October 1, 2022

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Federal Reserve hike, Bank of Japan, interest rates, currencies

Federal Reserve hike, Bank of Japan, interest rates, currencies

Oil prices rise after Fed raises rates, demand concerns remain

Oil prices rose after the third consecutive rate hike by the Federal Reserve.

Reuters also I mentioned Chinese refineries They expect the country to release up to 15 million tons of oil product export quotas for the rest of the year, citing people familiar with the matter.

Brent crude futures contracts While it rose by 0.45% to reach $90.24 per barrel West Texas Intermediate It also rose 0.45% to $83.3 a barrel.

– Lee Ying Shan

JPMorgan says Fed hike likely to keep Asian risk assets under pressure

Asian risk assets, especially export-oriented companies, will remain under pressure in the short term after the Federal Reserve raises interest rates, according to Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management.

Tai added that the strong US dollar is likely to continue, but monetary policy tightening in most Asian central banks – with the exception of China and Japan – should help limit the extent of the decline in the Asian currency.

The US dollar indexwhich measures the greenback against a basket of peers, rose sharply and last time reached 111,697.

– Abigail Ng

Bank of Japan remained firm, sticking to yield curve control policy – Yen weakened after 145

The Bank of Japan kept interest rates unchanged, according to an announcement on its website – meeting expectations expected by Economists in a Reuters poll.

The Japanese yen fell to 145 against the dollar shortly after the decision.

“The Japanese economy rebounded as the resumption of economic activity progressed while public health was protected from Covid-19, although it was affected by factors such as higher commodity prices,” the central bank said in the statement.

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Ji Lee

CNBC Pro: This fund manager is outperforming the market. This is what he is betting on

Stock markets are down but the fund managed by Patrick Armstrong at Plurimi Wealth continues to generate positive returns. The fund manager owns a number of short positions to deal with market volatility.

Professional subscribers can Read more here.

– Xavier Ong

Asian currencies weaken after the Fed’s third consecutive big rally

Currencies in the Asia-Pacific region witnessed further weakness after the US Federal Reserve raised interest rates for the third time in a row by 75 basis points.

Chinese mainland yuan It weakened past 7.09 against the dollar, hovering near levels not seen since June 2020.

Japanese yen Weakened to 144.51, while the Korean win – win It also jumped by 1,409 against the dollar – its lowest level since March 2009.

The Australian dollar fell to $0.6589.

– Jie Lee

The two-year US Treasury yield is close to its highest level in 2007

British pound slides further to hover around 37-year low

The British pound Further decline in Asian morning trade, reaching $1.1217 – its lowest level since 1985.

The currency has lost ground against the US dollar this year as economic concerns grow.

Analysts are divided Whether the BoE will raise interest rates by 50 basis points or 75 basis points later today.

The British pound was last traded at $1.1223.

– Abigail Ng

CNBC Pro: Morgan Stanley’s Mike Wilson names the key feature he loves about stocks

Bank of Japan likely to maintain yield curve control for the rest of 2022: DBS

DBS Group Research said in a note on Tuesday that significant adjustments to the Bank of Japan’s policies are likely to occur only after the central bank’s leadership changes in mid-2023.

But analysts wrote that the BoJ may consider some “policy tuning”, such as expanding its target range by 10 basis points, in response to market pressures.

She added that “regardless of interference” yen dollar It could test 147.66 last seen in August 1998, adding that they do not rule out a rally in the USD/JPY back above 150 “without the sharp drop in the US prompting the Fed to cut.”

– Abigail Ng

Stock futures open lower

US stock futures fell Wednesday night after a choppy session in the major averages as traders weighed another big rate hike from the Federal Reserve.

Dow Jones Industrial Average futures were down 16 points, or 0.05%. S&P 500 and Nasdaq 100 futures declined 0.19% and 0.31%, respectively.

– Sarah Min

Stocks drop, Dow closes 522 points down in choppy trading session