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January 19th - On January 15th, Dai Houliang, Chairman of China National Petroleum Corporation (CNPC), met with Canadian Prime Minister Mark Carney in Beijing. The two sides exchanged views on promoting and expanding Sino-gas cooperation.The yield on Japans 40-year government bonds rose to 3.895%, a record high.On January 19th, Peng Yongtao, Director of the Service Industry Survey Center of the National Bureau of Statistics, stated that the service sector contributed 61.4% to national economic growth, an increase of 3.7 percentage points from the previous year; the service sector boosted GDP growth by 3.0 percentage points, an increase of 0.1 percentage points from the previous year; and the service sectors added value accounted for 57.7% of GDP, an increase of 0.9 percentage points from the previous year. In the fourth quarter, the added value of the service sector reached 21,594.8 billion yuan, a year-on-year increase of 5.2%, contributing 63.2% to economic growth and boosting GDP growth by 2.8 percentage points. The service sectors added value accounted for 55.7% of GDP. In December, the service sector production index increased by 5.0% year-on-year, 0.8 percentage points faster than in November.On January 19th, BetaShares Chief Economist David Barsanese stated that Trumps threats against Europe regarding Greenland could ultimately backfire. He pointed out that no self-respecting European country is likely to relinquish Greenland simply because of tariff threats. Furthermore, imposing higher tariffs on major trading partners will only exacerbate the risks facing the US economy, especially if Europe ultimately retaliates with trade measures. Barsanese added that if Trump is ultimately forced to concede and fails to obtain Greenland, it will once again expose the hollow nature of these threats and undermine all future negotiations.On January 19th, Nomura issued a research report stating that it expects Tencents (00700.HK) revenue to grow 12% year-on-year to RMB 193.5 billion in the last quarter, largely in line with market expectations. Nomura also expects Tencents non-IFRS net profit to increase 15% year-on-year to RMB 63.9 billion, 3% lower than the latest market forecast; due to a 4.2 percentage point increase in gross margin, the non-IFRS operating profit margin is expected to rise 0.7 percentage points to 35.2%. The bank also expects the operating profit margin to remain around 37.2% in fiscal year 2026. The report suggests that Tencent may follow ByteDances lead and more actively utilize GPU resources in third-party data centers to train its Tencent Mixed-Model to address the shortage of advanced chips, and believes the company will increase its investment in AI. Nomura maintains its "Buy" rating on Tencent and continues to give it a target price of HKD 775.

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

Skylar Shaw

Sep 20, 2022 14:27

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On Monday, cryptocurrency prices hit new lows as a result of regulatory worries and a general investor reluctance to engage in risky assets due to impending interest rate increases.


By market value, Bitcoin, the most valuable cryptocurrency, dropped almost 5% to a three-month low of $18,387.


The second-largest cryptocurrency, ethereum, lost 3% to a two-month low of $1,285 and had lost more than 10% in the previous day. The majority of the smaller tokens had larger losses.


Over the weekend, a significant update to the Ethereum blockchain—which supports the ether token—called the Merge changed how transactions are handled and reduced energy consumption.


The value of the token has decreased amid rumors that comments made last week by Gary Gensler, chairman of the U.S. Securities and Exchange Commission, suggested the new structure would draw further regulation. The upgrades' surrounding trades were likewise unwound.


The regulatory outlook is guesswork, according to Matthew Dibb, COO of Singapore's Stack Funds cryptocurrency platform.


Since the Merge, the markets have shed a lot of their excitement, he said. Given the uneasy global background, he said, "It's truly been a sell-the-news sort of event," and predicted that ether will test $950 in the near future.


"From a basic and technological standpoint, the current situation does not appear promising. There isn't a clear quick positive trigger that will support these markets and inject a ton of fresh cash and liquidity, in our opinion.

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