Asia opens the week with a mixed performance, the Nikkei is up 0.10% at 7:30 a.m. Italian time, while the Chinese stock markets are losing momentum, the Hang Seng is down 0.25%, Shanghai 0.75%.
Gold and US oil Wti are also down, the former at $1,972 an ounce and the latter at $82.77 a barrel. The main currencies yielded an average of 0.2% against the dollar, the euro at 1.0994, the yen at 142.07, while the US ten-year bond, which after the downgrading of the US rating by Fitch had arrived at a yield of around 4.18%, settled in Asia at 4.06% and futures contracts are being absorbed (+0.5% at the Nasdaq).
Cautiousness dominates market sentiment ahead of more corporate earnings reports and economic data this week. Investors are turning to China’s trade balance (Tuesday) and inflation data (Wednesday). to better understand the state of the world’s second largest economy.
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HSBC, biting comments
The head of public affairs at HSBC (a Chinese-English bank, listed in Hong Kong and London) criticized the United States for forcing the United Kingdom to reduce trade relations with China and accused the UK government of being “weak” for accepting it.
Sherard Cowper-Coles told attendees of a closed-door event in London in June that the UK would often pander to Washington’s demands and should not blindly follow the US but look out for its own interests. Bloomberg News.
Cowper-Coles also told the US agency that these were “personal comments” and did not reflect the views of HSBC or the agency. China-Britain Business Councilwhich he presides.
The Fed, if the increases are not enough
Federal Reserve Governor Michelle Bowman said Sunday that the U.S. Central Bank may need to raise interest rates further to restore price stability.
Bowman said policymakers will assess incoming data and should be prepared to raise rates going forward if they make progress in reducing inflation.
The australian central bank Economists say the Reserve Bank of Australia will raise rates further in its current tightening cycle, before switching to an easing policy next year as inflation cools and economic growth slows. And in the Philippinesaccording to the governor That is, Remolathe Central Bank will exercise caution in the face of “excessive” monetary tightening in order to avoid dragging down economic growth.
United States, fewer jobs than expected
The US economy added 187,000 jobs in July 2023, which is below market expectations (200,000) and follows a downward revision of 185,000 new jobs in June.
Hiring was concentrated in the health care, social assistance, financial activities and wholesale trade sectors. At the same time, the unemployment rate fell again to 3.5 percent. (reproduced confidentially)
2023-08-07 06:14:23
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