From US Fed rates to China’s global export share: 4 figures shaping markets
The US Federal Reserve raised its benchmark interest rate by a quarter of a percentage point this week, followed by the Hong Kong Monetary Authority and the Bank of Japan, while the 10-year US Treasury yield fell back below 5 per cent. Here are some of the figures that have drawn the most market attention this week. Fed raises interest rates for first time since 2023 The US Federal Open Market…
This week, the US Federal Reserve raised its benchmark interest rate by a quarter of a percentage point for the first time since 2023, bringing the target range to 3.75 to 4.00 percent. The central bank aimed to combat inflation that had persisted "too high" for "too long". Concurrently, the Hong Kong Monetary Authority and the Bank of Japan also increased their respective base rates.
In response, the 10-year US Treasury yield fell below the critical 5 percent mark for the first time since 2023, closing at 4.94 percent. Hong Kong retained its position as the third globally ranked financial center according to the Global Financial Centres Index, trailing only London and New York. China's global export share is on track to reach 31 percent by 2035, according to a Goldman Sachs report.
The report anticipates a three-fold increase in Chinese companies' revenue, driven by "latecomers" in sectors like robotaxis, e-commerce, and surgical robots. Meanwhile, "early achievers" such as car manufacturers will face more competitive environments.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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