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الصين تخفض دعم مشروعات الطاقة الشمسية وطاقة الرياح

قالت لجنة التنمية الوطنية والإصلاح في بيان يوم الاثنين إن الصين ستخفض دعم إمدادات الكهرباء التي تصل إلى الشبكة الوطنية من محطات الطاقة الشمسية الضخمة التي شيدت حديثا وتوربينات توليد الكهرباء من الرياح اعتبارا من الأول يناير كانون الثاني. وأضافت اللجنة أن الصين تتوقع خفض دعم الطاقة الشمسية الجديدة بواقع 4.5 مليار يوان (648 مليون […]

The post الصين تخفض دعم مشروعات الطاقة الشمسية وطاقة الرياح appeared first on forexnewstoday.net.



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Global Shares Trade Mixed In Thin Holiday Trade; Yen Rises As China Rebounds

With most global market closed for Christmas holiday, and traders taking the day and the week off, global stocks traded mixed in thin, subdued conditions as the dollar dipped against the yen, with the USDJPY sliding for a fourth straight day to 117, while the EUR was flat at 1.0450, taking stock of the US 10Y yield which closed lower on Friday.

The Tokyo Topix index slipped 0.4% on trading volumes 40% below the 30-day average, while the Nikkei225 dipped 0.16% to 19,397. The Shanghai Composite Index erased a drop of as much as 1.3%, which had dragged it to the lowest level since October, closing 0.4% higher at 3,123 with construction stocks rebounding after the government said it aims to invest 1.8 trillion yuan in highways and waterways next year. Despite the rebound in stock, Chinese commodity futures tumbled, with coking coal closing 6.4% lower, coke lost near 6%, rubber and lead fell 5.1%, steel rebar down 3%. Adding to the concerns, Chinese liquidity continued to tighten, with Shibor mostly higher across the board, and the benchmark 3M SHIBOR higher for the 38th consecutive day.

India’s Sensex Index resumed its decline, falling to the lowest in more than a month.

“There are technical indicators flashing certain signs, but there aren’t any events left this year, and I see 2016 ending with little disturbance, and small moves,” Seiji Iwama, a fund manager with Daiwa SB Investments Ltd. in Tokyo told Bloomberg.

Treasury yields pulled back further from 27-month highs hit in mid December following Friday’s release of U.S. economic indicators that included strong housing and consumer confidence data but also numbers that pointed to slower household income. Of note: rising concern about Trump’s policies, which threatens the euphoria-driven rally since the election, once trading resumes in earnest.

“The currency market is likely to lack incentives as major markets in Asia, Europe and North America will be closed. That said, dollar/yen risks drifting below 117 on caution toward the Trump administration’s protectionist policies,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo. Last week, Donald Trump named economist Peter Navarro, known as a China hawk, to head a newly formed White House National Trade Council. China’s response was one of “shock” and as the FT reported “Chinese officials had hoped that, as a businessman, Trump would be open to negotiating deals,” said Zhu Ning, a finance professor at Tsinghua University in Beijing. “But they have been surprised by his decision to appoint such a hawk to a key post.”

Back to the USDJPY, according to the latest CFTC data, speculators boosted net yen short positions to highest this year in week ended Dec. 20. The pair logged its first weekly loss since Nov. 4 on Friday, falling 0.5%. 

BOJ minutes of Oct. 31-Nov. 1 policy meeting showed most board members saw necessity of keeping the 80t yen bond-purchase target. According to Reuters, BOJ policymakers disagreed on how much emphasis the central bank should place on the size of its bond purchases under a new framework targeting interest rates, minutes of its Nov. 1 rate review showed, highlighting the challenges of navigating the complex policy scheme. The BOJ shifted its target from the pace of money printing to interest rates under the new framework adopted in September. It guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent. But the central bank also maintained loose guidance that it will continue buying government bonds so that the balance of its holdings increases at an annual pace of 80 trillion yen ($682 billion), likely intended to appease board members who argued that heavy money printing helps heighten inflation expectations. At the two-day policy meeting that ended on Nov. 1, one board member said the guidance on the bond buying amount could gradually be phased down “over the course of time” as the BOJ would likely achieve its yield targets with fewer purchases, the minutes showed on Monday. But a few board members insisted that the central bank maintain the guidance because deleting it could send “a wrong signal to markets by making it appear as if the BOJ was considering tapering its asset purchases”, the minutes showed. That concern is reflected in the USDJPY which is testing the 116 handle this morning.

