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On May 18th, Morningstar analyst Chelsey Tam believes Meituans (03690.HK) long-term profit outlook looks very optimistic. She points to Meituans well-developed network and loyal core user base. She anticipates that its competitor, Alibaba (09988.HK), will prioritize investments in artificial intelligence over its fast-commerce sector, as Alibaba is unlikely to maintain high levels of investment in both areas simultaneously in the medium to long term. She adds that this could benefit Meituans fast-commerce segment and potentially provide clearer guidance on the timing of its profit recovery. Morningstar maintains its fair value assessment of Meituan at HK$85.70 per share and considers its stock attractive.Nomura Securities: Tencent Holdings (00700.HK)’s core business is solid, supporting AI investment; rating: Buy.The onshore yuan closed at 6.7979 against the US dollar at 16:30 on May 18, up 73 points from the previous trading day.May 18 - Pakistani sources say Pakistan has handed over to the United States a revised proposal from Iran to end the war, and the U.S. has received the proposal.On May 18th, Musk stated on Monday that he expects self-driving cars without human drivers to become more widespread in the United States later this year. In a speech, Musk mentioned that driverless cars are already operating without safety supervisors in three Texas cities, adding that this model will expand nationwide this year. He said, "Five years from now, even ten years from now… roughly 90% of the mileage will be done by artificial intelligence in self-driving cars. Therefore, ten years from now, driving a car yourself will be a rather niche activity."

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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