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On September 14th, the immigration issue continued to tear British society apart. On September 13th, local time, two opposing demonstrations broke out simultaneously in central London. Over 100,000 people participated in an anti-immigration rally organized by the far right, while approximately 5,000 people participated in an anti-racism demonstration. To maintain order and separate the two groups of protesters, London police deployed over 1,000 officers to create a "quarantine zone." At the scene, physical clashes broke out between the anti-immigration demonstrators and police.According to the Financial Times on September 14, Tesla Chairwoman Robyn Denholm defended her decision to award Musk $1 trillion in stock options, calling him a "unique" CEO who must have exerted extraordinary effort and achieved "seemingly impossible goals" to earn this historic award. Denholm said in an interview: "To achieve the vision and goals weve set, hes going to have to invest an extraordinary amount of time, energy, and effort. This is by no means a walk in the park. This is an extremely ambitious project... If he can pull it off, hes entitled to an unprecedented reward." Denholm also defended the boards "hands-off" approach to Musks controversial political stances, emphasizing that he enjoys freedom of speech and possesses the unique qualities Tesla needs.On September 14th, Martin Kocher, the new president of the Austrian National Bank and a member of the ECBs governing council, said in an interview that the ECB could temporarily maintain interest rates at 2% unless there were major shocks. "At this point, this interest rate cycle is over, or very close to it," Kocher said. This Thursday, the ECB held interest rates at 2% for the second consecutive meeting. Kocher said that "if there are no major changes in the data," the rationale for this months decision will to some extent "continue to hold true in future ECB meetings." When asked about his personal stance, Kocher said that he currently "inclined to remain cautious on monetary policy" and advised against taking excessive risks on inflation.Romanias Ministry of Defense said on September 14 that a drone intruded into Romanian airspace on Saturday during a Russian attack on Ukrainian infrastructure near the border, forcing the country to scramble fighter jets. Defense Minister Ionut Mosteanu said an F-16 fighter pilot narrowly missed shooting down the drone, which was flying very low and then left Romanian airspace toward Ukraine. Romania, a member of the European Union and NATO, shares a 650-kilometer (400-mile) border with Ukraine. The Romanian Ministry of Defense said in a statement that two F-16 fighter jets, and later two Eurofighter jets, were scrambled on Saturday, and warned residents of Tulcea County in the southeast, near the Danube River and the Ukrainian border, to take cover.On September 14, Penske Media, the owner of Rolling Stone and Billboard, sued Google in a federal court in Washington, D.C. on Friday, accusing the latter of using its AI summary feature without permission and cutting website traffic. This is the first time that a major American publisher has filed a lawsuit against Googles AI-generated summaries. For months, several news organizations have said that these new features will divert users and erode advertising and subscription revenue. The lawsuit stated that AI summaries are currently displayed in about 20% of Google search results linking to its website, and the proportion is expected to continue to rise. As search traffic declines, the companys associated revenue will have fallen by more than a third from its peak by the end of 2024. Google responded on Saturday that AI summaries can provide users with a better experience and bring traffic to more different types of websites.

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.

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