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The Hang Seng Tech Index fell more than 4%, while the Hang Seng Index is currently down 2.77%. Gold stocks, optical communications, non-ferrous metals, chips, building materials and cement are among the biggest losers.1. Market Dynamics: Platinum and palladium futures contracts both hit their daily limit down, falling by 16% to 552.15 yuan/gram and 413.7 yuan/gram respectively; Shanghai gold futures fell by over 11%, and Shanghai silver futures hit their daily limit down; precious metals experienced a sell-off across the board. 2. Core Drivers: US President Trump nominated the hawkish Warsh as Federal Reserve Chairman, coupled with the unexpected rise in US December PPI inflation (annual rate of 3%, higher than expected), shaking market expectations for aggressive easing, easing concerns about the Feds independence, and shifting macroeconomic expectations. 3. Risk Control Pressure: CME significantly raised margin requirements for silver, platinum, and palladium futures for the second time this year, with gold margin also increasing (from 6% to 8% for non-high-risk accounts), significantly raising holding costs and intensifying liquidity tightening pressure. 4. Fund Flows: Speculative funds mainly flowed out; as of January 30, gold, silver, and palladium recorded reductions for 6, 2, and 3 consecutive days respectively, and the North American gold mining index fell sharply. 5. Nanhua Futures: Short-term "tightening trading" expectations do not change the medium-to-long-term "easing trend," and the foundation for a platinum and palladium bull market remains; however, the Warsh nomination brings concerns about a potential disruption of the underlying logic, and caution is advised against opening gaps due to high volatility. Position control is also crucial. 6. Yide Futures: The sharp decline disrupted the upward trend, but undoubtedly opened up opportunities for allocation trading. 7. Guoxin Futures: The trend of platinum group metals is anchored to the macro sentiment of the gold and silver sector. The Warsh nomination shakes the easing narrative, and CMEs increased protection measures exacerbate liquidity tightening; platinum and palladium may exhibit a weak and volatile situation, and a wait-and-see approach is recommended. 8. Other news: Parts of the US government face the risk of a shutdown, and House members need to return in two days to review the spending bill; Federal Reserve official Milan stated that he will continue to serve as a governor until Congress confirms a successor, emphasizing that current interest rates are still too restrictive. (The above content is compiled from publicly available market data and is for reference only, not investment advice.)JPMorgan Chase raised its price target for Regeneron Pharmaceuticals (REGN.O) from $850 to $950.Samsung SDI: We expect strong annual sales growth of battery energy storage systems by 2030, driven by demand from data centers.The SC crude oil futures contract hit its daily limit down, falling 7.02% to 449 yuan per barrel.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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