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August 19th - Tesla has released a large-scale model of a steamed bun. It is reported that the Tesla infotainment system is now gradually rolling out this feature.Argus Research: Raises its target price for ConocoPhillips (COP.N) from $136 to $153.On August 19, the Ministry of Justice responded to a reporters question regarding the EUs foreign subsidy investigation, stating that the EUs recent investigation into JD.com, using its Foreign Subsidies Regulation, arbitrarily demanded extensive and unnecessary information about China from the Chinese entity. This constitutes an undue demand on the entity and a serious violation of international rule of law. To safeguard national sovereignty, security, and development interests, and to protect the legitimate rights and interests of Chinese citizens, legal persons, and other organizations, the Ministry of Justice, in accordance with the Regulations of the Peoples Republic of China on Anti-Unfair Extraterritorial Jurisdiction, together with the Ministry of Commerce and other relevant departments, has identified and determined that the EUs actions constitute unfair extraterritorial jurisdiction measures, and demands that no organization or individual implement or assist in the implementation of such measures. The Ministry of Justice hopes the EU will immediately correct its erroneous practices, cease abusing the "foreign subsidy" investigation tool, and create a fair, just, and predictable market environment for companies investing and operating in the EU. If the EU persists in its unilateral actions, China will resolutely retaliate in accordance with the law.Market news: During a meeting with Iranian Parliament Speaker Qalibaf, the Speaker of the Iraqi Parliament called for special status for Iraqs oil exports via the Strait of Hormuz.On August 19, the Ministry of Justice issued an announcement regarding the EUs foreign subsidy investigation practices constituting undue extraterritorial jurisdiction. According to Articles 3 and 6 of the "Regulations of the Peoples Republic of China on Combating Undue Extraterritorial Jurisdiction," the Ministry of Justice, in conjunction with the Ministry of Commerce and other relevant departments, determined that the EUs cross-border investigation practices against Chinese entities in its investigation of JD.com, utilizing its Foreign Subsidies Regulation, constituted undue extraterritorial jurisdiction measures. No organization or individual may implement or assist in the implementation of such undue extraterritorial jurisdiction measures. This announcement is effective from the date of its publication.

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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