Also speaking overnight at a meeting of the business federation Nippon Keidanren in Tokyo, Bank of Japan Governor Haruhiko Kuroda said that it’s necessary to achieve 2% inflation in this round of monetary easing to ensure Japan never falls back into deflation.  Kuroda said he rejects the argument that Japan should have a lower inflation target given its lower potential growth rate, adding that the low growth rate should be reason for aiming at higher inflation rate, in order to secure room for monetary easing. He also said that the lower the potential growth rate, the greater the risk of falling into deflation, and added that the commitment to overshooting inflation target designed to clarify BOJ’s stance that it will “certainly achieve this target.”

As an amusing aside, Kuroda said that while 2016 was a tough year, headwinds are now turning into tailwind and he is “convinced” Japan’s economy will take “big step forward to overcoming deflation” in 2017, because the “global economy has moved out of the post-financial crisis adjustment phase” and the pace of growth in advanced economies has accelerated recently. Translation: yet another career economist letting price action dictate the narrative; we wonder what he will say in a few months when the Trumpflation rally is long forgotten and the USDJPY has plunged to pre-election levels.

In any case, looking at the immediate future of the USDJPY, the technical downside is 116.70, while upside seems capped around 117.70, writes Naoto Ono, analyst in Tokyo at Ueda Harlow.

“Many market players are on holiday, so moves are a bit exaggerated with the obvious low liquidity,” says Simon Pianfetti, trader at SMBC Trust Bank in Tokyo.

Other key FX news via BBG:

  • The South Korean won gained 0.1 percent, snapping an eight-day losing streak.
  • The offshore yuan rose 0.1 percent to 6.9527 versus the dollar after a 0.2 percent gain last week.
  • India’s rupee was little changed at 67.8262 per dollar.
  • Brazil’s real appreciated 0.1 percent.
  • The ruble strengthened 0.8 percent, prices compiled by Bloomberg show.

Among open global stock markets, the action was focused in Asia and EM nations. Here are the highlights:

  • The Topix index dropped 0.4% in Tokyo. The index briefly erased its loss for the year last week, and is now down 0.6 percent for 2016. The Nikkei 225 has gained 1.9 percent this year.
  • The Shanghai Composite Index rose 0.4%. Earlier in the day, it fell to the lowest since October as reports of further curbs on the property market weighed on the sector. President Xi Jinping told a Communist Party meeting last week he isn’t wedded to China’s 6.5 percent economic growth objective, according to a person familiar with the situation.
  • Russia’s Micex Index rose as much as 0.5 percent after three straight days of declines.
  • India’s Sensex Index fell as much as 1.1 percent after Prime Minister Narendra Modi hinted at tax increases on stock-market income.
  • Global stocks were little changed last week after reaching an almost 17-month high Dec. 13.
  • Saudi Arabian stocks retreated, with the Tadawul index losing 0.3 percent, ending a three-day winning streak.

The post Global Shares Trade Mixed In Thin Holiday Trade; Yen Rises As China Rebounds appeared first on crude-oil.top.


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Global Shares Trade Mixed In Thin Holiday Trade; Yen Rises As China Rebounds

With most global market closed for Christmas holiday, and traders taking the day and the week off, global stocks traded mixed in thin, subdued conditions as the dollar dipped against the yen, with the USDJPY sliding for a fourth straight day to 117, while the EUR was flat at 1.0450, taking stock of the US 10Y yield which closed lower on Friday.

