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Google (GOOG.O) will invest at least €13 billion in artificial intelligence infrastructure in Finland between 2027 and 2028. The investment includes data centers, infrastructure, and energy projects.On September 9th, Morgan Stanley released a research report indicating that Link REIT (00823.HK)s overall merchant sales in the first quarter of fiscal year 2027 (end of June 2026) declined by 1% year-on-year. Among them, the catering business continued to improve, growing by 1.5% year-on-year; supermarket performance remained weak, declining by 1.9% year-on-year. Management expects Hong Kong property renewal rents to decline by 5% year-on-year in the first half of fiscal year 2027 (end of September 2026), an improvement compared to the 8.2% decline for the full fiscal year 2026 and the 6.4% decline in the first half of fiscal year 2026. However, the guidance of an 8% year-on-year decline in renewal rents for the full fiscal year remains unchanged, implying that the performance in the second half of the year will be worse than the first half. Morgan Stanley noted that Link REITs annual cost reduction plan of HK$200 million is progressing well. Through cost reduction and share buybacks, the distribution per unit in fiscal year 2027 is expected to remain flat year-on-year, with financing costs remaining at 3.4%. The Anderson Road project is 80% pre-leased and is scheduled to open in October this year. Morgan Stanley expects it to support rental income in fiscal year 2028 and has given it an overweight rating with a target price of HK$44.According to Finnish broadcaster YLE, Google (GOOG.O) will invest at least €13 billion in artificial intelligence infrastructure in Finland between 2027 and 2028.On September 9th, JPMorgan Chase issued a research report stating that the sales slowdown at Laopu Gold (06181.HK) in the second quarter was more cyclical than structural. Furthermore, the companys gross margin exceeded expectations, its strategies for dealing with gold price fluctuations were clearer, and its VIC and overseas expansion could improve medium-term growth visibility. Liquidity and dividends also provide downside protection. JPMorgan Chase still expects Laopu Golds performance to gradually recover, projecting profits of approximately RMB 800 million and RMB 1.2 billion for the third and fourth quarters, respectively. Although short-term sales performance still depends on gold price trends, and the Mid-Autumn Festival and National Day holidays will be the next key observation points, the bank believes the companys brand competitiveness and medium- to long-term profitability remain solid. The bank maintains its "Buy" rating on the company with a target price of HKD 891.French industrial production fell 0.5% year-on-year in July, compared with a previous reading of -0.10%.

AUD/USD falls approaching 0.7200 despite the former RBA governor's aggressive forecasts

Alina Haynes

Jun 08, 2022 11:59

 截屏2022-06-08 下午12.00.41.png

 

Bears and buyers continue to fight for position around 0.7220-25 as sentiment is mixed and investors remain cautious ahead of the week's big data/events. In doing so, the Australian duo struggles to defend the hawkish remarks of former Reserve Bank of Australia (RBA) Governor Ian Macfarlane.

 

Ex-RBA Governor Macfarlane warned early Wednesday morning about chronically rising inflation and the need to drastically increase interest rates. The former policymaker also stated, "There is sufficient scarcity in Australia and the United States to maintain a high inflation rate."

 

In contrast, China's Vice Commerce Minister Wang Shouwen joined China's Vice Finance Minister Zou Jiayi in reiterating concerns about a global economic downturn and a decline in demand. Recent consensus among policymakers held that the rise of global demand is slowing.

 

It's worth noting that a rebound in US Treasury rates and apprehension ahead of Thursday's European Central Bank (ECB) meeting, as well as Friday's US Consumer Price Index (CPI) for May, tend to stifle the AUD/USD pair's movements.

 

In spite of this, 10-year US Treasury note rates jump two basis points (bps) to 2.99 percent the day after breaking a six-day downward trend. A record decline in the US trade deficit and optimism on the US budget appear to have prompted a recall of US Treasury bond sellers. The US trade deficit for April decreased 19.1 percent from the previous day to USD87.1 billion.

 

Other market optimists were defended by US Treasury Secretary Janet Yellen and optimism for a quicker economic rebound in China. Tuesday, US Treasury Secretary Yellen spoke before the Senate Finance Committee about the Fiscal Year 2023 Budget while stating that the US economy faced problems from "unsustainable levels of inflation" and supply chain disruptions. The official said, "An adequate budget is necessary to support the Fed's efforts to control inflation without damaging the labor market."

 

It should be noted that World Bank (WB) President David Malpass's warning that faster-than-anticipated tightening might force certain nations into a debt crisis akin to that of the 1980s appears to have impacted on the quotation as of late. The risk-negative news from Ukraine may follow a similar trajectory. Politico reported that Ukraine has not yet achieved a deal with Russia or Turkey to enable the safe passage of its grain ships in the Black Sea, casting doubt on a U.N. initiative to build a crucial food corridor.

Technical Evaluation

A two-week-old support line protects AUD/USD buyers at 0.7205. However, the 200-day moving average and the recent top, located around 0.7255 and 0.7285, may challenge the Aussie pair's upside before the bulls regain control.


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