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Asia Stocks Week Ahead-Bernanke eyed as holidays loom
Fri Feb 9, 2007 2:54am ET
HONG KONG, Feb 9 (Reuters) - Comments from U.S. central bank chief Ben Bernanke will help set the tone for stock markets in export-dependent Asia in the coming week, as trading looks set to slow with the Lunar New Year holidays just a week away.
Bernanke is due to testify on the semiannual monetary policy report to Congress before the Senate Banking Committee and the House Financial Services Committee on Wednesday and Thursday.
Taiwan's stock market will shut from Feb. 15 to 25 for the Lunar New Year festivities, due to kick off on Feb. 18. Many Asian stock markets will be closed on Feb. 19.
In Hong Kong, market watchers say to expect subdued trade in the lead-up to the Lunar New Year holidays.
"It will be really quiet," said Kent Yau, deputy research director at Core Pacific Yamaichi (International) Ltd.
"I think the market has been trying to advance to new highs but it's difficult because the volume is not there. Also HIBOR is trending upward, so maybe liquidity is leaving Hong Kong."
The expected coming correction will crash the market soon .... Then we will have the expected rate cut after all. Heehee! :P
With crude price sliding so much, believe that the probability of FED raising rate is very low. Strongly think that FED will not cut rate, as it risk leading to USD collapse. This will be good for the equity markets and Gold.
Meanwhile all Forumers should keep their ears open wide and sound the alarm when you hear the word "Inflation" from The Man or His Team. Cheers!
Our S'pore budget day is on 15th Feb too .... Double happiness for STI in store before CNY! And Benny should be "in full of love" on Valentine's day too! HeeHee! Shiok!
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Sunday January 14, 6:26 AM
Bernanke to testify before Congress in February :WSJ
WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke will testify before Congress on monetary policy on February 14 and 15, The Wall Street Journal reported on Saturday.
Typically, the Fed chairman's twice-a-year report to lawmakers on monetary policy involves speaking for one day before a Senate committee and another in front of a House of Representatives committee.
But this time, new House Financial Services Committee Chairman Barney Frank plans an extra day of hearings to gather input from outside experts on Bernanke's remarks, the Journal reported.
Economists and labor experts could be asked to provide their views on the Fed chairman's testimony, the newspaper said, quoting an interview with the Massachusetts Democrat.
Frank also told the Journal that while he opposes an inflation target, the Fed has the authority to implement one without congressional approval.
The Fed should not allow a target to result in employment being subordinated to inflation, Frank said, adding he would not allow the Federal Reserve Act to be amended to allow that to happen.
Spokespeople for Frank and the Senate Banking Committee could not immediately be reached by Reuters on Saturday.
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