- Preview - BOJ decision due Friday, 28 April 2023: "cannot fully rule out a change" in YCC
- Chinese official says the employment situation remains under pressure
- China's new espionage law likely to discourage foreign capital inflow, cut economic growth
- China data: January to March industrial profit -21.4 % y/y (prior -22.9%)
- Australia data: Exports prices +1.6% q/q (expected -2.4%) & Import -4.2% q/q ( +0.7)
- PBOC sets USD/ CNY reference rate for today at 6.9207 (vs. estimate at 6.9197)
- NZ data: April Business Confidence -43.8% (prior -43.4%)
- Goldman Sachs says US government drop dead date for raising the debt limit is late July
- BlackRock has been buying up USTreasuries in anticipation of economic slowdown, debt fight
- Singapore announces new property cooling measures - foreign buyer stamp duty doubled
- Russian Deputy PM Novak suggested OPEC+ cooperation could continue past the end of 2023
- Yuan's global currency transactions for trade rose to 4.5% in March, USD was 83.71%.
- ICYMI - ECB's Herodotou says the Bank's rate hikes are beginning to impact on the economy
- Australian inflation data "suggest that the RBA will not raise" its cash rate next week
- US House has passed the spending cut/debt ceiling bill
- Reports of possible explosions at the airport in St. Petersburg, Russia.
- Forexlive Americas FX news wrap 26 Apr: The USD ends mixed on the day. Bitcoin tumbles.
- Argentina says it will pay for Chinese imports in yuan instead of dollars
- BOJ meeting: Can't rule out a surprise move, which could see JPY strengthen materially
- Meta earnings come in at $2.20 versus $2.01 estimate. Revenues beat as well.
- Trade ideas thread - Thursday, 27 April 2023
- US indices close mixed. NASDAQ saved by Nvidia and Microsoft
It was a very quiet day for fresh news of relevance to markets, and data points were of lower-tier importance only. FX rates moved in very small ranges only.
Goldman Sachs were out with a note saying they have increased confidence that Congress won’t have to act on raising the US debt limit until late July. GS cite a surge in tax collections surrounding the April 18 filing deadline in their reasoning.
In other debt ceiling news, the US House passed its spending cut/debt limit bill. It stands zero chance of passing the Senate but the good news is that its another step forward in negotiations. Its also indicative of how much support the Tea Party faction of the US Republican party has lost, Kevin McCarthy, House majority leader, only saw 4 of his House party members vote against the bill.
Asian equity markets:
Japan’s Nikkei 225 -0.2%
China’s Shanghai Composite +0.3%
Hong Kong’s Hang Seng +0.1%
South Korea’s KOSPI +0.04%
Australia’s S&P/ASX 200 -0.4%
Tomorrow we get the April Bank of Japan policy decision. Its Governor Ueda's first meeting in the big chair.
- BOJ meet this week - preview - YCC to be abandoned but not until July
- BOJ meeting preview - Deutsche Bank expect a policy revision, 3 scenarios
- Has BOJ Gov Ueda dismissed any change to YCC at this week's policy meeting? Looks like it