The Tokyo Topix index slipped 0.4% on trading volumes 40% below the 30-day average, while the Nikkei225 dipped 0.16% to 19,397. The Shanghai Composite Index erased a drop of as much as 1.3%, which had dragged it to the lowest level since October, closing 0.4% higher at 3,123 with construction stocks rebounding after the government said it aims to invest 1.8 trillion yuan in highways and waterways next year. Despite the rebound in stock, Chinese commodity futures tumbled, with coking coal closing 6.4% lower, coke lost near 6%, rubber and lead fell 5.1%, steel rebar down 3%. Adding to the concerns, Chinese liquidity continued to tighten, with Shibor mostly higher across the board, and the benchmark 3M SHIBOR higher for the 38th consecutive day.

India’s Sensex Index resumed its decline, falling to the lowest in more than a month.

“There are technical indicators flashing certain signs, but there aren’t any events left this year, and I see 2016 ending with little disturbance, and small moves,” Seiji Iwama, a fund manager with Daiwa SB Investments Ltd. in Tokyo told Bloomberg.

Treasury yields pulled back further from 27-month highs hit in mid December following Friday’s release of U.S. economic indicators that included strong housing and consumer confidence data but also numbers that pointed to slower household income. Of note: rising concern about Trump’s policies, which threatens the euphoria-driven rally since the election, once trading resumes in earnest.

“The currency market is likely to lack incentives as major markets in Asia, Europe and North America will be closed. That said, dollar/yen risks drifting below 117 on caution toward the Trump administration’s protectionist policies,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo. Last week, Donald Trump named economist Peter Navarro, known as a China hawk, to head a newly formed White House National Trade Council. China’s response was one of “shock” and as the FT reported “Chinese officials had hoped that, as a businessman, Trump would be open to negotiating deals,” said Zhu Ning, a finance professor at Tsinghua University in Beijing. “But they have been surprised by his decision to appoint such a hawk to a key post.”

Back to the USDJPY, according to the latest CFTC data, speculators boosted net yen short positions to highest this year in week ended Dec. 20. The pair logged its first weekly loss since Nov. 4 on Friday, falling 0.5%. 

BOJ minutes of Oct. 31-Nov. 1 policy meeting showed most board members saw necessity of keeping the 80t yen bond-purchase target. According to Reuters, BOJ policymakers disagreed on how much emphasis the central bank should place on the size of its bond purchases under a new framework targeting interest rates, minutes of its Nov. 1 rate review showed, highlighting the challenges of navigating the complex policy scheme. The BOJ shifted its target from the pace of money printing to interest rates under the new framework adopted in September. It guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent. But the central bank also maintained loose guidance that it will continue buying government bonds so that the balance of its holdings increases at an annual pace of 80 trillion yen ($682 billion), likely intended to appease board members who argued that heavy money printing helps heighten inflation expectations. At the two-day policy meeting that ended on Nov. 1, one board member said the guidance on the bond buying amount could gradually be phased down “over the course of time” as the BOJ would likely achieve its yield targets with fewer purchases, the minutes showed on Monday. But a few board members insisted that the central bank maintain the guidance because deleting it could send “a wrong signal to markets by making it appear as if the BOJ was considering tapering its asset purchases”, the minutes showed. That concern is reflected in the USDJPY which is testing the 116 handle this morning.

Also speaking overnight at a meeting of the business federation Nippon Keidanren in Tokyo, Bank of Japan Governor Haruhiko Kuroda said that it’s necessary to achieve 2% inflation in this round of monetary easing to ensure Japan never falls back into deflation.  Kuroda said he rejects the argument that Japan should have a lower inflation target given its lower potential growth rate, adding that the low growth rate should be reason for aiming at higher inflation rate, in order to secure room for monetary easing. He also said that the lower the potential growth rate, the greater the risk of falling into deflation, and added that the commitment to overshooting inflation target designed to clarify BOJ’s stance that it will “certainly achieve this target.”

