on supply and demand trends.On December 9th, UK-based biotechnology company Relation Therapeutics announced a collaboration with Novartis to discover and advance novel targets for atopic diseases. Under the agreement, Relation will receive an initial grant of $55 million, including upfront payments, equity investment, and additional R&D funding. Furthermore, Relation is eligible to receive up to $1.7 billion in preclinical, development, regulatory, and commercial sales milestone payments, as well as tiered royalties based on net product sales.The onshore yuan closed at 7.0693 against the US dollar at 16:30 on December 9, up 20 points from the previous trading day.

The Devil Is In The Details: Gold Analysis - Federal Reserve Minutes

Larissa Barlow

Apr 07, 2022 10:33

Analyses of Federal Reserve Minutes 

While both the FOMC statement and Chairman Powell's press conference provide market participants with information about the FOMC's updated and revised monetary policy, it is the release of the minutes that provides investors with significantly greater clarity and understanding. The devil, as they say, is in the details.

 

The Federal Reserve issued the official minutes from its March FOMC meeting today, providing insight into the central bank's current plans to begin unwinding its balance sheet assets. Beginning in March 2020, the Federal Reserve will add around $4.6 trillion to its balance sheet by purchasing $120 billion monthly in mortgage-backed securities ($40 billion) and US Treasury securities ($80 billion), bringing their total to just over $9 trillion.

 

According to Federal Reserve Governor Lael Brainard, the Fed intends to employ a mix of interest rate rises and a quick run-off of the balance sheet to bring US monetary policy closer to neutral later this year.

 

However, the minutes released today imply that the Federal Reserve will unwind around $3 trillion over the next three years, reducing its $9 trillion balance sheet to $6 trillion. While the Fed appears to be indicating a quick runoff of its balance sheet, the reality is that the Federal Reserve's balance sheet will be nearly $2 trillion larger than it was prior to the epidemic.

 

"Participants continued their discussion on plans to reduce the size of the Federal Reserve's balance sheet in a manner consistent with the methodology outlined in the Committee's Principles for Reducing the Size of the Federal Reserve's Balance Sheet, announced following its January meeting."

 

Additionally, the minutes stated, "While no decision was made regarding the Committee's plan to reduce the Federal Reserve's balance sheet at this meeting, participants agreed that significant progress had been made on the plan and that the Committee was well positioned to begin the process of reducing the balance sheet's size as soon as after the conclusion of its upcoming May meeting."


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