February 9, 2023

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Stock prices rose in the Asia-Pacific region, and the Bank of Japan made no change in the yield range

Oil prices rose as China reopened on optimism of a recovery in demand

Oil prices are being supported as China reopens to optimism and fuel demand, with OPEC anticipating that Chinese oil demand is on track to rebound.

Brent Crude futures rose 0.85% to $86.65 a barrel, while US contracts rose. Midwest Texas Futures rose 0.91% to $80.91 a barrel.

“Chinese oil demand is on the way to recovery due to the recent easing of measures to prevent the spread of the Corona virus in the country,” Monthly oil report advertiser.

She added that China’s oil demand in the first quarter of the year will recover from an annual decline of 0.3 million barrels per day on an annual basis in the fourth quarter of 2022 to 0.2 million barrels per day, an annual growth.

– Lee Ying Chan

The Japanese yen weakened after the Bank of Japan announced that it would not change the yield curve range

the The weakness of the Japanese yen against the dollar After the Bank of Japan surprised the markets by keeping the yield curve’s tolerance range unchanged.

the Japanese Yen It weakened by 2.04% against the US dollar after the announcement and last settled at 130.94.

“The Japanese economy is expected to continue to grow at a rate higher than the potential growth rate,” the central bank said in a statement.

The Bank of Japan also left the interest rate unchanged at a very pessimistic -0.1% – in line with expectations and maintaining the same rate it has held since 2016.

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—Jihee Lee, Lee Yingchan

Gaming stocks rise after China grants licensing approvals

Hong Kong-listed gaming stocks rose after China Granting licensing approvals for 88 gamesamong them NetEase, Tencent Holdings and miHoYo, marking a further easing of Beijing’s gaming campaign.

shares netease It jumped to 6.81% in early trading, hitting its highest level in more than four months. Tencent Shares rose 0.11%.

Lee Ying Shan

The Bank of Japan is likely to raise the yield curve controlling another 50 basis points: UBS

Tan Teck Ling, executive director of global wealth management at UBS, said the Bank of Japan is likely to extend the 10-year Treasury yield curve control band by another 50 basis points to a 1% range below and above its 0% target.

“The scenario of complete abandonment of the YCC is unlikely,” he said on CNBC’s “Squawk Box Asia,” adding that the move would be “uncharacteristic” for a central bank.

“I think the easiest thing for them to do is take the cap off, and let it find a fair value – but again it comes down to a very big skepticism, which is why we think that, as a compromise, they should at least bring it up to the 1.0% cap.”

return on 10-Japanese government bonds It crossed the upper end of its range for the fifth consecutive session on Wednesday morning ahead of the Bank of Japan’s monetary policy announcement.

Japan’s core manufacturing orders for November fell more than expected

CNBC Pro: Are you thinking of returning to the world of big tech? This investor is wary of 2 stocks in particular

CNBC Pro: Morgan Stanley says cheaper electric cars are coming – and states that global stocks will benefit

With electric vehicles becoming more and more popular, new manufacturing technology that could make them more affordable is gaining traction, according to Morgan Stanley.

The Wall Street bank said some automakers are outsourcing the process, which could benefit three major Asian parts suppliers.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Stocks ended the day mixed, and the Dow fell nearly 400 points

The Dow Jones Industrial Average fell to end the day, as Goldman Sachs shares weighed on the stock index.

The Dow Jones lost 391.76 points, or 1.14%, to close at 33,910.85 points. The S&P 500 fell 0.2%, to 3,990.97. The Nasdaq Composite Index rose 0.14% to end the day at 11,095.11.

– Tanaya McHale

Bank of America sees a later onset of recession

The recession probably won’t start now until later in 2023 as consumer spending has been stronger than expected and the Federal Reserve has eased as it ramps up interest rate hikes, according to Bank of America.

“We are delaying the timing of our forecast for a moderate recession in the US economy by about a quarter given the resilience of consumer spending at the expense of strong labor markets, excess saving, lower energy prices, and easier financial conditions,” the company said in a statement. Customer note. “However, we believe that the headwinds will push consumers to spend less and drive the saving rate higher as the year progresses.”

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That puts a recession in the second quarter, driven by an investment-led slowdown seeping into consumer spending.

After raising the benchmark borrowing rate by 4.25 percentage points in 2022, the Fed is expected to ease, with an increase of 0.25 percentage points in February. This is expected to be followed by an additional quarter-point increase in March and May.

The company said interest rate cuts likely won’t come until 2024.

– Jeff Cox

Goldman Sachs shares fall on losing profits

Goldman Sachs shares fell 2.4% after Wall Street The investment bank shared fourth-quarter earnings results that it missed Analyst forecasts on both profits and losses.

The bank reported earnings of $3.32 per share on $10.59 billion in revenue. Consensus estimates called for earnings of $5.48 per share on revenue of $10.83 billion, according to analysts surveyed by Refinitiv.

Provisions for credit losses also came in slightly above expectations.

– Heo Soon, Samantha Sobin