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U.S. AI-related stocks were mixed in pre-market trading. SpaceX (SPCX.O) fell more than 5%, Google (GOOG.O) and Tesla (TSLA.O) fell more than 1.5%, Intel (INTC.O) rose nearly 4%, Micron Technology (MU.O) rose 3.6%, and TSMC (TSM.N) rose more than 2%.On June 22, WeRide (WRD.O), Geely Remote, and Kwoon Chung Bus Group signed a strategic cooperation agreement at the 2026 International Automotive & Supply Chain Expo (Hong Kong). The three parties will jointly develop native mass-produced Robotaxi models for the right-hand drive market based on the existing pre-installed mass-production Robotaxi GXR platform, and will promote the commercialization of Robotaxi mobility services in the right-hand drive market, starting in Hong Kong.June 22 – The Hong Kong Stock Exchange (HKEX) announced today that it is optimizing client margin requirements for its derivatives clearinghouse to improve capital efficiency, reduce financing costs for market participants, and support the long-term development of Hong Kongs derivatives market. Under the revised arrangement, the client margin multiplier and client maintenance margin requirements will be adjusted in two phases to ensure a smooth transition and adequate market preparation. The first phase is scheduled to be implemented on September 21, 2026, and the second phase, subject to regulatory approval, is expected to be implemented in March 2027.On June 22, the Peoples Bank of China released its May financial market operation report. In May 2026, net financing of government bonds was 1,223.55 billion yuan, a decrease of 234.98 billion yuan year-on-year; net financing of corporate bonds was 168.04 billion yuan, an increase of 18.39 billion yuan year-on-year. At the end of May 2026, the outstanding balance of bonds in custody in the bond market was 202.6 trillion yuan. In May 2026, the turnover of the spot bond market was 36.7 trillion yuan, an increase of 8.8% year-on-year; the turnover rate of spot bonds in the interbank bond market was 18.0%, a decrease of 3.9 percentage points month-on-month; the bid-ask spread for active 10-year Treasury bonds was 0.27 basis points. At the end of May 2026, the yield on 10-year Treasury bonds was 1.71%; the yield spread between 10-year and 1-year Treasury bonds was 55 basis points, narrowing by 3 basis points month-on-month.June 22 – Asian crude oil imports are expected to recover to pre-Iranian conflict levels, but refined product supplies remain constrained, and this supply tightness will be reflected in prices. According to data compiled by shipping intelligence firm Kpler, Asia is projected to import approximately 22.18 million barrels per day (bpd) of crude oil in June, compared to 20.35 million bpd in May. June imports are still below the average of 26.76 million bpd in the three months prior to the US-Israel attacks on Iran on February 28. However, this figure is significantly higher than the eight-year low of 18.77 million bpd in April, the month when the effects of Irans effective closure of the Strait of Hormuz during the conflict were most severe. Furthermore, the pre-conflict situation where approximately 20% of global crude oil and refined product shipments transited the Strait of Hormuz is likely to resume, which would allow more oil to arrive in Asia in July.

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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