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08/02/2023

Today’s Announcements & News

Japan December current account

US December consumer credit

 

Asia

ASX futures were up 30 points or 0.4 per cent to 7461 at 8amAEDT, reversing earlier losses of more than 30 points.

 

The RBA expects more rate hikes in the coming months as the country’s inflation rose to 7.8% in the fourth quarter, the highest yearly increase since 1990.

 

United States

US stocks finished higher after a volatile session following Fed Chairman Powell’s speech on Wednesday. Powell said inflation started to ease but more rate hikes are expected, and the peak of interest rate may be higher than previously projected as the labour market is “extraordinarily strong”. Wall Street’s rally suggests that market participants see the rate hike cycle as close to its end, though Powell stayed hawkish.

 

Commodities

Eurasian Resources Group Sarl, the mining firm backed by Kazakhstan, plans to spend $US1.8 billion doubling its African copper and cobalt output as it taps demand for metals needed for the green-energy transition.

 

The four-year expansion in the Democratic Republic of Congo comes after cobalt prices almost halved over the past year because of a supply glut.


The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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