About: jonywang
Recent Posts by jonywang
Fed is not Pausing Rate Hike
Jerome Powell delivered a smaller size of rate hike of 25 bps which is in line with the market consensus; however, the market was hit by double assail with U.S. major indexes dropping by more than 1% and the dollar traded below $103. Firstly, Powell revealed that the Fed considered pausing the rate hike butContinue Reading
Markets Risk-on Ahead of Fed’s Interest Rate Decision
Wall Street closed high and gold prices retraced as the fears over the banking sector crisis abated; the dollar index remains calm before the Fed’s interest rate decision announcement, which will be made later today (22nd March). However, investors are starting to discuss the banking turmoil as aftermath of central banks’ frenetic rate hikes aContinue Reading
Credit Suisse Fallout Hits Major Banks
The latest and largest fall in the recent banking turmoil is embattled Swiss lender Credit Suisse. Credit Suisse Group AG bondholders suffered a historic loss of about CHF 16bn ($17.3bn) worth of risky notes when a takeover by UBS Group AG triggered a “complete write-down” of the bank’s additional tier 1 (AT1) bonds in orderContinue Reading
Stubbornly Strong Jobs Data Supports Hawkish Fed Outlook
In a continued chain of unrelentingly robust jobs data, the U.S. ADP Nonfarm printed a reading of 242,000 for February, higher than an estimated 205 000 and up from a revised 119,000 for January. The service sector had the largest contribution to job additions with 190,000, of which a majority came from the leisure andContinue Reading
Commodities Surge as China’s Economy Recovery Sprints Ahead
On Wednesday, China released its Manufacturing PMI and Caixin Manufacturing PMI for February, beating economists’ expectations of 50.5 and 50.2 respectively. A reading above 50 indicates expansion from the previous month. This is the highest reading since April 2012, marking a faster-than-expected rebound for the world’s second-largest economy after covid-19 related shutdowns slowed growth toContinue Reading
