ASIA:
A wholly owned subsidiary of the Agricultural Bank of China (ABC) has been approved to set up a wealth management joint venture (JV) with BNP Paribas Asset Management, ABC said on Wednesday in an online statement. The move indicates that the potential of the Chinese wealth management sector is being further explored, with foreign investors keeping bullish on the country’s capital market, as China’s high-quality opening of the financial market progresses. According to the announcement, ABC Wealth Management Co will cooperate with BNP Paribas Asset Management to set up a JV wealth management company. ABC Wealth Management Co will hold 49 percent of the venture and BNP Paribas Asset Management will hold 51 percent. Increasing cooperation in this sector shows that China’s strategies of globalization and opening of its capital market have been recognized by most foreign countries.
The major Asian stock markets had a mixed day today:
- NIKKEI 225 increased 101.24 points or 0.37% to 27,257.38
- Shanghai decreased 36.58 points or -1.19% to 3,044.38
- Hang Seng decreased 403.30 points or -2.38% to 16,511.28
- Kospi decreased 12.51 points or -0.56% to 2,237.44
- ASX 200 increased 20.90 points or 0.31% to 6,800.10
- SENSEX increased 146.59 points or 0.25% to 59,107.19
- Nifty50 increased 25.30 points or 0.14% to 17,512.25
The major Asian currency markets had a mixed day today:
- AUDUSD decreased 0.0035 or -0.55% to 0.62851
- NZDUSD decreased 0.00066 or -0.12% to 0.56774
- USDJPY increased 0.538 or 0.36% to 149.717
- USDCNY increased 0.04157 or 0.58% to 7.26507
Precious Metals:
- Gold decreased 19.13 USD/t oz. or -1.16% to 1,633.92
- Silver decreased 0.302 USD/t. oz or -1.61% to 18.458
Some economic news from last night:
Australia：
MI Leading Index (MoM) increased from -0.2% to 0.0%
EUROPE/EMEA:
The European Central Bank will go for another jumbo 75 basis point increase to its deposit and refinancing rates when it meets on Oct. 27 as it tries to contain inflation running at five times its target, a Reuters poll found. The ECB targets inflation at 2.0%, yet it was 10.0% last month. It will average at a peak of 9.6% this quarter, higher than thought last month, before gradually drifting down but will not reach target until late 2024, the poll found. Much of the price pressure is coming from energy costs. With no end in sight to the Russia-Ukraine conflict, nearly 65% of 34 respondents said the cost of living in the euro zone would worsen or worsen significantly. Only 12 said it would improve.
The major Europe stock markets had a negative day:
- CAC 40 decreased 26.28 points or -0.43% to 6,040.72
- FTSE 100 decreased 11.75 points or -0.17% to 6,924.99
- DAX 30 decreased 24.20 points or -0.19% to 12,741.41
The major Europe currency markets had a mixed day today:
- EURUSD decreased 0.00831 or -0.84% to 0.97827
- GBPUSD decreased 0.01175 or -1.04% to 1.12314
- USDCHF increased 0.00951 or 0.96% to 1.00361
Some economic news from Europe today:
UK:
CPI (YoY) (Sep) increased from 9.9% to 10.1%
CPI (MoM) (Sep) remain the same at 0.5%
PPI Input (MoM) (Sep) increased from -0.9% to 0.4%
Euro Zone:
Core CPI (YoY) (Sep) increased from 4.3% to 4.8%
CPI (YoY) (Sep) increased from 9.1% to 9.9%
CPI (MoM) (Sep) increased from 0.6% to 1.2%
US/AMERICAS:
Mortgage demand continues to decline in the US as rates sharply rise. The Mortgage Bankers Association reported that demand has declined to a level not seen since 1997. Demand fell 4% for the week; 38% lower YoY. Refinance applications dropped 7% from the week prior and 86% YoY. More Americans are turning to adjustable-rate loans, which composed 12.8% of all applications. As of Tuesday, the average 30-year fixed rate was 7.15%.
US Market Closings:
- Dow declined 99.99 points or -0.22% to 30,423.81
- S&P 500 declined 24.82 points or -0.67% to 3,695.16
- Nasdaq declined 91.89 points or -0.85% to 10,680.51
- Russell 2000 declined 30.2 points or -1.72% to 1,725.76
Canada Market Closings:
- TSX Composite declined 123.78 points or -0.66% to 18,674.4
- TSX 60 declined 6.21 points or -0.55% to 1,131.94
Brazil Market Closing:
- Bovespa advanced 531.17 points or 0.46% to 116,274.24
ENERGY:
The oil markets had a mixed day today:
- Crude Oil increased 0.547 USD/BBL or 0.66% to 83.367
- Brent increased 0.678 USD/BBL or 0.75% to 90.708
- Natural gas decreased 0.1967 USD/MMBtu or -3.42% to 5.5483
- Gasoline increased 0.0388 USD/GAL or 1.52% to 2.5894
- Heating oil decreased 0.1093 USD/GAL or -2.74% to 3.8842
The above data was collected around 11:37 EST on Wednesday
- Top commodity gainers: Palm Oil (2.67%), Rhodium (2.17%), Lumber (1.53%) and Gasoline (1.52%)
- Top commodity losers: Platinum (-2.49%), Cotton (-3.93%), Heating Oil (-2.74%) and Natural Gas (-3.42%)
The above data was collected around 11:43 EST on Wednesday.
BONDS:
Japan 0.253%(+0.2bp), US 2’s 4.53% (+0.092%), US 10’s 4.1043% (+10.63bps); US 30’s 4.11% (+0.086%), Bunds 2.379% (+10.1bp), France 2.951% (+9.8bp), Italy 4.771% (+9.3bp), Turkey 10.30% (-9p), Greece 5.072% (+9.1bp), Portugal 3.47% (+11.8bp); Spain 3.527% (+10.1bp) and UK Gilts 3.879% (-6.5bp).
