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On May 11, Iranian Foreign Ministry spokesman Baghae, responding to questions about the main differences in the Iran-US negotiations, stated that the core of the conflict lies in "one side seeking only its basic rights, while the other insists on depriving them of those rights." Baghae emphasized that unfreezing Irans frozen assets is not a "charity" from the US to the Iranian people, but rather Irans legitimate right; similarly, ending the so-called "naval blockade" against Iran is not a favor from the US. He stated that Iran remains focused on safeguarding its national interests and will take action "in all necessary and appropriate ways" to ensure its interests are protected.On May 11, CGN Power (01816.HK) announced on the Hong Kong Stock Exchange that its subsidiary, CGN Huizhou No. 2 Nuclear Power Co., Ltd., conducted the first concrete pouring (FCD) of the main reactor building for Unit 4 on May 10, 2026. This signifies that Unit 4 has commenced full-scale construction and entered the civil engineering phase. The installed capacity of Unit 4 is 1209MW.On May 11th, the Guangzhou Municipal Market Supervision Bureau launched a comprehensive campaign to regulate the online ride-hailing and online freight platforms and the transportation sector, leveraging its market supervision functions. The campaign aims to further standardize the operations of these platforms, effectively protect the legitimate rights and interests of operators and consumers within these platforms, and maintain a fair and competitive market order. The targets of the campaign are online ride-hailing platforms, online freight platforms, and other e-commerce platform operators as defined in Article 9 of the "E-commerce Law of the Peoples Republic of China." The campaign will strengthen the supervision of platform transaction behavior through methods such as random inspections, investigation of complaints and reports, and big data monitoring. The focus will be on investigating and punishing illegal activities such as platforms using service agreements, transaction rules, and technical means to impose unreasonable transaction restrictions and charge unreasonable fees. The campaign will also promote the dissemination of laws, regulations, and compliance guidelines on internet platform pricing behavior and online transaction supervision to comprehensively improve operators compliance awareness and operational capabilities. The campaign will focus on key areas such as road transport, taxi services, motor vehicle repair, and driver training, and will severely crack down on unlicensed operations, unfair competition, price violations, false advertising, and other behaviors that infringe upon consumers legitimate rights and interests.Market news: A U.S. trade delegation will soon arrive in India for trade negotiations.Shares of U.S.-listed gold mining companies fell in pre-market trading, with Newmont down 1.9%, Sibani Gold down 1.8%, and Harmony Gold down 2.4%.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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