As an amusing aside, Kuroda said that while 2016 was a tough year, headwinds are now turning into tailwind and he is “convinced” Japan’s economy will take “big step forward to overcoming deflation” in 2017, because the “global economy has moved out of the post-financial crisis adjustment phase” and the pace of growth in advanced economies has accelerated recently. Translation: yet another career economist letting price action dictate the narrative; we wonder what he will say in a few months when the Trumpflation rally is long forgotten and the USDJPY has plunged to pre-election levels.

In any case, looking at the immediate future of the USDJPY, the technical downside is 116.70, while upside seems capped around 117.70, writes Naoto Ono, analyst in Tokyo at Ueda Harlow.

“Many market players are on holiday, so moves are a bit exaggerated with the obvious low liquidity,” says Simon Pianfetti, trader at SMBC Trust Bank in Tokyo.

Other key FX news via BBG:

  • The South Korean won gained 0.1 percent, snapping an eight-day losing streak.
  • The offshore yuan rose 0.1 percent to 6.9527 versus the dollar after a 0.2 percent gain last week.
  • India’s rupee was little changed at 67.8262 per dollar.
  • Brazil’s real appreciated 0.1 percent.
  • The ruble strengthened 0.8 percent, prices compiled by Bloomberg show.

Among open global stock markets, the action was focused in Asia and EM nations. Here are the highlights:

  • The Topix index dropped 0.4% in Tokyo. The index briefly erased its loss for the year last week, and is now down 0.6 percent for 2016. The Nikkei 225 has gained 1.9 percent this year.
  • The Shanghai Composite Index rose 0.4%. Earlier in the day, it fell to the lowest since October as reports of further curbs on the property market weighed on the sector. President Xi Jinping told a Communist Party meeting last week he isn’t wedded to China’s 6.5 percent economic growth objective, according to a person familiar with the situation.
  • Russia’s Micex Index rose as much as 0.5 percent after three straight days of declines.
  • India’s Sensex Index fell as much as 1.1 percent after Prime Minister Narendra Modi hinted at tax increases on stock-market income.
  • Global stocks were little changed last week after reaching an almost 17-month high Dec. 13.
  • Saudi Arabian stocks retreated, with the Tadawul index losing 0.3 percent, ending a three-day winning streak.

The post Global Shares Trade Mixed In Thin Holiday Trade; Yen Rises As China Rebounds appeared first on crude-oil.top.



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Fxwirepro: Usd/jpy Likely to Test 130 by End-2017 for First Time Since April 2002

The Bank of Japan in its November 1 monetary policy meeting mentioned its optimism over the growth of the economy, with moderate rate of recovery observed in the global demand. The central bank is expected to maintain an easing bias, but shall not remain compelled to ease in the medium term.

We foresee that the USD/JPY currency pair will test the 130 level towards the end of 2017, for the first time since April 2002. Also, the 10-year Treasury yield spread will likely widen, at over 250 basis points for the first time since 2010.

The BoJ aims at achieving the 2 percent inflation target with expectations of buying around JPY80 trillion of government bonds per year. Upward pressure on global yields since the US election could potentially mean more QE, though.

If Trump successfully implements his fiscal plan, consumer inflation will surely rise, giving the Federal Reserve wider space for an interest rate hike. Thereby, rising Fed fund rate will increase the cost of borrowing. After the Presidential election result, JPY witnessed a massive selling against U.S. dollar, sending the USD/JPY higher by 17 percent to 118.67 in just a month’s time.

Meanwhile, the USD/JPY traded at 117.10, down -0.20 percent, while at 11:00GMT, the FxWirePro’s Hourly Yen Strength Index remained highly bullish at 123.16 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

The material has been provided by InstaForex Company – www.instaforex.com

The post Fxwirepro: Usd/jpy Likely to Test 130 by End-2017 for First Time Since April 2002 appeared first on forexnewstoday.net.


