The European Central Bank announced that it would accelerate the end of its asset purchase program
On March 10 local time, the European Central Bank kept the three major interest rates unchanged, the refinancing interest rate was zero, the marginal borrowing interest rate was 0.25%, and the deposit interest rate was – 0.50%. The European Central Bank also decided to purchase 40 billion euros, 30 billion euros and 20 billion euros of bonds in the three months of the second quarter of this year, and may eventually end its asset purchase plan in the third quarter. The statement of interest rate resolution deleted the wording that the interest rate may be lower than the current level, and deleted the commitment to end the asset purchase plan before the interest rate increase. Meanwhile, the ECB lowered its economic growth forecast for this year to 3.7% and raised its CPI forecast for this year to 5.1%. Nevertheless, the European Central Bank said it would not consider raising interest rates until the third quarter of this year.
After the European Central Bank announced its decision to raise interest rates by 35 basis points, it was expected to increase interest rates by 12 months. The euro rose significantly against the US dollar in the short term, but fell again after the US released February CPI data.
The CPI of the United States in February reached a new high in 40 years
On March 10 local time, the data released by the U.S. Department of labor showed that the CPI of the United States increased by 7.9% year-on-year in February, reaching a new high in 40 years. It is expected to increase by 7.9% and the previous value increased by 7.5%; Up 0.8% month on month, expected to rise 0.8% and the previous value rose 0.6%.
The month on month and year-on-year increase of CPI in the United States in February was significantly larger than that in January, highlighting that there is still no sign of easing the inflationary pressure in the United States. The sharp rise in prices in February was mainly affected by the rise in energy, housing and food prices. Excluding volatile food and energy prices, core CPI rose 0.5% month on month and 6.4% year-on-year, the largest year-on-year increase since August 1982.
The CPI data of the United States in February may not reflect the rise in oil prices and other commodity prices after the escalation of the situation in Russia and Ukraine. It is expected that the inflationary pressure in the United States may not peak for the time being.
The foreign ministers’ meeting of Russia and Ukraine lasted about 90 minutes, with each side sticking to its own words on the three major focus issues
At about 11:20 a.m. local time on March 10, in the presence of Turkish Foreign Minister chavusholu, the talks between Russian Foreign Minister Lavrov and Ukrainian foreign minister kuleba officially began in Antalya, Turkey. This is the first high-level direct contact between Russia and Ukraine since Russia launched a special military operation on February 24.
After the talks, the foreign ministers of Russia and Ukraine held press conferences respectively. Both sides have their own views on the three focal issues of ceasefire, humanitarian corridor and Western intervention.
Cease fire. The Russian foreign minister said that he had no plan to attack other countries, including Ukraine, and did not believe or want to believe that nuclear war would begin; The Ukrainian foreign minister said that Russia proposed that if Ukraine did not surrender, Russia would not cease fire, but Ukraine would not surrender.
Humanitarian corridor. The Russian foreign minister said that the two sides talked about how to alleviate the suffering of civilians taken hostage; Ukrainian foreign minister said the main goal of the talks is to open humanitarian corridors.
Western intervention. The Russian foreign minister said that the west is providing deadly weapons to Ukraine and they should be responsible for their actions; The Ukrainian foreign minister revealed that the West gave Ukraine a lot of individual air defense missiles, and then did not know where these missiles would go, which would pose a threat to the safety of civil aviation.
Puze meeting. The Russian foreign minister said that the possibility of Putin’s meeting with Zelensky was discussed in the talks with the Ukrainian foreign minister. Putin did not refuse to meet with Zelensky, but some preparations need to be made.
The outcome of the talks. In response to the question raised by a reporter from China Central Television about the positive results of the talks, the Russian foreign minister said that the talks with kuleba cannot replace the talks between Russia and Ukraine in Belarus, which is the main venue for the talks. All specific issues, such as demilitarization and Nazism, were discussed in Belarus. The Ukrainian foreign minister said that the parties talked about the ceasefire during the talks, but there was no progress on this issue.
