Jin10 reported on June 6 that Mark Dowding, Chief Investment Officer of Fixed Income Investments at RBC BlueBay Asset Management, stated in a report that the company continues to hear news of changes in asset allocation, leading to a decrease in demand for the dollar. He said, "This trend may continue." If a new round of fluctuations occurs, the dollar may depreciate at a faster rate. He mentioned that this could be due to concerns that dollar transactions have resembled risk assets in recent months.

Gate News bot message, the latest data compiled by the Russian media RBC shows that the crypto mining industry in Russia continues to rise, with the country's two largest crypto mining companies—BitRiver and Intelion—projected to generate $200 million in revenue for the 2024 fiscal year, together accounting for over 50% of the market share.

According to Gate.io News bot, RBC reported that the Russian Ministry of Finance has submitted a bill that plans to impose value-added tax (VAT) on domestic companies providing mining equipment leasing and real-time computing power services to foreign clients. The bill addresses the VAT applicability issue for Russian taxpayers when providing mining infrastructure to foreign clients. According to statistics from the Russian Federal Tax Service, there are currently 606 registered miners and 116 mining infrastructure operators nationwide. The data shows that the mining industry generates approximately 50 billion rubles in tax revenue for Russia each year. Source: Wu Says

According to Gate.io News bot, RBC reported that Elvira Nabiullina, the Governor of the Central Bank of Russia, announced a new regulation proposal for Crypto Assets. The proposal aims to strengthen the regulation of Crypto Assets in the domestic Settlement field, clearly stipulating that Crypto Assets are not allowed to enter the domestic currency circulation and internal Settlement system. The Central Bank also plans to implement a tiered management system for investments in Crypto Assets. According to the plan, only high-quality investors are permitted to directly invest in Crypto Assets, while the investment scope for ordinary qualified investors will be limited to the field of Crypto Asset derivatives.

RBC Capital Markets lowered its 2025 forecast for U.S. equities, lowering its year-end target for the S&P 500 from 6,600 to 6,200 and its earnings per share forecast by 2.5%. The economic slowdown is predicted, the uncertainty of the trade war increases, the signals of consumer and business worries weaken, and the support for Trump declines. The S&P 500 is expected to end the year with a bear market lowered from 5,775 to 5,550.

US crude oil inventories rose, with January CPI higher than expected, leading traders to drop their expectations of a Fed rate cut. Trump's trade policy uncertainty escalated, causing oil prices to rise for three consecutive days before being blocked and continuing to fall. Analysts at Credit Suisse pointed out that the weakening geopolitical risks in Russia and the uncertain economic outlook affecting oil prices could lead to a drop in US crude oil prices to $70 per barrel.

RBC analyst Dan Dolev believes that MicroStrategy stock still has over 50% pump potential, setting its target price at $515. The company's corporate structure allows it to enter the debt and equity Capital Market to purchase additional BTC, while the cost of debt is lower than that of ordinary traders, enabling it to increase its BTC holdings more quickly.

The Royal Bank of Canada Capital Market (RBC Capital Markets) said Fed officials may have hinted at only two rate cuts next year when they updated their quarterly dot plot projections this week, compared with four rate cuts expected in September. The Fed's median September dot plot estimate implies a 100-basis point rate cut in 2024 and another 100-point cut in 2025. "Fed officials' speeches since the November meeting have pretty much locked in 25 basis points of rate cuts," said RBC's Blake Gwinn and Izaac

Jinshi data December 6th news, UBS Bank analyst Ipek

Multiple investment banks have raised the target price for Meta Platforms. Citigroup raised its target price to $705, D.A. Davidson raised its target price to $700, and Page Capital, JPMorgan, Oppenheimer, and Barclays Bank have all raised their target prices. Only Canada's RBC Capital Markets lowered its target price to $583.

Jinshi data September 20 news, due to the prospect of further interest rate hikes by the Central Bank of Japan, the yen strengthened against other G10 and Asian currencies in early trading. Alvin T., Asia forex strategy director at Royal Bank of Canada (RBC) Capital Markets.

A number of banks and institutions have released dot plots, predicting that the Fed will cut interest rates three times before 2024, with 25 basis points each time and a cumulative 75 basis points. Among them, the RBC predicts that the rate cut will be higher than the previous 25 basis points, while Scotiabank may disappoint the market. Nomura Securities predicts a 100 basis point cut next year, Barclays Bank predicts a 125 basis point cut next year, and Unicredit Bank predicts a 100 basis point cut next year and another 70 basis points in 2026. Danske Bank predicts 6 rate cuts next year, with a final Intrerest Rate of 3.00-3.25%. The Bank of Montreal forecasts a 125-point rate cut next year and a possible increase in long-term or "neutral" levels. JPMorgan Chase predicts that interest rates will be cut by 100 basis points in 2024, including 50 basis points in September, 25 basis points in November and December, and another 150 basis points next year; Mitsubishi UFJ predicts that interest rates will be cut by 100 basis points in 2024, including 50 basis points in September and 25 basis points in November and December.

