China’s second-hand housing market May 2022
BEIJING – China’s second-hand housing market regained some lost ground last month as the country eases financing and restrictions for home buyers, according to a report by the Beike Research Institute. In May, the sales volume of previously-owned homes in 50 cities rose by about 14 percent from a month ago, according to the report….
Mid-year online bonanza paves way for recovery
BEIJING – China’s weeks-long mid-year online shopping event got off to a steady start amid business resumption and pro-growth policy incentives, which analysts believe can help boost consumption as COVID-19 impacts wear thin. The annual shopping bonanza, featuring promotional campaigns at multiple e-commerce platforms, kicked off on June 1. Many online retailers said sales took…
CommSec Morning Report Monday
Latest news • In US economic data, non-farm payrolls (jobs) rose by 390,000 in May (survey: 325,000). The unemployment rate was steady at 3.6% (survey: 3.5%). And hourly earnings rose by 0.3% (survey: +0.4%) to be up 5.2% on a year ago. The ISM services index fell from 57.1 to 55.9 in May (survey: 56.4)….
Conviction remains low even after a risk friendly NFP
Growth concerns have temporarily wrestled the public eye away from inflation worries; hence, the markets trimmed the Fed’s probability of tightening into restrictive territory. However, with oil prices on the boil again, inflation concerns are never far from the spotlight. Indeed, this can best be encapsulated by the market’s reaction to Friday’s Non-Farm Payroll number,…
Record high inflation could trigger a fresh eurozone financial crisis
Any crunch would centre on Italy, have no obvious solution and remind that the euro’s frailties are unaddressed. Italy’s 66th post-war government collapsed in January 2021 when Prime Minister Giuseppe Conte was forced to resign after former premier Matteo Renzi removed his minor Italia Viva party from the ruling coalition. President Sergio Mattarella encouraged the…
Silver mining stocks 2022 update
The silver miners’ stocks collapsed from mid-April to mid-May, suffering heavy collateral damage from a serious stock-market selloff. The big fear that spawned sucked in gold, hammering silver and therefore its miners’ stocks sharply lower. That carnage left them battered technically, looking like huge bargains. Silver stocks’ latest earnings season wrapping up in mid-May revealed…
CommSec evening Report Friday
Latest News The Australian sharemarket finished the week on a strong note, with the ASX 200 climbing 0.9 per cent or 62.9 pts to 7238.8. Most of the heavy lifting was done by the Tech and Materials sectors, which both snapped a three day losing streak thanks to a strong lead from Wall St overnight…
assets more attractive to global financial institutions: survey
BEIJING, – Financial institutions abroad have greater demand for assets denominated in the Chinese currency renminbi (RMB), an annual survey by the Bank of China showed. Among all the overseas financial institutions surveyed last year, 61.3 percent said that they would increase their holdings of RMB-denominated assets. The proportion expanded by 9 percentage points compared…
central SOEs post steady revenue, profit growth in first 4 months
BEIJING, – China’s centrally-administered state-owned enterprises (SOEs) saw revenue and profit grow in the first four months of 2022, said the country’s top state-asset regulator. The net profits of central SOEs expanded by 5.6 percent year on year in the four-month period, said the State-owned Assets Supervision and Administration Commission of the State Council. Their…
Risk on the Fed Yo-Yo String + More ink split on OPEC than oil delivered + FX
MARKETS I am not sure of a better way to describe price action than to tell it as risk sentiment is on a Fed rate hike impulse yo-yo string as this morning, at least it is the return of the “bad news is good news, “or maybe it’s just the absence of overly good news….