The CSRC responded that five listed companies in the United States have delisting risks
On the evening of March 10, the CSRC responded to the news on its official website that the CSRC identified five listed companies in the United States as “relevant issuers” with delisting risk in accordance with the foreign company Accountability Act.
The CSRC responded that this is a normal step for US regulators to implement the foreign company Accountability Act and relevant implementation rules. We have previously expressed our attitude on the implementation of the foreign company accountability law on many occasions. We respect that overseas regulators strengthen the supervision of relevant accounting firms in order to improve the quality of financial information of listed companies, but we firmly oppose the wrong practice of some forces to politicize securities supervision. We have always adhered to the spirit of openness and cooperation, and are willing to solve the inspection and investigation of relevant firms by the US regulatory authorities through regulatory cooperation, which is also in line with the international practice. Yesterday, zhonggai shares fell sharply. Yixian e-commerce fell 39.52%, shell fell 23.93%, iqiyi fell 21.71%, pinduoduo fell 17.49%, JD fell 15.83% and Alibaba fell 7.96%.
The financing balance decreased. On March 9, the balance of A-share financing was 1621576 billion yuan, a month on month decrease of 7.824 billion yuan; The balance of margin trading was 1712429 billion yuan, a decrease of 7.753 billion yuan month on month. The balance of financing minus securities lending was 1530723 million yuan, a month on month decrease of 7.896 billion yuan.
There was a net outflow of land stock connect and a net inflow of Hong Kong stock connect. On March 10, the net purchase turnover of land stock connect on that day was -3.374 billion yuan, including 52.263 billion yuan of purchase turnover and 55.637 billion yuan of sales turnover, with a cumulative net purchase turnover of 1626281 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $3.450 billion on the same day, including a purchase transaction of HK $17.808 billion and a sale transaction of HK $14.358 billion, with a cumulative net purchase transaction of HK $2253224 billion.
Money market interest rates rose. On March 10, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 2.0250%, up 0.10bp, Shibor one week was 2.0820%, up 2.30bp. The weighted interest rate of pledged repo of deposit institutions was 2.0289% overnight, up 1.26bp and 2.0752% a week, up 2.37bp. The 10-year maturity yield of China national debt was 2.8502%, up 0.76bp.
European and American stock markets generally fell. On March 10, the Dow Jones Industrial Average closed at 3317407 points, down 0.34%; The S & P 500 index closed at 425952 points, down 0.43%; The NASDAQ index closed at 1312996, down 0.95%. European stock markets, French CAC index closed at 620720 points, down 2.83%; Germany’s DAX index closed at 1344210 points, down 2.93%; The FTSE 100 index closed at 709909, down 1.27%. In the Asia Pacific market, the Nikkei index closed at 2569040 points, up 3.94%; The Hang Seng Index closed at 2089026, up 1.27%.
The dollar index rose. On March 10, the dollar index rose 0.57% to 985160. The euro fell 0.89% against the dollar to 1.0977. The dollar rose 0.23% against the yen to 1161295. The pound fell 0.79% against the dollar to 1.3084. The spot exchange rate of RMB against the US dollar closed at 6.3216, depreciating by 0.08%. The spot exchange rate of offshore RMB against the US dollar closed at 6.3283, depreciating by 0.08%. The central parity rate of RMB against the US dollar closed at 6.3105, up 0.12%.
Gold rose, crude oil fell and Lun copper rose. On March 10, Comex gold futures rose 0.31% to close at US $200180/oz. WTI crude oil futures fell 3.36% to close at US $105.85/barrel. Brent crude oil futures fell 2.96% to close at US $109.18/barrel. COMEX copper futures rose 0.97% to close at US $4.6375/lb. LME copper three-month futures rose 1.53% to close at US $10130 / ton.
