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IDF: Sirens sounded in southern Israel after Yemen fired a missile for the second time today. The missile was intercepted before it entered Israeli territory.On January 18, the Financial Times reported, citing people familiar with the matter, that Commerzbank is considering laying off thousands of employees to fend off the strong stake of Italys UniCredit Group. Two people familiar with the matter said the plans have not yet been formalized and are expected to be announced to the workers committee in the coming weeks. A person familiar with the negotiations said the figure could be in the low range of "thousands." The report said that after approaching UniCredit Group, the German bank is under pressure to cut costs and improve returns. Bettina Orlopp, the new CEO of Commerzbank, will submit an updated strategy on February 13 to show that the bank can improve profitability and pay dividends to shareholders on its own. Earlier reports said that UniCredit Group suddenly took a stake in Commerzbank and could become the largest shareholder of Commerzbank if it obtains regulatory approval. Andrea Orcel, CEO of UniCredit Group, has made no secret of his ambitions for Commerzbank, including a full acquisition of the German competitor.On January 18, local time, the Houthi armed forces in Yemen issued a statement announcing that they had launched a military operation that day, using the "Zolfagar" ballistic missile to accurately strike the Israeli Ministry of Defense in Tel Aviv, and had successfully hit the target. In response, Israel has not yet responded. Earlier, the Israeli military said on the 18th that after a ballistic missile was launched from Yemen, air defense alarms sounded at Ben Gurion International Airport and other places. The Israeli military is investigating this.A spokesman for the Yemeni Houthi armed forces: They will coordinate closely with Palestinian resistance organizations to respond to any Israeli actions that violate the Gaza ceasefire agreement.According to the Financial Times: Commerzbank is considering cutting thousands of jobs to fend off a strong stake from Italys United New Low Group.

Due to China's higher-than-expected inflation, the USD/CNH exchange rate falls below 6.95

Daniel Rogers

Dec 09, 2022 15:28

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During the Asian session, the USD/CNH pair broke below the narrow consolidation created near 6.9600. The downward pressure on the main currency is a result of the higher-than-anticipated release of China's inflation data and investors' increased risk appetite.

 

China's yearly Consumer Price Index (CPI) has hit 1.6%, which is greater than the projected 1.0% but less than the prior announcement of 2.1%. While the monthly figure indicates a 0.2% decline, the annual rate is up 0.4%. The yearly Producer Price Index (PPI) data has decreased by 1.3% compared to the consensus estimate of a 1.5% decline. The economists at TD Securities projected that the annual inflation rate would decline from 2.1% to 1.5%.

 

The People's Bank of China (PBOC) may be required to provide additional stimulus packages to stimulate the pace of economic activity, despite the fact that the release is greater than anticipated but in a phase of decline.

 

In the interim, the removal of Covid-19 restrictions will stimulate economic activity in China. Previously, the administration imposed limits on the movement of personnel, goods, and machines in an effort to prevent the spread of disease. Now, the reopening of the economy after domestic demonstrations will improve economic prospects.

 

As investors anticipate a delay in the Federal Reserve's interest rate hike, the US Dollar Index (DXY) has fallen dramatically to near 104.56. (Fed). In addition, markets have shrugged considerable uncertainties around the Fed's peak interest rate guidance.