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Europe Roundup: Dxy Below 103, Markets Remain Quiet in Holiday-thinned Trade – Monday, December 26th, 2016

Market Roundup
 

Brazil’s 2017 year-end selic rate forecast 10.50 pct vs 10.50 pct previous week – Weekly central bank survey
 

Brazil’s 2016 GDP growth forecast -3.49 pct vs -3.48 pct previous week – Weekly central bank survey
 

China banking sector total assets +16.3 pct y/y to 222.25 trln yuan at end Nov- regulator
 

China banking sector total liabilities +16.2 pct y/y to 204.96 trln yuan at end Nov- regulator
 

Russia 2017 oil exports will be “slightly” higher than in 2016 – Interfax cites energy ministry
 

BOJ’S Kuroda: Japan economy now able to move forward supported by tailwinds from global economic recovery
 

BOJ’S Kuroda: Japan’s economy no longer in deflation but yet to achieve 2 pct inflation target, which is a global standard
 

BOJ’S Kuroda: Deceleration in global trade volume was largely driven by sluggish demand in business fixed investment, mainly in emerging economies
 

China commerce ministry expects foreign direct investment at 785 bln yuan in 2016
 

Thai Nov customs-cleared trade balance +1.54 bln dlrs (vs +0.50 bln dlrs in Reuters poll) – Commerce ministry
 

Thai Nov customs-cleared imports +3.0 pct yr/yr (vs -1.05 pct in Reuters poll) – Commerce ministry
 

Thai Nov customs-cleared exports +10.2 pct yr/yr (vs +1.55 pct in Reuters poll) – Commerce ministry
 

China industry minister expects China’s industrial output to grow around 6 pct y/y in 2017 – Official paper
 

Economic Data Ahead
 

No economic data is scheduled for release as equity, forex, money and commodity markets will remain closed on account of Christmas Day (Observed).
 

FX Beat
 

DXY:  The U.S dollar index recovered slightly till 103.23 after declining till 102.59. The index taken support near 10- day MA and is currently trading around 102.90. Resistance seen around 103.60 and any break above targets 105. On the lower side, any break below 102.55 (10- day MA) will drag the index down till 101.70 (21- day MA)/100.60. Short term bullish invalidation only below 98.
 

EURUSD: EUR/USD largely rangebound in holiday-thinned trade. The pair made a high of 1.04990 and slightly declined from that level. It is currently trading around 1.04525. Close above 10- day MA required for further bullishness. Any close above will take the pair to next level till 1.0572 (21- day MA)/1.0670. Short term bullishness only above 1.06700 level. On the lower side, strong support is seen at 1.03400 (127.2% retracement of 1.03665 and 1.04720) and any violation below will drag the pair till 1.02835 (161.8% retracement of 1.05047 and 1.08700).
 

AUDUSD: AUD/USD edges higher from multi-month lows of 0.7159. Upside finds strong resistance by 5-DMA at 0.7215. Technical indicators are biased lower, RSI in oversold territory. The pair finds strong support at 0.7145, break below could see further drag. On the higher side minor resistance is around 0.7230 (5- day MA) and any break above will take the pair till 0.7300 (38.2% retracement of 0.75230 and 0.71599)/0.7435/0.7500. 
 

GBP/USD: Cable extends grind below 1.23 handle. The pair trades an extremely narrow range, rose till 1.22952. At the time of writing it was trading at 1.2267. Short term trend is still weak as long as resistance 1.2300 (support turned into resistance) holds. On the higher side, any violation above 1.23000 will take the pair to next level till 1.2380/1.2440 in the short term. Major support is around 1.2230 (61.8% retracement of 1.27750 and 1.19048) and any violation below will drag the pair down till 1.2150/1.2080.
 

USD/JPY: USD/JPY is facing strong support at 10- day MA and slight weakness can be seen only below that level.  It is currently trading around 117.02. The pair’s major resistance is around 119 and break above targets 120. On the lower side minor support is around 117.05 (10-day MA) and any break below targets 116.69 (daily Tenken-Sen)/115.27 (21- day MA). 
 

