EUR/USD 1.13559

USD/JPY 143.869

GBP/USD 1.34721

GBP/JPY 193.826

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NIO (NIO.N): Delivered 23,231 vehicles in May, up 13.1% year-on-year.June 1, at a time when Trumps trade war is hampering U.S. financial markets, Europes economic prospects are bright and European stocks have become the clear winners in the world. Five months into the year, eight of the worlds 10 best-performing stock markets are in Europe, according to data compiled by Bloomberg. Germanys DAX index has risen by more than 30% in dollar terms, with peripheral markets such as Slovenia, Poland, Greece and Hungary also on the list. Driven by Germanys historic fiscal spending plan and a stronger euro, the Euro Stoxx 600 index outperformed the S&P 500 by a record 18 percentage points in dollar terms. Market participants said that at a time when trade and fiscal debt concerns are looming over the U.S. economy, strong corporate earnings and attractive valuations make the region a safer investment with brighter prospects in the future. "Europe is back in the spotlight," said Frederique Carrier of Royal Bank of Canada Wealth Management. "Weve received more questions about Europe in the past two months than in the past 10 years."On June 1, SAIC-GM announced that its terminal sales in May were 50,002 vehicles (including exports), a year-on-year increase of 2.8% and a month-on-month increase of 17.6%; new energy vehicle sales totaled 9,117 vehicles, a year-on-year increase of 3.2% and a month-on-month increase of 66.4%.On June 1, according to the official WeChat account of Shenlan Automobile, Shenlan Automobile delivered 25,521 vehicles in May, a year-on-year increase of 78% and a month-on-month increase of 27%.June 1, according to the Financial Times, Boeing (BA.N) CEO Kelly Ortberg said in an interview that launching a new aircraft to replace the best-selling Boeing 737 Max is not a top priority. He said the market is not ready for new models and Boeings current financial situation is not suitable for investing in the development of new aircraft. Ortberg said Boeing is working with the Trump administration to ensure that the company can withstand the impact of the trade war. The current trade situation is unclear, which means Boeing will have to remain flexible and continue to communicate with the US government. He said Boeing will pay less than $500 million a year for the imports needed to manufacture its products.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.