Thank you for taking on the job, debtfree, much appreciate that.Unfortunately I won't be able to post the link of tonight's wrap or tomorrow morning's wrap, if its available as it is a holiday. Maybe @eskys or someone could be good enough to put the link in here for our viewers.
The Fed boss has told a press conference that based on the central bank’s current available data that he doesn’t “think it’s likely” it cuts interest rates in March.Market Index - Thursday Morning Wrap
Market Index - Monday Morning Wrap
Interesting to see what happens with the ASX today I concur with the Market Index sediments today that the ASX will open lower. Although I criticize this and think the ASX has chance to open higher, despite latest data.Here's an update on the ASX since Thursday. Should carry on today in much the same fashion?
ASX may open lower but who's to say it don't close higher?
China should set up a stocks stabilization fund as soon as possible to boost market confidence, with an aim to get its size to 10 trillion yuan ($1.4 trillion) or more, according to an academic at a government think tank.
The size of the fund should be around $300 billion to $500 billion in the short term, the 21st Century Business Herald reported, citing Liu Yuhui of the Chinese Academy of Social Sciences. It should then be increased based on the value of the country’s capital market, Liu told the paper in an interview.
Chinese authorities are considering a package of measures to stabilize the slumping stock market, people familiar with the matter told Bloomberg News last month. Policy makers are seeking to mobilize about 2 trillion yuan, mainly from the offshore accounts of Chinese state-owned enterprises, they added.
Read More: China Eyes Stock Rescue Package Backed by $278 Billion
China’s stock selloff deepened last week, with a key index falling to a five-year low. The CSI 300 Index benchmark gauge tumbled 6.3% in January, a record sixth straight month of losses.
The stock market has undoubtedly shown liquidity pressure in the short term, Liu said, speaking to the paper in his capacity as director of another think tank known as China Chief Economists Forum.
Much of the buying power comes from the “national team” to maintain stability, he added, using a term that describes the state-related bodies that Chinese authorities lean on to buy stocks during times of turbulence.
The stabilization fund can act as a transparent system which is different from the intervention by the national team, Liu said.
— With assistance from Jeanny Yu
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