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According to Futures News on August 3, as of 09:30 Beijing time, WTI crude oil futures fell 7.37%, while US natural gas futures rose 0.76%.The Peoples Bank of China (PBOC) conducted 63 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 63 billion yuan. The interest rate for the operation was 1.40%.On August 3rd, Cao Cao Mobility and Xiangzhou District of Zhuhai City officially signed a strategic cooperation agreement to jointly promote the implementation of the "integrated air-ground-space" smart mobility demonstration project in Zhuhai. Cao Cao Mobilitys first batch of autonomous driving test vehicles will soon enter designated sections of Xiangzhou District for on-site verification, and the autonomous driving fleet will be expanded in an orderly manner subsequently. Simultaneously, a smart operation and maintenance hub, the "Green Smart Access Island," integrating automatic battery swapping, intelligent quality inspection, and remote dispatching, is planned and constructed, with reserved space for the take-off and landing of low-altitude aircraft.August 3rd - Due to continuous heavy rainfall and weather warnings, 92 trains operated by China Railway Chengdu Bureau were suspended today (August 3rd). Of these, 31 were suspended at Chengdu Station, 38 at Chongqing Station, and 23 at Guiyang Station. The suspensions cover multiple major lines, including the Shanghai-Kunming Railway, Xian-Chengdu High-Speed Railway, and Lanzhou-Chongqing Railway, affecting routes from Chengdu to Beijing, Shanghai, Shenzhen, Shenyang, Lanzhou, and Urumqi; from Chongqing to Beijing, Kunming, Urumqi, Fuzhou, and Lanzhou; and from Guiyang to Kunming, Xining, and Hohhot. Simultaneously, due to rainfall warnings, all trains on the Beijing Suburban Railway Huairou-Miyun Line and S2 Line were suspended today.On August 3, the Cyberspace Administration of China (CAC) announced that it has been actively promoting the "Clean Up the Internet: Rectifying the Chaos in Group Broadcasting of Entertainment" campaign. Addressing issues such as illegal PK battles and reward-based rewards in group broadcasting, inappropriate gameplay that induces rewards, vulgar and harmful content, and infringement on the rights of minors, the CAC has guided and urged websites and platforms to strengthen the management of group broadcasting content and has dealt with more than 1,840 illegal group broadcasting accounts in accordance with laws and contracts.

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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