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On June 16, CICC published a report, adjusting Chow Tai Fooks (01929.HK) target price by 31% to HK$14.92, with an investment rating of "outperforming the industry". CICC pointed out that looking forward to the 2026 fiscal year, Chow Tai Fooks revenue guidance will achieve a low-to-mid-single-digit annual growth, and the gross profit margin may decrease by about 0.8-1.2 percentage points year-on-year due to the reduced contribution of gold price increases, but under continued cost control, the operating profit margin is expected to decrease by 0.6-1 percentage points year-on-year. Considering the companys continued operational improvement, CICC raised Chow Tai Fooks 2026/27 earnings per share forecast by 9%/9% to HK$0.83/0.91, and the current share price corresponds to 15/14 times the 2026/27 fiscal year price-earnings ratio.According to White House officials: US President Trump will hold bilateral talks with Mexican President Sheinbaum and Ukrainian President Zelensky during the G7 summit.On June 16, in the first quarter of 2025, the market supervision department organized special actions such as intellectual property law enforcement to further strengthen the governance of key areas, key commodities, and key markets, actively play the deterrent role of administrative law enforcement, effectively protect the legitimate rights and interests of right holders and consumers, maintain the market economic order, and create a good business environment. In the first quarter, various special actions investigated and dealt with nearly 113,000 related cases, including 8,000 cases of trademark infringement and counterfeit patents, and carried out about 16,000 law enforcement actions against key physical markets with high incidence of infringement and counterfeiting.Zeekr announced that the 500,000th mass-produced car rolled off the assembly line.The Hang Seng Index turned positive, with the Hang Seng Tech Index rising 0.35%. Chow Tai Fook (01929.HK) rose more than 6%, leading the constituent stocks.

USD / JPY Strikes Above 136.20 As Fed Rate Increase Worries Return

Daniel Rogers

Mar 02, 2023 16:07

 

 

The USD / JPY pair is battling in the Asian session to maintain its auction above 136.40, while the downside looks to be supported around 136.00. The asset is expected to continue rising and surpass the 136.40 resistance mark as investors foresee the Federal Reserve (Fed) raising interest rates to strengthen its defense against persistent inflation.

 

Following a down day on Wednesday, S&P500 futures recorded modest gains during the Asian session, signaling a minor improvement in investors' risk appetite. Despite this, the market as a whole is very risk adverse. The spread of the US Dollar Index (DXY) is expected to narrow after a period of chaotic swings.

 

It indicates that the Federal Reserve's (Fed) officials' hawkish stance has revived US Treasury prices.

 

Raphael Bostic, President of the Atlanta Fed, predicted that the central bank would increase the terminal rate to a level of 5.00% to 5.25% in view of the Consumer Price Index's (CPI) enduring nature. The Fed policymaker also thinks the central bank will continue to have a high final rate after 2023. Additionally, Fed Chief Jerome Powell has reaffirmed that an early rate cut could have disastrous consequences for the inflation scenario.

 

It is clear that a future rise in the price index is expected after Wednesday's release of the US ISM Manufacturing PMI. The New Orders Index and Manufacturers' Prices Paid were able to show that the inflation scenario is getting more complicated despite the February PMI figures' failure to wow the market. Figures increased to 47.0 from 43.7 anticipated and 42.5 earlier published, indicating a strong order book. The Manufacturing Price Paid increased to 51.3 from 45.0, as opposed to the average forecast of 45.0, and from 44.5 in the previous report, suggesting that the Producer Price Index (PPI) may soon show a surprise increase.

 

On the Tokyo front, the Japanese Yen is being impacted by a string of dovish remarks from Bank of Japan (BoJ) officials. Following dovish remarks from BoJ Governor-nominee Kazuo Ueda and BoJ Deputy Governor Ryozo Himino, board member Junko Nakagawa also considered the present monetary policy appropriate. "An expansionary strategy is absolutely essential for maintaining the economy and increasing earnings," he said.


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