The forint’s trading on Thursday initially stabilized, but the exchange rate weakened throughout the day due to the international mood and expectations regarding US labor market data. Important factors include the US-Iran negotiations, the price of oil, and expected interest rate changes by the Japanese and US central banks. The KSH’s unfavorable industrial and retail data also affected the forint, while demand for Hungarian government bonds remained stable.
The performance of domestic investment funds appears good, as investors have seen positive returns in most categories. However, the details are more nuanced: there are significant differences between the funds, and in many cases, they offer only a marginal additional value compared to retail government bonds. Süle-Szigeti Bulcsú analyst highlighted that there were significant differences in performance between equity funds and absolute return funds, while investors are increasingly moving away from bond funds.
Wellington Management, Vanguard and Blackstone are launching two new funds that offer investment opportunities on both the stock and private markets, targeting the growing circle of wealthy private investors, the companies announced on Wednesday.
The Bank of Japan’s decision-makers have indicated that it is possible to raise interest rates faster than expected, as the weakening of the yen increases inflationary risks. The July 31 meeting is expected to maintain the current benchmark rate, which was raised to 1 percent in the previous month, the highest level in thirty-one years. However, the tightening cycle may begin sooner than expected, according to Bloomberg.
On the gold market, a significant technical reversal is emerging, which could determine the direction of the next few months. Several fundamental factors are influencing the markets, while the price has not yet reached the overbought level. If the current breakout attempt gains momentum, the price of gold could experience a significant increase. It is important to watch key levels on the market.
Varga, the head of the Hungarian National Bank, discussed cooperation opportunities with Erste Group CEO Peter Bosek and Erste Hungary CEO Radovan Jelasity. Two deputy governors of the MNB also attended the meeting. According to Varga, Erste has made significant commitments to Hungary.
German authorities conducted a raid on the Deutsche Bank headquarters in Frankfurt on Wednesday due to suspected tax evasion, according to Die Welt and other media outlets.
On Monday, OTP announced its largest acquisition to date: the acquisition of Luminor, which will allow the Hungarian bank group to expand into the Baltic countries. This has been met with reactions from analysts, with two very high target prices already emerging.
The Bureau of Labor Funds (BLF) of Taiwan selected five global asset managers to carry out a 3 billion dollar project aimed at climate transition infrastructure. The pension fund, accumulated from public funds, will be invested in the transformation of energy and digital systems, according to Pension Policy International.
According to a bank’s internal memo, which was reported by the Reuters news agency, Goldman Sachs has launched a new platform to expand its private wealth management investment offerings to wealthy clients.
The South Korean stock market has seen a significant increase, as it appears that the liquidation of leveraged positions is nearing its end, which previously caused a 30% decline in the Korean stock index from its peak. This turnaround has brought much-needed relief after weeks of selling pressure - Bloomberg reported.
On Wednesday, the price of gold reached a two-week high, as investors assessed the impact of the escalating conflict in the Middle East and awaited the upcoming Federal Reserve meeting, from which they hoped to gain guidance on the future direction of interest rates.
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