New China Draft Rules for Online Gaming Send Chinese Stocks Sharply Lower

Chinese gaming stocks are sharply lower Friday after the Chinese government announced new draft rules for online gaming industry. Tencent’s stock fell -12.35% to HK$274, NetEase dumped -24.60% to HK$122, and Bilibili (BILI) fell around 10% on the Hong Kong Stock exchange. The stocks continued to slide heading into the US opening. Netease fell to 81.69 -22.72 (-21.76%) Pre-Market. BILI 10.32 -1.25 (-10.80%) Pre-Market. The new rules are aimed curbing the amount of money and time players spend playing the … Continue reading “New China Draft Rules for Online Gaming Send Chinese Stocks Sharply Lower”

Bank Indonesia Keeps Rates Unchanged at Highest Level Since 2009 to Support Rupiah

Bank Indonesia kept its benchmark interest rate unchanged at 6.00% as universally expected at its December meeting. Governor Warjiyo said, “we will not rush” to ease next year and that they may only have comfort in addressing risks to the stability of the rupiah by “the second half of 2024.” There was little overall effect on the currency or rates. He added the decision was “consistent with the focus of pro-stability monetary policy, to strengthen the stability of the rupiah … Continue reading “Bank Indonesia Keeps Rates Unchanged at Highest Level Since 2009 to Support Rupiah”

Reserve Bank of India Kept its Key Rate at 6.50%, BSE Sensex index Hits All Time High, Rupee All Time Low

The Reserve Bank of India on Friday made no changes to its interest rates, as expected at 6.50% during its December meeting for the fifth consecutive time. Governor Shaktikanta Das signaled those monetary conditions will remain tight for some time as it looks to further curb inflationary pressures. The RBI has projected retail inflation at 5.4 per cent for Financial Year 2024. The bank has the major focus amid expectations of a spike in food prices in coming months and … Continue reading “Reserve Bank of India Kept its Key Rate at 6.50%, BSE Sensex index Hits All Time High, Rupee All Time Low”

Reserve Bank of India Kept its Key Rate at 6.50% Repeating a Hawkish Bias as Expected

The Reserve Bank of India on Friday made no changes to its interest rates, as expected at 6.50% during its October meeting. Guidance remained hawkish as Governor Shaktikanta Das signaled those monetary conditions will remain tight for some time as it looks to further curb inflationary pressures. Reserve Bank of India’s (RBI) medium-term inflation target is 4%. The RBI said it is still in accommodation withdrawal mode. India’s yield curve bear steepened with double digit increases in yields from 5s … Continue reading “Reserve Bank of India Kept its Key Rate at 6.50% Repeating a Hawkish Bias as Expected”

Bank Indonesia Keeps Rates Unchanged at Highest Level Since 2009 With Weaker Rupiah

Bank Indonesia kept its benchmark interest rate unchanged at 5.75% as universally expected at it’s April meeting. Guidance emphasized the need to avoid imported inflation and stability risks around a weaker rupiah which leaned against possible nearer-term easing given past indications to strengthen the rupiah exchange rate. BI said the decision came on the back of a stronger currency and easing price pressures. The benchmark 7-day reverse repurchase rate now stands at 5.75%, the deposit facility at 5.00% and the lending … Continue reading “Bank Indonesia Keeps Rates Unchanged at Highest Level Since 2009 With Weaker Rupiah”

Reserve Bank of India Kept its Key Repo Rate at 6.50% as Expected

The Reserve Bank of India on Thursday made no changes to its interest rates, as expected at 6.50% during its June meeting. Guidance however remained hawkish as Governor Shaktikanta Das signaled those monetary conditions will remain tight for some time as it looks to further curb inflationary pressures. Indian inflation fell to a 18-month low of 4.70% in April, however analysts do not expect India’s inflation to fall to the Reserve Bank of India’s (RBI) 4% medium-term target in a … Continue reading “Reserve Bank of India Kept its Key Repo Rate at 6.50% as Expected”

Brent Crude Contract Revamp Adds Midland Reflecting Texan Oil Dominance

The long-awaited revamp of the Brent futures contract took place on Thursday. The Brent contract, a construct of Oil-index publisher Platts added U.S. WTI Midland crude oil transactions into the Platts dated Brent price assessment from June 2023 cargo deliveries. This was the first inclusion of a non-North Sea crude oil into the Brent basket. Eyes have now shifted from the North Sea to Texas. With deliveries that arrive Thursday on Midland prices will be included in the global pricing … Continue reading “Brent Crude Contract Revamp Adds Midland Reflecting Texan Oil Dominance”

Fitch Ratings Affirmed Australia’s ‘AAA’ With a Stable Outlook

Fitch ratings has issued its latest ratings report on Australia, affirming Australia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook. Australia’s growth pre-pandemic was one of the strongest in the developed world. and it has recovered from the Pandemic strongly than most with a strong trade surplus. Australia saw a rapid rise in the working age population with fast net immigration accounting for over half of the expansion pre-pandemic help fuel the strength. Key Ratings Drivers … Continue reading “Fitch Ratings Affirmed Australia’s ‘AAA’ With a Stable Outlook”

Bank Negara Malaysia Surprises by Raising Interest Rates 25 bps to 3%

The central bank of Malaysia, Bank Negara Malaysia surprised markets by raising its key overnight policy rate by 25 basis points to 3% in the May meeting of 2023 on Wednesday. Bank Negara had kept rates unchanged at its two previous meetings this year, as it sought to assess the impact of four consecutive hikes totaling 100 basis points in 2022. said the stance of monetary policy remained accommodative and supportive of economic growth. Policymakers said, “With the domestic growth prospects … Continue reading “Bank Negara Malaysia Surprises by Raising Interest Rates 25 bps to 3%”

New Zealand Completes Ban of Live Exports by Sea

New Zealand fully implemented a ban on export shipments of animals on welfare grounds. The last exports of livestock by sea were completed the New Zealand agriculture minister confirmed Friday. The move follows on a 2021 announcement that shipping animals offshore, largely for building herds in trading partners like China, would be halted. They gave two years for farmers to transition out of the export business. “Our position on the map means that the journey to northern hemisphere markets will … Continue reading “New Zealand Completes Ban of Live Exports by Sea”