1. Goldman Sachs: +22.5; JPMorgan Chase: +22.5; Moody's Analytics: +22.5; Bank of Canada: +22.5; Deutsche Bank: +22.5; 2. Pantheon Macroeconomics: +22.8; Oxford Economics: +22.8; Citigroup: +22.9; Swiss Bank: +23.0; Morgan Stanley: +23.0; 3. DBS Bank: +23.0; RBC Royal Bank: +23.2; Mizuho Bank: +23.4; Standard Chartered Bank: +23.5; Thomson Reuters survey: +23.0.

The signs of a slowdown in inflation in the world's largest economy, the United States, which previously triggered a global bond rally, are facing a reality check this week. Global government bonds recorded their best monthly performance of the year, and a US inflation pressure indicator slowed for the first time in six months last week. This has encouraged the US market's expectation of an imminent interest rate cut by the Federal Reserve, and investors in other parts of the world also believe that their central banks have room to cut rates. Currently, market attention is turning to the UK's inflation report. Although the UK's inflation rate has slowed significantly since reaching a staggering 11.1% at the end of 2022, investors warn that the path of price declines is not smooth. For the market, this is the latest milestone on a bumpy road to determine whether the global fight against inflation is finally coming to an end. "The UK CPI data for the next week will be important, and we believe that the downward trend may be lower than many people's expectations," said Mark Dowding, CIO of RBC BlueBay Asset Management. "This may dampen the enthusiasm for interest rate cuts."

European stocks closed at record highs, buoyed by strong corporate earnings and renewed optimism over Fed rate cut expectations. The Euro Stoxx 600 index closed pump 1.1%, surpassing the closing high set on March 28. UBS led the pump Financial Service zone, with the company posting its big pump long in a year. Shares of chipmaker Infineon also pumped. Janet Mui, head of market analysis at RBC Brewin Dolphin, said: "The pick-up in Capital Market activity is likely to provide an even bigger boost as the economy emerges from the recession and sentiment generally improves. "Investors have also adjusted their bets on Fed policy, with Friday's weak U.S. jobs data rekindling expectations of about two rate cuts by the end of the year.

The Japanese yen expanded fall today, giving up the strong pump recorded on Friday, as traders refocused their focus on the outlook for the Japanese Intrerest Rate. The Japanese yen fall fell as much as 0.61% to 154.01 per dollar during Monday's Asian session, after rising as much as 1.2% pump the previous session, when unexpected weakness in U.S. employment and wage rise last month prompted traders to advance expectations for the Federal Reserve's interest rate cuts. Alvin Tan, head of Asian forex strategy at RBC Capital Markets in Singapore, said USDJPY could move higher and retest 160 given the wide US-Japan interest rate differential, "if it is true that US intrerest rates do not continue to fall from current levels, then the impact of the intervention will dissipate quickly." ”

Investors will be watching for clues from next week's meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC). Rising geopolitical risks have increased expectations of potential supply disruptions, but OPEC+ is unlikely to change its oil production policy ahead of its ministerial meeting in June. RBC analyst Helima Croft said, "[We] don't see any indication that the recent rally in oil prices, driven by heightened Russian infrastructure risks, will prompt a policy reversal at next week's JMMC meeting." Any major shift is likely to wait until the ministerial meeting on June 1, and even then, we believe the organization will be very wise in removing any production cuts. ”

While the latest speeches from Fed officials reinforced the view that officials are not in a hurry to cut interest rates, the latest data showed that the economy is in good shape, pushing the S&P 500 to a record high for the 22nd time this year. The U.S. stock market capitalization has soared by $4 trillion in just three months, much to the surprise of doomsayers and the rush of Wall Street strategists to update their 2024 forecasts. "We think it's the market's view of where the economic fundamentals are headed, not the views of any one economist or strategist," said Lori Calvasina, a strategist at RBC Capital Markets. The S&P 500 rose to 5,254.35, ending the first quarter with a gain of more than 10%. Data shows that since 1950, the S&P 500 has risen by double digits for two consecutive quarters only five times.

Alvin T. Tan, head of Asia FX strategy at RBC Capital Markets, said in his commentary that the market is vigilantly staring at the psychological level of 152.00 for USD/JPY. Tan said that fears of a possible FX intervention by the Japanese authorities have not led to a sharp pullback in USD/JPY and are currently limiting the pair's movements. Tan added that low volatility and a significant disadvantage in JPY yields suggest that there is a risk of further upside for USD/JPY in the coming weeks, unless there is a significant change in the global macroeconomic environment.

