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April 24 – The 50th meeting of the Standing Committee of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) was held in Beijing on the 24th. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the CPPCC National Committee, presided over the meeting and delivered a speech. The meeting reviewed and approved the draft agenda and schedule for the 17th meeting of the Standing Committee of the 14th CPPCC National Committee, and decided to convene the 17th meeting of the Standing Committee of the 14th CPPCC National Committee in Beijing in late June.On April 24th, it was reported that from January to March 2026, 13,987 new foreign-invested enterprises were established nationwide, a year-on-year increase of 11%; actual utilized foreign investment amounted to RMB 249.6 billion, a year-on-year decrease of 7.3%. By industry, actual utilized foreign investment in manufacturing reached RMB 71.46 billion, and in services RMB 174.6 billion. Actual utilized foreign investment in high-tech industries reached RMB 102.73 billion, a year-on-year increase of 30.7%, accounting for 41.2% of the total actual utilized foreign investment nationwide, an increase of 12 percentage points compared to the same period last year. Among them, actual utilized foreign investment in R&D and design services, computer and office equipment manufacturing, and electronic and communication equipment manufacturing increased by 127.8%, 88.1%, and 23.8%, respectively. By origin, actual investment in China from Luxembourg, Switzerland, France, and South Korea increased by 96.8%, 50.4%, 42.3%, and 35.2%, respectively (including investment data through free ports).April 24 (Xinhua) -- Iranian Vice President Esmail Saghab Isfahani stated that Iran will retaliate severely against any attack on its energy facilities, according to Iranian sources on the 24th. Speaking at a rally in Eslam Shahr, Iran, Isfahani said that if the enemy misjudges the situation again, Irans strategy will escalate. Irans response to any potential attack will not stop at "an eye for an eye," which is only the first step. "If any Iranian oil well is attacked, we will target the oil fields of countries that launch attacks from their territory," Isfahani said. Isfahani added that Iran is fully prepared to maintain a continuous energy supply, and arrangements in the energy and electricity sectors are in place, so the public need not worry.On April 24th, Tesla (TSLA.O) CEO Elon Musk posted on his social media site X that Tesla has begun production of its Cybercab self-driving taxis, fulfilling a long-promised launch plan. Tesla had previously announced plans to begin production of its latest model this month, envisioning the futuristic Cybercab as part of its self-driving taxi network. This two-door, two-seater sedan, unveiled two years ago, lacks a steering wheel and pedals, requiring certain exemptions from US regulators.A Bank of England survey released on Friday, April 24, showed that British businesses surveyed in April expect prices to rise faster than before the Middle East conflict, but wage growth is expected to slow. A separate report from the Bank of Englands regional agents noted that while businesses are concerned about the conflict, "few businesses currently report a significant impact on their output, business activities and plans." The survey, conducted from April 2 to 17, interviewed approximately 2,030 chief financial officers. Energy prices have surged and remained high since the attacks on Iran in late February. The survey found that businesses expect prices to rise by 3.8% over the next 12 months, up from 3.5% in March. Businesses reported that their pricing rose by 3.7% in the year to April. The anticipated signs of rising inflation will concern Bank of England policymakers, who will meet next week to formulate policy and are expected to keep the key interest rate unchanged at 3.75%.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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