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SenseTime (00020.HK): It is expected to record a profit of approximately RMB500 million to RMB700 million in the first half of the year, compared with a loss of approximately RMB1.48927 billion in the same period last year.On August 16, the Islamic Republic of Iran Broadcasting (IRIB) reported that Iranian Army Commander-in-Chief Amir Hatami announced a $30,000 reward for the capture or killing of U.S. soldiers. The reward will reportedly be given to any Iranian soldier who comes from "the Iranian people."On August 16, Zijin Mining International (02259.HK) announced that in the first half of the year, thanks to the full contribution of newly acquired assets and the continued optimization of mature mines, gold production increased by 44% year-on-year to approximately 27.3 tons; revenue and profit attributable to owners of the parent company increased by 100% and 179% year-on-year, respectively, and net cash flow from operating activities increased significantly by 331% year-on-year.On August 16, the General Staff of the Ukrainian Armed Forces reported that Ukrainian forces attacked the "Kamensky Joint Enterprise" in Rostov Oblast, Russia, a Russian military-industrial complex. The Ukrainian side stated that a fire broke out at the target site, and the extent of the damage and the results of the operation are still being verified. The Ukrainian military stated that this military-industrial enterprise is a major Russian military-industrial enterprise, producing solid rocket fuel for the "Hurricane," "Tornado," and "Tornado-S" multiple rocket launcher munitions, as well as related fuels for various missile systems and air-to-ground weapons. On August 16, local time, the Russian Ministry of Defense released a 24-hour combat report stating that Russian forces had taken control of two settlements: Pershomalievka in the Donetsk region and Kudyevka in the Kharkiv region. The report stated that Russian air defense forces shot down 14 guided bombs, 1 US-made HIMARS rocket, 9 Flamingo long-range cruise missiles, and 1,478 fixed-wing drones. This is the highest number of Ukrainian drones shot down in a single day as reported by the Russian Ministry of Defense to date.On August 16th, according to a report by Axios, citing three sources familiar with the matter, in mid-May, US negotiators encountered a problem when attempting to reach an agreement with Iran to end the war: they were unsure whether the Iranian representatives across the negotiating table truly represented the countrys powerful Islamic Revolutionary Guard Corps (IRGC). The report stated that, therefore, Trump administration officials took an unusual approach—bypassing Iranian negotiators and contacting the IRGC leadership directly. The person chosen by the US to oversee this secret communication channel was Nechirvan Barzani, the president of the Iraqi Kurdistan Region. He possessed an extremely rare advantage: the trust of both the US and the IRGC leadership. This incident highlights that a key reason for the difficulties in US-Iran negotiations lies in Washingtons inability to ascertain who truly holds decision-making power in Iran. The US and Iran did ultimately reach a memorandum of understanding, but it quickly collapsed.

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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