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On April 28th, it was reported that on April 24th, the National Development and Reform Commission (NDRC) and the Peoples Bank of China (PBOC) convened an inter-ministerial joint meeting and work deployment meeting on the construction of the social credit system. Officials from 48 member units of the inter-ministerial joint meeting attended the meeting. Li Chunlin, Vice Chairman of the NDRC, and Zou Lan, Vice Governor of the PBOC, attended and addressed the meeting. The meeting emphasized strengthening government integrity, accelerating the process of credit legislation, promoting the construction of a high-level credit economy, improving the level of public credit evaluation, perfecting the incentive mechanism for trustworthy behavior, deepening credit information sharing, and pushing the construction of the social credit system to a new level.The main fuel oil contract surged 4.00% intraday, currently trading at 4269.00 yuan/ton.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions the development of core intelligent industries. Focusing on basic software such as intelligent operating systems and development frameworks, and key core technologies such as high-end training and inference chips and edge computing chips, the plan aims to cultivate competitive software and hardware products and digital industry clusters. It promotes the research and development and industrialization of industrial robots, service robots, special robots, and general-purpose intelligent high-end products. It accelerates the development of intelligent connected vehicles, constructs intelligent connected vehicle testing zones and vehicle-road cooperative facilities. It expands the market for consumer-grade intelligent products, improves the performance of public service-grade intelligent products, innovates categories of industry-application intelligent products, develops high-end intelligent terminal products, and cultivates intelligent terminal and equipment industry clusters. It strengthens the integration and collaboration of "big brain" and "small brain" technologies, promotes intelligent agent collaboration and large-scale application, and drives comprehensive reconstruction with AI native drivers. It establishes a dual-pole framework of an innovation center in the field of intelligent agents and an innovation center in the field of intelligent terminals to support the creation of the Guangdong Provincial Artificial Intelligence Innovation Center.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions enhancing the fundamental capabilities of large-scale models. This includes supporting multi-path technology exploration, algorithm optimization, and model infrastructure innovation, strengthening collaborative innovation across "model, chip, cloud, and application." It also calls for the coordinated development of large-scale model training and inference facilities, building a Guangdong-characteristic embodied intelligence training ground system. Furthermore, it aims to create high-level general-purpose large-scale models, develop trillion-parameter models, and construct multimodal and world models. The plan emphasizes developing vertical large-scale models in advantageous fields, focusing on areas such as financial services, peoples livelihood, and governance, cultivating vertical models adapted to complex scenarios and integrating multimodal data. It also calls for developing small-scale models for specific scenarios, targeting scenarios such as technology and healthcare, and launching lightweight and secure scenario-level model products such as intelligent agents and MaaS. Finally, it encourages exploring new forms of model applications, improving the ability to handle complex tasks, optimizing interactive experiences, and promoting technological innovation in multimodal, intelligent agent, embodied intelligence, and swarm intelligence. Finally, it establishes and improves model capability assessment and security assessment systems to promote effective iterative improvement of model capabilities.The Hang Seng Tech Index fell more than 1% during the session, with sectors such as Apple concept stocks, brain-computer interfaces, commercial aerospace, and power equipment leading the decline.

AUD/USD falls below 0.7070 despite a positive Services PMI from Caixin

Alina Haynes

Feb 03, 2023 15:29

Despite the release of good Caixin Manufacturing PMI (January) data from IHS Markit, the AUD/USD pair has established a new daily low at 0.7064. The economic data came in at 52.9, which is significantly higher than the consensus estimate of 47.3 and the prior report of 48.0. China's Services PMI has stayed upbeat despite the Lunar New Year celebrations in the last week of January.

 

Notable are the facts that Australia is China's largest trading partner and the Australian Dollar is its currency.

 

The Australian Dollar is likely to be influenced by the Reserve Bank of Australia's (RBA) anticipated interest rate announcement on Tuesday. In view of the unexpected rise in the Australian Consumer Price Index (CPI) to 7.8% in the fourth quarter of CY2022, RBA Governor Philip Lowe may maintain his aggressive stance regarding interest rates.

 

Deutsche Bank Australia analysts believe that the RBA will likely hike the Official Cash Rate (OCR) to 4.1%, citing the most recent inflation update, which revealed a slightly higher-than-anticipated 7.8% increase in the CPI. Forbes Advisor states, "While the RBA will likely move more slowly in 2023 than it did in 2022, we now anticipate four additional 25 basis point hikes in 2019: 25 basis points in February and March, and 25 basis points at the May and August meetings."

 

In the meanwhile, investors have been risk-averse due to rising anxiety preceding the United States' Nonfarm Payrolls (NFP) data release. Futures on the S&P500 and other perceived-risk assets are under heavy pressure. The US Dollar Index (DXY) has rebounded to approximately 101.50 after a corrective move and is expected to remain under the hands of bulls moving forward. In anticipation that the Federal Reserve (Fed) may suspend its policy tightening, 10-year US Treasury yields have fallen to approximately 3.38 percent.


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