5 Major Events in Today’s Financial Market: Federal Reserve Officials’ Speech Hits Oil Prices Hit New Year’s Lows Provided by Investing.com

© Reuters 5 major events in today’s financial market: Official Fed speech hits Oil price hits new low this year

Investing.com – Here are the top 5 facts about financial markets for Monday, November 28:

1.halfcountryDowntoneDeposit standardpreparegold rate

On November 25, the People’s Bank of China announced that it had decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on December 5, 2022 (excluding financial institutions that have implemented a deposit reserve ratio of 5%). The RRR cut released a total of about 500 billion yuan of long-term funds, reducing the cost of capital of financial institutions by about 5.6 billion yuan a year.

The CICC research report believes that the main reason for this RRR cut is to maintain stability in the capital market and bond market, ease liquidity pressure on banks and support steady growth. The low-cost long-term funds generated by the RRR cuts will help stabilize market expectations.

However, Huachuang Macro’s Zhang Yu team believes that the RRR cut alone is not enough, and the LPR cut needs the help of interest rate cuts. Zhang Yu pointed out that cutting the RRR has little effect on reducing the cost of debt. In the context of the current historically low net interest margin of the commercial banks themselves, the cost reduction of 5.6 billion may not be sufficient to support the reduction of LPR.

At the same time, the data shows that from January to October, the growth rate was 7.6%, but the profit decreased 3% year on year. Zhu Hong, a senior statistician in the Industry Department of the National Bureau of Statistics, pointed out that the recent domestic epidemics have spread frequently, the risk of a global economic downturn has intensified, and industrial enterprises are facing greater pressure to recover. their profits.

In addition, Xinhua News Agency, the National Health and Health Commission, reported on Nov. 28 that 3,822 new confirmed cases of new coronary pneumonia were reported from 00:00 to 24:00 on Nov. 27, including 3,748 local cases. ; 36,525 new asymptomatic infections were reported, of which 36,304 were local cases.

2.nicethe fedstrikes official speeches;EuropecontinentCentral bankDisagreement

The New York Fed and St. Louis Fed chairmen will speak later, and investors need to pay close attention to their views on the economic situation.

Previous data showed that this year’s Black Friday period increased only slightly compared to last year, and even experienced a sharp decline after adjustment.

Meanwhile, ECB President Christine Lagarde is scheduled to address the European Parliament. The outlook for the European Central Bank’s monetary policy is becoming increasingly uncertain at the moment, after two ECB officials expressed conflicting views. European Central Bank Governor Isabel Schnabel believes policy should continue to tighten, but the bank’s chief economist published a dovish article, saying wage hikes should not be interpreted as a sign of rising structural inflation.

3.US stock futures lower as worries mount

US stock futures fell as concerns about the outlook for the world’s second-largest economy increased.

According to US stock quotes on Investing.com, as of 21:07 Beijing time (08:07 US Eastern Time), blue-chip shares were down 193.5 points, or 0.56%, down 29 .3 points, or about 0.73%, Technology shares were down primarily 84.8 points, or 0.71%.

In individual stocks, news that Brenntag (ETR:) is planning to acquire chemicals distributor Univar (NYSE:), the latter was up 10% ahead of market.

Apple (NASDAQ: ) fell slightly on fears that some factories may be running out of supplies due to the outbreak.

4.Bayhorseto rejectWE.detectFTX assets in Pakistan

According to reports, the Bahamian government has refuted the US claim to take over FTX’s assets in the Bahamas. Bahamian Attorney General Ryan Pinder said the Bahamas has the right to take over the assets of the local subsidiary of cryptocurrency exchange FTX, which has filed for bankruptcy protection in the US, and stressed that this is based on local laws and customer and consumer protection. It is reported that the Bahamas is concerned that the United States may use non-US customer assets to compensate US creditors.

Furthermore, in response to the claim that the FTX thunderstorm was attributed to the Pakistani side because FTX is based in the Bahamas, the Bahamian side argued that this was an oversimplification of the issue.

5.US eases sanctions on Venezuela, oil pricescreateDown2022new low

Crude oil prices fell to year lows as concerns over Chinese demand weighed on sentiment, while the easing of US sanctions against Venezuela also hit long positions.

The US government has reportedly granted oil giant Chevron a six-month license to produce and export oil to Venezuela. Analysts expect Chevron to ramp production at its Venezuelan joint venture from 50,000 bpd to 80,000 to 100,000 bpd within months.

As of 21:07 Beijing time (08:07 New York time), Investing.com Commodity Markets showed that: fell 2.84% to $74.10/barrel; it dropped by 2.83% to 81.34 $/barrel.

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Compiler: Liu Chuan

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