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New Zealand Central Bank rate hike

Singapore — New Zealand’s central bank announced yet another rate hike, which boosted stocks in the Asia-Pacific region on Wednesday.

Hong Kong Hang Seng Index While progressing 0.64% by the afternoon Shanghai Composite About 0.6% higher in mainland China, Shenzhen component Increased by 0.145%.

The Nikkei 225 In Japan, it rose 0.11%, but the Tokyo Stock Price Index rose 0.24%.

The RBNZ, like many other central banks, is outdated.

Jeremy Lawson

Chief Economist, abrdn

Elsewhere in South Korea Kospi It increased by 0.81%. The S & P / ASX 200 In Australia it went up 0.77%.

MSCI’s widest non-Japanese Asia Pacific stock index traded 0.79% higher.

RBNZ announces rate hike

The Reserve Bank of New Zealand announced on Wednesday a decision to raise the official cash rate by 50 basis points to 2%. Most of the economists surveyed by Reuters..

“Large, faster increase [official cash rate] In the light of the highly uncertain global economic environment, we reduce the risk of sustained inflation while increasing policy flexibility. “

The New Zealand dollar Following the announcement of the rate hike, it changed hands at $ 0.6503 and bounced after seeing the previous low of $ 0.6418.

This latest rate hike is for the country 5th row..

“RBNZ, like many other central banks, is far behind the curve,” abrdn chief economist Jeremy Lawson told CNBC’s “Street Signs Asia” Wednesday.

“The story is … these rate hikes are happening ahead of schedule and central banks are starting to anticipate the game. In fact, I don’t think that’s true. It triggers policy adjustments that need to start last year in many economies. It wasn’t, so now we are in a very urgent policy tightening stage of this sort. “

Hong Kong’s dual-listed tech stock under pressure

Chinese high-tech stocks, which are dual-listed in Hong Kong, have fallen. By Wednesday afternoon in the city Alibaba Reduced by about 1% JD.com When Baidu They fell 0.94% and 1.71%, respectively.

These losses came after a US Securities and Exchange Commission official commented “time is running out” in negotiations between US and Chinese authorities on audit inspections on Tuesday. Baidu and JD.com are one of the Chinese companies listed by the SEC on the list of companies facing the possibility of delisting.

“While discussions on audit inspections in China and Hong Kong are certainly progressing, serious problems remain and time is rapidly running out,” said YJ Fisher, director of the SEC’s Department of International Affairs. rice field.

“Even if the agreement is signed [Public Company Accounting Oversight Board] And for the Chinese authorities, that’s just the first step. The PCAOB must be able to obtain sufficient cooperation and agreement from the Chinese authorities. That way, the PCAOB Board will be able to determine that it can be fully inspected and investigated in China and Hong Kong, “Fisher said in a record.

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Currency and oil

The US dollar indexFollowed the greenback against the baskets of other companies in the same industry and was 101.908, which recently fell above 101.2.

The JPY It traded at 127.11 per dollar, stronger than the level above 127 seen against the greenback earlier this week. The Australian dollar Following a recent bounce from levels below $ 0.708, it was $ 0.7113.

Oil prices were high on the morning of Asian trading hours on international benchmarks Brent crude oil futures $ 114.89 a barrel, up 1.17%. US Crude Oil Futures It rose 1.19% per barrel to $ 111.08.

New Zealand Central Bank rate hike

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