Royal Bank of Canada's head of commodity strategy, Helima Croft, said in a note that OPEC+ is expected to announce an extension of production cuts early next month, at least until June. Oil markets continue to be hit by demand and Intrerest rate concerns, as well as increased production in the Americas. "The current mood of the OPEC leadership seems optimistic, and the cohesion of the group has remained stable after Angola withdrew from the group at the end of last year. ”

Royal Bank of Canada (RBC) noted that we expect the US headline CPI annual rate to fall below 3% in January for the first time in nearly three years (since March 2021). The expected slowdown is mainly due to a pullback in energy prices and another decline in food price growth. Core CPI growth, which excludes food and energy products, should slow a bit – we expect y/y growth to slow to 3.8% in January from 3.9% in December. But a disproportionate part of this increase is still coming from higher rents. The growth of housing costs will continue to slow as lower market rents gradually affect rentals. Commodity price growth has fallen back to around zero as the impact of earlier severe global supply chain disruptions has eased.

UK gilt yields rise as the market expects the Central Bank to keep Intrerest rates high for longer than previously expected. At the Central Bank of England's policy meeting on Thursday, two members voted in favour of raising interest rates. RBC Capital Market analysts said they still think the Central Bank will be more cautious than other Central Bank. The Central Bank is not expected to cut interest rates until August. Refinitiv data shows that the market is now expecting the Central Bank to cut interest rates by 101 basis points in 2024, down from 109 basis points before the Central Bank announced the rate cut.

Royal Bank of Canada: The Fed is widely expected to keep the federal funds Intrerest Rate target range unchanged for the fourth time in a row. Attention will be focused on any hints about the potential timing of a shift to rate cuts. Another round of strong GDP data in the fourth quarter suggests that the economy is still more resilient than expected to raise interest rates. However, the slowdown in price growth gives the Fed the flexibility to keep Intrerest Rate unchanged for the time being, and to respond with rate cuts later this year (which we expect before the middle of the year) once the economy begins to weaken more significantly.

RBC expects the Central Bank to push back against the market's idea that the bank is about to pivot to rate cuts, but the Central Bank may signal an end to quantitative tightening sooner than expected. However, they stressed that the Central Bank is likely to go out of its way to convey that the main objective of this change will be to ensure adequate liquidity in the funding market, rather than hinting at a shift to looser monetary policy and an upcoming rate cut. Given Canada's recent economic developments, RBC said economic activity has been weak enough to ensure that no further rate hikes are needed, but inflation (and wage growth) has been too thorny to push the Central Bank to consider starting an easing cycle.

The yen weakened against other G10 and Asian currencies in early trading on the prospect that the Central Bank could keep its accommodative policy unchanged at its January 22-23 meeting. Alvin T. Tan, head of Asia FX strategy at RBC Capital Market, said Japan's earlier December CPI data were all down from November, which would further reassure the Central Bank as the peak inflation had passed. The Central Bank is widely expected to keep policy unchanged at next week's meeting.

Su-Lin Ong, chief economist at Royal Bank of Canada in Sydney, said Tuesday's rise in U.S. and Australian government bond yields may reflect both concerns about pricing in aggressive rate cuts and the possibility that the Red Sea conflict could refuel supply chain issues. Ong said higher yields could reflect the spillover effect of some hawkish comments from the Central Bank last night, with eurozone yields moving higher and the yield curve flattening. Markets have largely priced in rate cuts from the G7 excluding Japan, especially for the US, so there is some risk of disappointment. The situation in the Red Sea may also be at play, she said. Ong added that ongoing tensions could disrupt the supply chain, raising freight costs if ships need to avoid this route, which could increase price pressures.

RBC said Canada's December CPI is expected to rise to 3.4% y/y from 3.1% due to a low base effect, as gasoline prices fell sharply more than expected a year ago. The year-over-year growth rate of the Central Bank's preferred core inflation measure should not change much, while the three-month annualized CPI growth rate that the Central Bank has been focusing on is more likely to edge higher. Still, overall, the breadth and magnitude of inflation continues to decline. The increase in mortgage costs contributed one-third of the growth in the core CPI. The Central Bank of Canada will continue to monitor the price growth of this component, as this increase is a direct result of previous rate hikes. Excluding this component, price growth has been operating within the Central Bank's inflation target of 1-3%.

RBC Capital analysts, led by Gerard Cassidy, released a report saying that bank stocks are likely to outperform other U.S. stock sectors in 2024 as they did in 1995, when bank stocks soared 54% while the S&P 500 rose 34%.

Analysts at RBC Capital Markets said gilts could rise in the near term, pushing yields lower, but the market's rate cut expectations may be too high, which could reverse the bullish trend.

RBC believes that the consensus expectation is that the Bank of Canada will keep interest rates unchanged at 5% for the third time in a row, and there are unlikely surprises. But the outside world will look for signs of a slowdown in the economy and easing inflationary pressures in the statement to determine the focus of future rate cuts.

