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On January 16, CICC issued a report indicating that it raised the target price of Q Technology (01478.HK) by 32% to HK$6.42 and maintained its "outperform" rating. It is optimistic about the profit improvement brought by mobile phone optics and the growth of automotive business in 2025. CICC pointed out that due to the higher shipment volume than the companys guidance, it raised the net profit attributable to the parent company in 2024 and 2025 by 7%/10% to RMB 280 million/390 million, and introduced the revenue/net profit attributable to the parent company of RMB 21 billion/510 million in 2026.On January 16, Bank of America Securities issued a report stating that it decided to downgrade the companys rating from "buy" to "neutral" and lowered its target price from HK$93 to HK$80 because it believed that Sun Hung Kai Properties (00016.HK) dividend per share would not increase from fiscal 2025 to fiscal 2026. The bank pointed out that Sun Hung Kai Properties current valuation is 64% lower than its net asset value per share, but in an environment of continued high interest rates, it believes that there is limited room for further compression of its dividend yield (5.3%).Kong Dong-Rak, economist at Daishin Securities: The Bank of Korea also seemed to be under pressure from the headlines of "three consecutive rate cuts" today and remained on hold. Its monetary easing policy stance remained unchanged, and the market reaction still seemed to indicate a rate cut next month.South Koreas central bank governor Lee Chang-yong said: The main reason for the sharp decline in the won against the US dollar was the strengthening of the US dollar, but the currency hedging operations of pension funds helped mitigate the losses.January 16th, in the last days of the Biden administration, bipartisan U.S. senators on Wednesday called on U.S. Trade Representative Kiki Tai to stop "secret negotiations" with Mexico, Canada and Colombia, which they said would weaken investor protections in some U.S. free trade agreements. A source familiar with the trade negotiations refuted the senators description of "secret negotiations," insisting that the U.S. Trade Representatives Office had consulted with members of Congress, even though there was no legal requirement to do so.

At 1.2100, Bulls in the GBP/USD Market Are Challenging Bear Commitments

Alina Haynes

Mar 13, 2023 11:48

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GBP / USD is 0.33 percent higher after the pair rose from a low of 1.2063 to a high of 1.2103, its largest gain since January 6 as the US Dollar largely weakens following Friday's US employment report.

 

The markets have reduced their bets that the Federal Reserve will raise interest rates as aggressively despite the rise in the unemployment rate and signs of wage inflation moderating. The United States added 311,000 positions in February and the unemployment rate increased to 3.6%. Reuters polled economists, who predicted that the United States would have added 205,000 jobs last month and that the unemployment rate would remain unchanged at 3.4%. After gaining 0.3% in January, average hourly earnings increased 0.2% in February, which was less than the 0.3% increase anticipated.

 

In addition, the United Kingdom's economy grew faster than expected in January, easing concerns about a recession. Following a 0.5% decline in December, the Office for National Statistics (ONS) reported that the British economy grew 0.3% month-over-month in January. A survey of economists conducted by Reuters indicated growth of 0.1%.

 

The bankruptcy of SVB Financial Group is the largest bank failure since the financial crisis. However, the Biden administration guaranteed on Sunday that all Silicon Valley Bank customers will have access to their funds on Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and FDIC Chairman Martin J. Gruenberg announced in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

The imminent schedule is jam-packed with US consumer Price Index and UK labor market data. As official data continues to catch up to high-frequency indicators, analysts at TD Securities anticipate that the labor market will deteriorate in January, with the unemployment rate increasing and wage growth diminishing. Following last month's upside surprise, the Bank of England will be particularly pleased to see wage growth slow. The release of the US CPI later in the day may result in a muted market reaction, barring a significant surprise.

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