Archives of “March 29, 2021” day

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Reports that the Ever Given has been successfully refloated in the Suez Canal

  
  Analysis

Inchcape reporting via Bloomberg. Inchcape is a maritime services provider.

  • ship is floating after 27k cubic metres of sand were dug out
  • its unclear when the canal will be open to traffic, there are circa 450 ships in the queue to get through
Good news if so, lets get the global supply chain back running!
From last week:
Inchcape reporting via Bloomberg. Inchcape is a maritime services provider.

“Whatever floats your boat!” is the saying of the day!

BOJ “Summary of Opinions” of the Monetary Policy Meeting on March 18 and 19 – full text

  
  Analysis

The Bank of Japan ‘summary’ precedes the minutes by months.

  • Says the current policy framework is hoped to serve for many years ahead as the basic guidance for mon pol easing
Headlines via Reuters:

 

  • ensuring current policy framework can be sustained in stable fashion is important in pledging to keep monetary policy loose
  • BOJ can show in advance steps to mitigate side-effects that may arise if it were to ease policy further
  • BOJ must heighten transparency of its policy by clarifying band at which it allows long-term yields to fluctuate
  • desirable to give long-term yields flexibility to move up and down 0.25% around BOJ’s target from standpoint of stabilising market pricing
  • BOJ must rigidly apply new range around its yield target partly by using its new market operation tool
  • desirable for BOJ to buy ETFs in flexible manner
  • BOJ’s commitment on monetary base plays key role in showing its determination it won’t easily head toward exit from ultra-loose policy
  • appropriate for BOJ to tweak its commitment to clarify what action it will take in achieving price target

 

Chinese data released over the weekend, Jan- Feb industrial profits up 179% y/y

  
Analysis, Economy

Profits in the first two months of 2021 were up 179% from the same period last year

  • At the time last year (January-February) China was entering and then in strict COVID-19 lockdown ahead of the rest of the globe
It may be more instructive to compare with Jan-Feb of 2019
  • profits were up 72.1% from the 2019 levels
—
ps China Stats have combined data for January and February to exclude distortions caused by the week-long Lunar New Year, which fell in February in 2021
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