Hello everyone, let’s continue to pay attention to the big events late at night on the 12th.
US stocks fluctuated
On the evening of Beijing time, the United States announced the latest September producer price index. Data shows that although Federal Reserve is trying hard to curb inflation, the US producer price index rose in September.
Producer Price Index (PPI) is an indicator to measure the price of goods and services obtained by enterprises. In September, the US PPI rose 0.4% month-on-month, and the market is expected to increase by 0.2%. Compared with the same period last year, the PPI in September increased by 8.5% year-on-year, a slight decrease from the year-on-year increase of 8.7% in August, but higher than the expected 8.4%;
Excluding the prices of food, energy and trade services, the core PPI in September rose by 0.4% month-on-month and 5.6% year-on-year. According to the sub-item data of
, commodity prices in the production field rose by 0.4% month-on-month, of which food prices rose by 1.2% and energy prices rose by 0.7%, which is the main factor in the overall PPI stronger than expected; service prices rose by 0.4%.
analysis said that although supply chain disruptions generally improved, the costs of energy, food and services have risen, suggesting inflation may remain at an unsettling high for some time, and the U.S. CPI, which is scheduled to be announced tomorrow, may once again ignite the market.
Although the PPI data has been alleviated, analysts believe that the above data is not enough to prompt the Fed to turn. In addition, today's PPI data may provide some reference for the September CPI data released tomorrow.
Currently economists expect that the core US CPI data for September to be released on Thursday is expected to rise strongly again, highlighting that inflation is still at a fast and wide-ranging level, which may prompt the Fed to raise interest rates again next month 475 basis points.
US stocks are fluctuating, while Chinese stocks listed in the US 4 generally fell.
In addition, White House considers banning the import of Russian aluminum as a retaliation action against Russia. Then Lun Aluminum soared instantly, and a US stock market rose to a circuit breaker.
Witness history
Japan's 10-year Treasury bonds have been traded for 4 consecutive days 0 transactions
This Wednesday, Japan's 10-year Treasury bonds were not traded for the fourth consecutive day, the longest duration since 1999, and the trading volume continued to dry up.
According to data from Japanese Bond Trading Company, this is the longest record since comparable data was available in March 1999.
analysis said that the biggest responsibility for this incident was the Bank of Japan, which provided a price higher than any private company willing to pay.
CICC analyzed that the Bank of Japan is currently adopting the yield curve control policy (YCC, Yield Curve Control) as its monetary policy core, stipulating that the short-term interest rate is around -0.1%, and the 10-year interest rate is around 0% (up and down volatility range is ±0.25%), and the upper limit of Japan's 10-year government bonds is stipulated at 0.25%. When the 10-year Treasury bond interest rate is above the upper limit of 0.25%, the Bank of Japan will purchase 10-year Treasury bonds indefinitely at the price of 0.25% to achieve the goal of lowering the 10-year interest rate below 0.25%.
The bond correlation between developed countries is relatively high. At a time when global interest rates are rising, Japanese bond interest rates are also facing greater upward pressure, frequently hitting the upper limit of 0.25%. Under this background, the Bank of Japan frequently implements fixed-rate unlimited bond purchase operations to curb the rise of 10-year interest rates. During the 18 trading days in Japan between September 14 and October 11, the Bank of Japan implemented a fixed-rate unlimited bond purchase operation.
Against the backdrop of global interest rates, Japan's 10-year government bonds are affected by YCC, and the interest rate is still maintained at a low level. From the perspective of price, the valuation is relatively expensive. The 10-year yen swap interest rate is priced around 0.50%.
Among private financial institutions, there are few traders who want to buy 10-year Treasury bonds with "precious valuation", and the Bank of Japan is willing to buy 10-year Treasury bonds in an unlimited amount at the price of "precious valuation". Therefore, most sellers have completed transactions with the Bank of Japan, resulting in the inability to establish transactions on trading platforms dominated by private financial institutions. The reason why the 5-year treasury bonds that are also under the jurisdiction of YCC is not traded is the same as the 10-year treasury.
Global interest rates are under great pressure this year. In order to keep Japan's 10-year interest rate within the upper limit of 0.25%, the Bank of Japan has purchased a large number of bonds on 10-year Treasury bonds. From the chart, it can be seen that the Bank of Japan's holdings on 10-year Treasury bonds are as high as more than 70%. This move has distorted the market and caused a tightening of Japanese bond liquidity. The liquidity pressure index of Japan's bond market has reached a high since 2011.
The general meaning is that the Bank of Japan itself is the banker and has lost the liquidity of the market. Market insiders believe that the Bank of Japan artificially lowered long-term interest rates, which damaged the price adjustment mechanism of the bond market, and investors gradually moved away, resulting in a decline in market liquidity. The Bank of Japan became the largest takeover of Japan's Treasury bonds.
Domestic epidemic-related
People returning to Beijing have their home health monitoring for three days after returning to Beijing
According to Beijing Center for Disease Control and Prevention, the current epidemic prevention and control situation in the city is severe and complex. We must tighten the "four-party responsibility", airports, stations, highway checkpoints, etc., strengthen the investigation and control of risk personnel, expressway service area , do a good job in classifying and managing vehicle personnel, strengthen cleaning and disinfection, reduce gatherings, remind drivers and staff to take personal protection, wear masks scientifically, pay attention to personal hygiene, maintain a safe social distance from others, and do not dine in the expressway service area unless necessary.
