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November 30th - OPEC+ is about to hold a meeting to assess the global oil market. Given the increasingly apparent signs of oversupply, the alliances oil-producing countries are still expected to pause supply increases in the first quarter of next year. Several representatives indicated that the Saudi- and Russian-led alliance is likely to adhere to the plan reached earlier this month to make a modest production increase in December, followed by stable production levels for the first three months of next year. While this pause demonstrates some caution from OPEC and its partners after their rapid resumption of oil production earlier this year, it still leaves the global market facing a significant oversupply in early 2026, potentially putting further pressure on oil prices.Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

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During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


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