AUD/NZD: AUD/NZD is on verge of breach of ‘Symmetric Triangle’ pattern. The pair finds series of resistance on the upside: Ichi cloud base (1.0501), 100-DMA (1.0501), Triangle top (1.0485). Price action pivotal at triangle base at 1.04, decisive break below will see drag upto 1.0237. On the flipside, a breakout above 1.0501 could see test of 1.0612. Watch out for breach of triangle base at 1.04 to go short, target 1.0350, 1.0310, 1.0240
 

Equities Recap
 

European stock markets are closed due to Christmas day. Tokyo’s Nikkei closed down 0.16 pct at 19,396.64, Seoul shares ended up 0.14 pct. 
 

China’s CSI300 Index gained 0.4 pct at 3,322.40 points, while Shanghai Composite Index finished the day up 0.4 pct at 3,122.57 points. Taiwan stocks closed up 0.4 pct at 9,110.54 points.
 

Treasuries Recap
 

China: The Chinese sovereign bonds gained as President Xi Jinping dumped economic growth target of 6.5 percent in his Friday’s speech, targeting debt bubble and economic outlook. We foresee that bond prices will keep drifting between small gains and losses in quiet trading session. The yield on the benchmark 10-year bonds fell nearly 2 basis points to 3.19 percent, the long-term 30-year bond yield dipped 3 basis points to 3.76 percent and the yield on the short-term 2-year bonds slid 7 basis points to 2.99 percent.
 

JGBs: The Japanese government bonds traded nearly flat as investors remain sidelined in any big deal amid closer of many major global markets on occasion of Christmas holidays. The benchmark 10-year bond yield hovered around 0.05 percent, the long-term 30-year bond yield also climbed 1/2 basis point to 0.68 percent and the yield on short-term 2-year note remained steady at -0.17 percent.
 

India: The Indian sovereign bonds slumped ahead of the Reserve Bank of India’s auction of 21 days Government of India Cash Management Bills under the Market Stabilisation Scheme (MSS) for a notified amount of INR500 billion. The yield on the benchmark 10-year bonds rose nearly 3 basis points to 6.57 percent and the yield on short-term 2-year note bounced 1 basis point to 6.35 percent.
 

The material has been provided by InstaForex Company – www.instaforex.com

The post Europe Roundup: Dxy Below 103, Markets Remain Quiet in Holiday-thinned Trade – Monday, December 26th, 2016 appeared first on forexnewstoday.net.


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Friend of South Korea’s impeached Park “says sorry” for scandal

Author: 
Reuters
Mon, 2016-12-26
ID: 
1482752517586976600

SEOUL: The detained friend of impeached South Korean President Park Geun-hye, at the center of a corruption scandal engulfing Park’s administration, said she was sorry on Monday when questioned by a special parliamentary committee, an opposition MP said.
Choi Soon-sil, whom Park has said she turned to at difficult times, denied key allegations against her, including colluding with Park to pressure big businesses into paying money to foundations she controlled, the MP said.
“I am sorry to the people of the country,” Choi was quoted as saying by opposition Democratic Party MP Sohn Hye-won, who visited Choi at the Seoul Detention Center and later told a committee hearing what she had said.
Choi and former government officials are on trial for abuse of power and fraud and are also under investigation on other charges by a special prosecutor who is probing Park’s role in the scandal.
The visit came after Choi ignored several summons to appear at parliament hearings.
Prosecutors who indicted Choi last month said Park had colluded with her and her former aides to pressure big conglomerates to contribute 77 billion won ($64 million) to foundations set up to back her policy initiatives.
Park has denied wrongdoing but apologized for carelessness in her ties with Choi.
Park’s Dec. 9 impeachment is being reviewed by the Constitutional Court which has up to 180 days to reach a decision.
Park has immunity from prosecution as long as she is in office even though her powers are suspended.

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