Key units and key industries such as security, express delivery, logistics, catering, cleaning, property, etc. must fulfill their main responsibilities and strictly implement the standardized management of people entering and returning to Beijing. They must hold a green code of health treasure and a 48-hour nucleic acid negative certificate to enter and return to Beijing. They must strictly implement epidemic prevention supervision and management of new people entering and returning to Beijing, establish personnel ledgers, grasp employee dynamics, and strengthen health education. implement new employees to undergo 3 days and 3 days of inspections after arriving in Beijing, hold a 48-hour nucleic acid negative certificate to take up , and do a good job in health monitoring. If symptoms such as fever and dry cough occur, report to the unit and community in a timely and proactive manner and seek medical treatment according to regulations.
Please continue to enhance your awareness of prevention and control, insist on not traveling or traveling to medium- and high-risk areas and counties (cities, districts, and banners) where local epidemics occur within 7 days. People entering and returning to Beijing strictly implement the epidemic prevention policy for entering and returning to Beijing, and actively report to the community, unit and other relevant departments. After returning to Beijing, , home health monitoring will be carried out for 3 days, 3 days and 2 tests will be carried out, nucleic acid test will be completed within 24 hours, and the second nucleic acid test will be completed within 24 hours of arrival in Beijing. After 24 hours apart, no meals, parties, or crowded places will be allowed. More than 4,000 positive cases of
! 26 universities here are closed for management
According to China News Network , on the 12th, Hohhot City, Inner Mongolia Autonomous Region held a press conference on epidemic prevention and control, saying that there are 4,293 positive infections in Hohhot, and 241,000 students in 26 universities are closed for management.
Zhang Xiaoying, deputy director of the Sports, Health and Labor Education Department of the Inner Mongolia Education Department, introduced that after the outbreak of the epidemic, the campuses of universities stationed in Hutchison implemented closed management, and all of them were changed to online education and teaching.
In order to prevent the social epidemic from entering the campus, all teachers, students and staff were closed to the school. At present, 26 universities stationed in Hokkaido have a total of 241,000 students, and 15,000 faculty and staff have packed their bags, ate and lived with the students, and made every effort to ensure their food and daily life.
"All colleges and universities in Kowloon quickly completed the switching between online and offline teaching, and made steady and orderly progress according to the teaching plan to ensure that 'severe teaching and classes are suspended,' are also enriched. At the same time, colleges and universities have also enriched online teaching resources and added cultural and art open classes that are of interest to students." Zhang Xiaoying said so.
Zhang Xiaoying said: "We have formed two psychological assistance expert groups, and have drawn 40 psychology experts, scientific researchers, and teachers from universities across the district to provide online psychological counseling, guidance, assistance and intervention services to teachers and students in Hohhot, and continue to launch online resources such as psychological micro-courses, short videos, physical and mental health exercises, and psychological micro-films to build a "mind defense line" for teachers and students to fight the epidemic."
Liu Yuanjun said that in order to enrich the spiritual life of citizens at home, Hohhot recently launched a series of cultural activities with the theme of "My Happy City and Me".
"Famous artists teach vocal music, dance, chorus, broadcasting and hosting, photography and other content online; connect well-known writers to share good stories about Hohhot in the book; many famous calligraphers and painters interpret and demonstrate classic works, so that ordinary enthusiasts can learn from scratch." Liu Yuanjun introduced.
The latest situation in Russia and Ukraine
According to CCTV News, on October 12 local time, PERN, a company in Poland oil pipeline operator, issued a statement on social media saying that on the evening of the 11th, one of the two oil pipelines in the western section of the "Friendship" (Przyja?ń) pipeline was detected to have leaked, which is the main line for transporting crude oil to Germany. At present, the cause of the incident is not clear, the pumping of the leakage pipeline has been closed and the other line is operating normally.
Just half a month ago, on September 26, a natural gas leak occurred in the submarine pipeline " Nord Stream-1" and " Nord Stream-2" that transported natural gas to Europe. There were four leaks, located in Denmark and Sweden exclusive economic zones respectively. The seismic monitoring agencies in Denmark and Sweden observed a strong vibration in the area where the leakage point was located that day, believing that an "explosion" occurred. The two governments and the European Union suspected that the leakage was caused by "deliberate destruction."
According to reference information, about 30% of the oil imported by the EU comes from Russia, and about one-third of it is transported through the "Friendship" oil pipeline. This pipeline is the longest oil pipeline in the world, with all branches combined at a total length of about 5,500 kilometers. Its starting point is Almetievsk, Russia, through Belarus , the northern line leads to Germany and Poland, and the southern line passes through Ukraine to connect Czech , Slovak and Hungary .
On October 12th local time, Mateusz Berger, the Polish government's State Secretary for Strategic Energy Infrastructure, said that has no reason to infer that the leakage was caused by intentional destruction. On the same day, Polish Domestic Security Agency spokesman Stanislaw Zaryn said that the scale of the leak is not enough to threaten Poland's security, but "these events that Europe is facing show that such leaks must be thoroughly investigated, which is also the reason why we need to make every effort to determine the final investigation results as soon as possible."
This article is from China Fund News
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