The credit crunch stemming from the fallout of Silicon Valley Bank has begun, with data showing clear tightening of lending standards by banks, according to Morgan Stanley’s top stock strategist Mike Wilson.
1Q23 GDP grew 4.5%YoY, much faster than the 2.9%YoY recorded for 4Q22. This is a better-than-expected data report. We expect that the government will hold back extra stimulus plans and the yuan should strengthen
Retail sales in February continued to decline, which makes it unlikely for a positive contribution to first quarter GDP. This suggests that there may be weakness in the economy and no strong rebound in growth is expected.
According to the state media, the Chinese military announced that the maneuvers around Taiwan will continue. Chinese military: We are maintaining the momentum of encircling Taiwan island with maneuvers. We conducted detailed simulated attacks on key targets on the island of Taiwan and surrounding waters.
BofA Investment Bank: Investors have poured $508 billion into cash in the first quarter, the most since the pandemic, the largest quarterly increase in cash holdings since 2001. Our analysis
Industrial orders have now rebounded sharply since November, brightening the outlook for German industry. However, the US slowdown and the longer-term fallout from recent financial turmoil, as well as the broader impact of monetary policy tightening, could still spoil the party
The US factory orders index was reported as -0.7%.
US employment statistics – February fell below 10 million jobs, which is the first and most important sign of the end of US interest rate hikes, as well as increased fear of recession.
OPEC, Saudi Arabia and other countries in the Persian Gulf region announced a reduction in daily production of one million barrels of oil.
The International Monetary Fund said the Bank of Japan should avoid a premature exit from monetary easing, advising it to maintain its policy framework.
RBA April 4 meeting poll: Analysts evenly split between 0.25% hike and no rate hike
Out of 27 analysts, 14 of them believe that the interest rate will increase and 13 of them expect a pause.