(1) Oil prices fluctuated slightly on Tuesday, suppressed by the 200-day moving average, and investors became cautious ahead of the OPEC+ meeting on Sunday, and the oil price rally was suspended. The sharp gains over the past two sessions have been driven by expectations that OPEC+ may discuss further supply cuts at the meeting. (2) The main U.S. crude oil contract is currently down 0.34%, trading near $77.33 per barrel, and the main Brent crude oil contract is currently down 0.57%, trading near $81.87 per barrel. Both contracts climbed about 2% on Monday. Earlier, three OPEC+ sources told the media that OPEC+ will consider whether to further cut oil supply at a meeting later this month. Those gains pared on Tuesday. (3) Tsuyoshi Ueno, senior economist at the NLI Institute, said, "Investors are taking a wait-and-see attitude to confirm the actual decision of OPEC+." ” (4) OPEC+ is expected to extend oil supply cuts until next year, and may even increase production cuts, eight analysts predict. (5) Helima Croft, an analyst at RBC Capital, said: "We think the group has some room to make larger cuts, but we expect Saudi Arabia to look to other members for additional barrel counts to share the burden of adjustment." "

RBC Capital Markets LLC. said that while OPEC is likely to stick to the existing production cut agreement at its upcoming meeting to support crude oil prices, there is still some room for further production cuts. Analysts such as Helima Croft said in the report that if further production cuts are sought, Saudi Arabia may try to make additional voluntary adjustments from other individual producers in order for members to "share the burden". While many believe that the war between Israel and Hamas has been reduced to background noise, RBC believes the risk of conflict wake-up remains elevated.

(1) Oil prices fell slightly on Thursday, adjusting for gains in the previous session as there was no sign that OPEC would support Iran's call for an oil embargo on Israel and the United States plans to ease sanctions on Venezuela to allow more oil to flow to global markets. (2) U.S. crude oil buying is expected to trade at $88.04 / barrel, down about 0.15%, and Brent crude oil is currently down 0.57%, trading around $90.98 / barrel. Oil prices climbed about 2 percent last day, with U.S. crude inventories falling more than expected and concerns about global supplies following Iran's call for an oil embargo on Israel over the Gaza conflict. (3) OPEC did not plan to convene a special meeting or take any immediate action after Iran's foreign minister called on members of the Organization of Islamic Cooperation (OIC) to impose an oil embargo and other sanctions on Israel, the sources said. This eases concerns about potential oil flow disruptions. (4) RBC Capital Markets said in a report: "Although there is no indication that OPEC will accept Iran's call, oil will almost certainly be a feature of the conflict in a number of ways." ” (5) Analysts at Citi said in a note that Israel imports about 250,000 barrels of oil per day, mainly from Kazakhstan, Azerbaijan, Iraq and African countries. "We believe that Kazakhstan and Azerbaijan are unlikely to impose an embargo," they said. ”

RBC Capital Markets technical strategist Robert Sluymer (Robert Sluymer) believes that this year's rebound in US stocks may be part of a larger long-term bull market cycle, and the current long-term upward trend may continue until the early to mid-2030s. The fourth quarter of 2019 represents the bottom of this cycle. He predicted the S&P 500 could reach 14,000 by 2034, implying a 209% gain from current levels. That is, the average annualized growth rate for the next 11 years is slightly less than 10%.

RBC Capital Markets said the downgrade of the U.S. credit rating by Fitch would have limited impact on the attractiveness of U.S. bonds and the dollar, as investors are expected to continue to hold large amounts of U.S. Treasuries. Alvin Tan, head of Asia FX strategy at HSBC in Singapore, said some investors may have to reduce their holdings of U.S. Treasuries, especially non-U.S.-domiciled funds, although the reduction would be limited. Since U.S. Treasuries are the largest and most liquid sovereign bond market in the world, it is inconceivable that the world's large bond investors do not hold U.S. Treasuries at all. The downgrade by Fitch has had a "very limited" impact on the dollar, and the refinancing plan that the U.S. Treasury Department is due to announce on Wednesday will have a bigger impact on the dollar by affecting bond yields. Yields are likely to rise in anticipation of a flood of Treasury issuance.

The Bank of Japan announced on Friday (July 28) that its bond yield control (YCC) policy will be eased and allow interest rates to rise above a certain level. Investors interpreted the move as the first step in withdrawing extraordinary stimulus measures, and Japanese government bond prices plunged. Mark Dowding, one of the strongest bears on Japanese bonds, said the current JGB selloff is only just getting started and expects benchmark JGB yields to eventually rise to 1.25%. As head of investments at RBC BlueBay Asset Management, Dowding has been adamant that Japan will have to abandon its ultra-loose monetary policy, and his bearish stance on the yen is finally paying off .