Investing.com – Here are the top 5 things you need to know about the financial markets on Monday, November 28:
1.middlecountryDowntoneDeposit standardpreparegold rate
On November 25, the People’s Bank of China announced that it 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 5% deposit reserve ratio). The RRR cut released a total of about 500 billion yuan of long-term funds, reducing the capital cost of financial institutions by about 5.6 billion yuan per year.
The CICC research report believes that the main reason for this RRR cut is to maintain the stability of the capital market and bond market, ease the liquidity pressure on banks, and support steady growth. The long-term low-cost funds brought about by RRR cuts will help stabilize market expectations.
However, the Zhang Yu team of Huachuang Macro believes that only the RRR cut is not enough, and the LPR cut needs the help of interest rate cuts. Zhang Yu pointed out that the RRR cut has little effect on reducing debt costs. In the context of the current historically low net interest margin of commercial banks themselves, the cost reduction of 5.6 billion may not be enough 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 fell by 3% year-on-year. Zhu Hong, a senior statistician from 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 recession 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 November 28 that from 00:00 to 24:00 on November 27, 3,822 new confirmed cases of new coronary pneumonia were reported, including 3,748 local cases; 36,525 new asymptomatic infections were reported, Among them, 36,304 were local cases.
2.nicethe fedofficial speech strikes;Europecontinentcentral bankDisagreement
The presidents of the New York Fed and the St. Louis Fed 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 only increased slightly compared to last year, and even fell sharply after adjustment.
Meanwhile, ECB President Christine Lagarde is due to speak in 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 that policy should continue to tighten, but the bank’s chief economist published a dovish article, saying that wage increases should not be interpreted as a sign of rising structural inflation.
3.U.S. stock futures fall as worries mount
U.S. stock futures fell as concerns grew over the outlook for the world‘s second-largest economy.
According to the U.S. stock quotes on Investing.com, as of 21:07 Beijing time (08:07 U.S. Eastern Time), blue-chip stocks fell 193.5 points, or 0.56%, down 29.3 points, or about 0.73%, to Technology stocks mainly fell 84.8 points, or 0.71%.
As for individual stocks, news that Brenntag (ETR:) is planning to acquire chemical products distributor Univar (NYSE:), the latter soared 10% pre-market.
Apple (NASDAQ: ) fell slightly on concerns that some factories may be short of supply due to the outbreak.
4.bajahorserejectU.S.take overFTX assets in Pakistan
According to reports, the government of the Bahamas has refuted the claim of the United States to take over FTX’s assets in Bahamas. The Minister of Justice of the Bahamas, Ryan Pinder, stated that Bahamas has the right to take over the assets of the local branch of the cryptocurrency exchange FTX, which has filed for bankruptcy protection in the United States, and pointed out that this is based on local laws and the protection of customers and consumers. It is reported that the Bahamas is worried that the United States may use non-US client assets to compensate US creditors.
In addition, in response to the statement that the FTX thunderstorm was blamed on the Pakistani side because FTX is headquartered in the Bahamas, the Bahamas side said that this is an oversimplification of the issue.
5.U.S. 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 U.S. sanctions on Venezuela also hit long positions.
The U.S. government has reportedly granted oil giant Chevron a six-month license to produce and export oil in Venezuela. Analysts expect Chevron to increase 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 a.m. Eastern Time), Investing.com Commodity Markets showed that: it fell 2.84% to $74.10/barrel; it fell 2.83% to $81.34/barrel.
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Compiler: Liu Chuan