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On May 28th, Li Hua, founder of Futu Holdings (03588.HK), responded to investor questions at the companys Q1 2026 results conference, stating that the industry-wide rule adjustments regarding cross-border securities, futures, and fund business for mainland investors issued by regulatory authorities on May 22nd are a unified requirement for the entire industry. The two-year rectification period for mainland clients does not require account closure, but rather restricts deposits and purchases within China. The company will actively embrace regulation and strictly follow the guidelines to steadily advance subsequent compliance work. It is expected that this regulatory rule update will not have a substantial impact on Futus annual customer acquisition target of 800,000. He stated that Futu had previously completely stopped opening accounts for mainland clients and has continuously strengthened account opening reviews, rejecting tens of thousands of non-compliant account opening applications over the past two years. As of the end of Q1 this year, mainland clients with assets accounted for approximately 13%, client assets accounted for approximately 17%, and the corresponding revenue contribution was approximately 20%. The company expects to enter more international markets in the future.The US initial jobless claims data for last week, the revised annualized quarterly rate of real GDP for the first quarter, the monthly rate of durable goods orders in April, the monthly rate of personal spending, the monthly and annual rates of the core PCE price index, and Canadas first quarter current account will be released in ten minutes.On May 28th, Bloomberg revealed preliminary images of Apples new digital assistant, a highly anticipated redesign of Siri, expected to be a key highlight of the next generation of iPhone, iPad, and Mac software updates. The illustrations showcase a refreshed Siri interface, a new chatbot-style application, and other major iOS 27 changes Apple plans to announce at its Worldwide Developers Conference (WWDC) on June 8th. This release is expected to be a key turning point in Apples AI strategy as the company races to catch up with competitors like OpenAI, Google, and Samsung Electronics. Apple has redesigned Siri for iPhone hardware, making it a permanent fixture in the "Skip Island," transforming it into an "always-on" intelligent assistant that helps users efficiently manage tasks across the entire operating system and various applications. The system integrates web data, personal information, and the content currently displayed on the screen to assist users in completing various tasks.A new report released by the World Meteorological Organization on May 28th predicts that global average temperatures are likely to remain at or near record high levels between 2026 and 2030, with Arctic temperatures rising even faster than the global average. The report forecasts that global annual near-surface temperatures between 2026 and 2030 will be 1.3 to 1.9 degrees Celsius higher than the pre-industrial average (1850-1900). One of these five years is very likely (86% probability) to surpass 2024 and become the hottest year on record.May 28th - Minutes from Thursdays meeting revealed that the European Central Banks decision last month to keep interest rates unchanged was a "difficult choice" for some policymakers; given persistently high signs of inflation, they could hardly ignore the energy-related shocks. The ECB minutes stated: "Several members indicated that the decision was difficult; they would not have objected if a rate hike had been on the agenda at this meeting." The ECB also stated: "Since the last meeting, the value of pausing rate hikes to preserve policy options has diminished; meanwhile, the appropriateness of simply adopting a temporary ignore approach to the current situation has become increasingly less relevant."

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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