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On January 6th, at CES 2026, Qianli Intelligent Driving and Geely jointly announced the global launch of a new assisted driving brand – G-ASD (Geely Afari Smart Driving). "G" represents Geely, and "ASD" represents Qianli Intelligent Driving. G-ASD is a high-modulus intelligent assisted driving solution jointly developed by the two companies, comprehensively covering intelligent driving capabilities from L2 to L4 levels. Currently, the first version of the system has been installed in 16 models under the JK and Lynk & Co brands, covering over 300,000 vehicles, and is planned to be gradually installed in more Geely models in the future.January 6th - According to a Financial Times survey, former Spanish central bank governor Dirk de Cos and former Dutch central bank governor Heinrich Knot are the most favored candidates among European economists to succeed Lagarde as president of the European Central Bank (ECB). The ECB presidency will become vacant in November 2027, when current president Christine Lagardes eight-year term expires. Bundesbank president Jean-Claude Nagel and ECB executive board member Joachim Schnabel have both publicly expressed interest in succeeding Lagarde. Of the 70 economists surveyed by the Financial Times, 26% chose de Cos as Lagardes successor, Knot received 24%, Schnabel 14%, and Nagel 7%. Christian Kopp, head of fixed income at UFIDA, stated, "De Cos is the candidate with the strongest technical understanding of monetary policy and central bank operations." Against the backdrop of pressure on the independence of central banks in some countries, appointing a "career technocrat" like de Cos sends a strong signal that "Europe will not waver and the euro will continue to be a strong currency."January 6th - Market analysts said that further signs of weakness in the Middle East crude oil market have exacerbated concerns that a global supply glut could drag down oil prices, while allowing Asian traders to remain relatively calm regarding the situation in Venezuela. On Monday, the Brent-Dubai futures swap spread (EFS) widened to its largest level since August last year, indicating ample supply. At the same time, the Dubai swap forward curve returned to a contango structure, meaning the near-month contract price is lower than the far-month contract price, indicating a bearish trend. Furthermore, the spread between spot cargoes and the Dubai benchmark is narrowing rapidly, reflecting weak demand. "The supply glut is impacting the Middle East market, and almost all indicators point to weakness in the spot market," said Warren Paterson, head of commodities strategy at ING in Singapore.The A-share intelligent vehicle sector rallied in the afternoon, with Wanji Technology hitting the 20% daily limit, Beidou Navigation previously hitting the daily limit, Huayou Cobalt rising over 7%, and Desay SV, Huace Navigation, and Qianfang Technology rising over 6%.The yield on 30-year Japanese government bonds rose 2 basis points to 3.475%.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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