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On September 3, according to Axios, US Presidential Envoy Steve Vitkov met with UAE National Security Advisor Al Nahyan in Sardinia over the weekend to discuss the next steps in the Iran situation. Two sources familiar with the matter said the meeting, which was not announced by the White House, occurred amid the Trump administrations push to reopen the Strait of Hormuz and increase economic pressure on Iran. This comes after the UAE decided to suspend trade, business, and financial transactions with Iran. Bilateral trade between the two countries is projected to reach $28 billion by 2024, and the UAE, particularly Dubai, has historically been a crucial trade and transshipment hub for Iran. Sources said an Iranian delegation visited Abu Dhabi on August 11, hoping to ease tensions and improve bilateral relations, requesting UAE assistance in obtaining food and medicine and requesting non-compliance with US sanctions, but this was refused. Subsequently, the Iranian Revolutionary Guard intensified attacks on UAE National Oil Company tankers attempting to pass through the Strait of Hormuz, prompting the UAE to suspend related business activities. The US government is currently establishing an interagency task force to coordinate the implementation of economic pressure on Iran.September 3 – According to the Wall Street Journal, new details of the civilian nuclear program agreement reached between the Trump administration and Saudi Arabia are drawing criticism, with some arguing that the landmark agreement falls short in preventing nuclear proliferation risks. Last week, the text of the agreement, along with a series of related documents, was submitted to US lawmakers. The documents outline a roadmap showing that, following further consultations, Saudi Arabia may enrich uranium on its territory to a level potentially approaching 20%. This enrichment level might be sufficient for small, modular civilian reactors, but it would also increase the risk of nuclear materials being diverted for military use. Scott Rock, a former US Department of Energy official and vice president of the nonprofit security organization Nuclear Threat Initiative, stated, “From a civilian perspective, this certainly makes sense. However, once that enrichment level is reached, it means that a large part of the work needed to produce weapons-grade materials has already been done.”According to Axios: Sources familiar with the matter revealed that U.S. Middle East envoy Witkov met with the UAEs national security advisor over the weekend to discuss next steps regarding Iran.Broadcom (AVGO.O) CEO: We believe we will deliver approximately $350 billion worth of AI semiconductors to these customers over the next two years.Broadcom (AVGO.O) CEO: The company expects to maintain its operating profit margin even if changes in product mix lead to a decline in gross margin.

As China's official PMI rises, the USD/CNH exchange rate fluctuates below 6.7600

Daniel Rogers

Jan 31, 2023 16:38

The USD/CNH currency pair is experiencing unpredictable volatility as a result of the National Bureau of Statistics (NBS) of China releasing strong official PMI data. The Official Manufacturing PMI has hit 50.1, exceeding both the 49.7 consensus expectation and the 49.0 level from the prior month. In addition, the Non-Manufacturing PMI has grown from 51.0 to 54.4. Despite the fact that households were preoccupied with celebrating the Lunar New Year in January, the scale of economic operations in China increased considerably.

 

The Caixin Manufacturing PMI data, which will be issued on Wednesday, will be the catalyst for a ferocious move in the Chinese Yuan. The economic indicators may rise to 49.5, up from 49.0 earlier.

 

As a result of the elimination of restrictions on the movement of people, products, and machines, China's economy is operating at full capacity. According to a Reuters poll, China's economic growth is anticipated to return to 4.9% in 2023 before stabilizing in 2024, as policymakers pledge to bolster support for the COVID-ravaged economy. In addition, the People's Bank of China will cut the Loan Prime Rate (LPR) by 5 basis points (bps) in the first quarter of CY2023, according to the survey.

 

In the interim, the risk-off impulse is regaining traction as S&P500 futures have surrendered more than half of the gains made by Asia's early trading session. As the Federal Reserve (Fed) prepares to raise interest rates to achieve its inflation objective of 2%, risk-perceived assets are anticipated to remain volatile. Fed chair Jerome Powell is likely to announce a 25 basis point (bps) interest rate hike due to the sharp declines in consumer spending and the Producer Price Index (PPI) in the United States economy.


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