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September 19th - According to the China State Railway Group Co., Ltd., from January to August, the national railway system transported 3.32 billion passengers, a year-on-year increase of 3.9%, setting a new record for the same period. The national railway transportation remained safe, stable, and orderly. Since the beginning of this year, the railway department has coordinated high-speed and conventional railway resources, with an average of 11,508 passenger trains operating daily nationwide, a year-on-year increase of 5.0%. Regarding cross-border passenger transport, the Guangzhou-Shenzhen-Hong Kong High-Speed Railway transported 23.408 million cross-border passengers, a year-on-year increase of 10.7%, while the China-Laos Railway transported 245,000 cross-border passengers, a year-on-year increase of 39.1%.On September 19, it was learned from the Beijing Municipal Administration for Market Regulation that, in accordance with the work deployment of the State Administration for Market Regulation and the results of preliminary investigations, and based on the provisions of the Anti-Unfair Competition Law of the Peoples Republic of China and the E-commerce Law of the Peoples Republic of China, the Beijing Municipal Administration for Market Regulation has initiated investigations into Hangzhou Taomei Aviation Service Co., Ltd., Tongcheng Network Technology Co., Ltd., Tujia Online Information Technology (Tianjin) Co., Ltd., and Beijing Sankuai Information Technology Co., Ltd. for suspected illegal activities.On September 19th, Gong Jinfeng, General Manager of China Automotive Technology and Research Center Co., Ltd., stated at the 2026 China Automotive Industry Development (TEDA) International Forum that the automotive industry, as a core area of technological competition and industrial rivalry among major powers, is facing a profound adjustment in the global competitive landscape. Technological barriers, rule-based competition, and standards battles have become the core forms of industrial competition among major powers. In light of the current industry development situation, Gong Jinfeng offered several suggestions: First, focus on core technologies for intelligent connected new energy vehicles, continuously consolidate the leading advantages in industrial development, seize the opportunities presented by the "dual-carbon" strategy and the development of the digital economy, and strengthen collaborative innovation between industry, academia, and research. Second, deepen cross-sectoral integration and development, fully leverage the role of government-enterprise collaboration, deepen the pilot work on the access and passage of intelligent connected vehicles, support the large-scale and commercial application of vehicles with L3 and above autonomous driving capabilities, and promote the deep integration of the automotive industry with artificial intelligence and other related fields.Conflict Updates: 1. The death toll from the bombing attack in northwestern Pakistan has risen to 21. 2. Yemeni government military: Armed Forces artillery destroyed nine Houthi combat vehicles on the western front in Marib, killing all those on board. 3. According to NewsNation: US President Trump stated that regarding whether or not Iran will be "destroyed," "well wait and see." 4. Saudi Civil Defense previously issued alerts for Jeddah, Taif, Al-Ulah, Yanbu, and Khamis Mushait, which were subsequently lifted. Other Updates: 1. US President Trump signed sanctions legislation targeting Russia and Iran. 2. US President Trump, speaking about Iran, said, "The war will be over soon." 3. The Pakistani military stated it will support Saudi Arabia "at all costs." 4. According to multiple Middle Eastern media reports, Pakistans Interior Minister will travel to Tehran this week. 5. According to NewsNation: US President Trump stated that the US is negotiating with the Houthis, and the Houthis also hope to reach an agreement. 6. According to CBS: Data shows that Saudi Arabias exports through the Bab el-Mandeb Strait remain sluggish, with weekly traffic since early August less than a third of the seven-day average this year. 7. According to Punchbowl: The latest estimates submitted by U.S. Central Command to the Congressional Defense Committee show that as of September 3, the cost of U.S. military operations against Iran has reached $43.6 billion. 8. According to the Washington Post: The number of U.S. military personnel killed in the war with Iran exceeds the number publicly disclosed by the Pentagon. 9. Due to the shutdown of Saudi Arabias East-West oil pipeline, the North Sea crude oil spot premium has surged to a record level.On September 19, the U.S. State Department announced on September 18 that it had approved a $2.68 billion arms sale to Ukraine, providing equipment and services related to the development and upgrading of its air defense systems, and had notified Congress of this. The State Department stated that this arms sale will further enhance Ukraines air defense capabilities.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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