Reply To: Traders Market Weekly: Inflation and Bank Earnings


Hong Kong’s Hang Seng jumped 1.3% and is now up 6.4% in 2023.
China’s Shanghai Composite increased 1.0% and is up 2.1% in 2023.

Providing some fuel for the rebound effort was a better-than-feared December Caixin Services PMI (48.0), which remained below 50.0 but improved from the prior month’s reading of 46.7, suggesting there was some moderation in the pace of contraction.
Report featured a 12-month business outlook that hit a 17-month high. Some hope that China’s COVID infection wave is peaking also remained a source of support.
Notably, Thursday marked the first time in five sessions that the BOJ did not conduct an unscheduled bond purchase operation. Reuters reports that the BOJ is likely to increase its forecast later this month for inflation, excluding fuel.
China’s December Caixin Services PMI 48.0 (last 46.7)
Japan’s Monetary Base -6.1% yr/yr (expected -3.2%; last -6.4%); December Household Confidence 30.3 (last 28.6)
Hong Kong’s December Manufacturing PMI 49.6 (last 48.7)
Australia’s December Services PMI 47.3 (expected 46.9; last 47.6)
Singapore’s November Retail Sales -3.7% m/m (last +0.1%) and +6.2% yr/yr (last +10.3%)