No Significant Developments Amid Widespread Extended Xmas Holiday Observances
December 26, 2022
The U.S. dollar is unchanged against the euro, yen, and sterling and up 0.1% versus the Swiss franc and Australian and Canadian dollars.
Markets are closed today throughout most of Europe, Latin America, Australia, New Zealand, and the Western Hemisphere. In Asia, Japan, China, South Korea, India, Taiwan, Thailand, Indonesia, Vietnam, and Pakistan are open, but markets were shut in Hong Kong, Malaysia, Singapore, Sri Lanka, and the Philippines. Other countries not observing holiday today were Turkey, Russia, Ukraine, Israel, Saudi Arabia, Serbia, Kuwait and the United Arab Emirates.
In those places where equities traded, share prices mostly closed higher, including gains of 1.2% in Turkey and India, 0.7% in Kuwait, Japan, and China, 0.5% in Indonesia and Thailand, and 0.3% in the U.A.E., Israel and Russia.
Japanese corporate service prices rose 0.2% on month in November and recorded an 8-month on-year low of 1.7%.
Bank of Japan Governor Kuroda delivered a speech in which he again denied strongly that last week’s decision to widen the daily trading corridor of 10-year JGB yields. He predicted that lower import price inflation would depress Japanese inflation below 2.0% next year but was hopeful that tighter labor market conditions would be a mitigating factor.
Turkish business confidence edged 0.1 index point lower to a 30-month low this month. The reading of 97.8 compared with a multiyear peak in June 2020 of 114.8.
Brazilian consumer sentiment rebounded 2.7 index points to a 2-month high in December,
Chinese foreign direct investment was 9.9% greater in January-November than in the first 11 months of 2021. This year had begun with a 25.5% on-year advance in the first quarter.
Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Bank of Japan Governor Kuroda, Japanese corporate service prices
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