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On April 1st, CICC issued a report stating that Zhipu (02513.HK)s revenue in 2025 reached RMB 724 million, a year-on-year increase of 132%, with an adjusted net loss of RMB 3.18 billion. The 2025 results met the banks and market expectations. The company disclosed that as of March 2026, its MaaS API ARR had reached RMB 1.7 billion, a 60-fold year-on-year increase. Due to improved model intelligence and increased downstream demand, the API ARR growth in 2026 significantly exceeded the banks and market expectations. CICC maintained its "Outperform" rating on Zhipu. Given the companys much higher-than-expected ARR, and considering adjustments to earnings forecasts and valuation levels, CICC raised its target price by 13% to HKD 900, equivalent to a projected 2027 price-to-sales ratio of 50 times.On April 1st, it was reported that on March 31st, the Shanghai Municipal Science and Technology Commission and the China-EU Chamber of Commerce jointly organized a roundtable exchange meeting on serving foreign-invested R&D institutions in Shanghai. Representatives from the China-EU Chamber of Commerce, Novartis, bioMérieux, Siemens Healthineers, DSM-Firmware, GlaxoSmithKline, and Novo Nordisk, as well as relevant personnel from the Shanghai Municipal Science and Technology Commission and the Shanghai Science and Technology Exchange Center attended the meeting. The Shanghai Municipal Science and Technology Commission responded to the opinions and suggestions of the companies, stating that it will further strengthen communication and resource sharing with foreign-invested R&D institutions, provide full policy support, enhance innovation collaboration, optimize the innovation ecosystem, and contribute to the high-quality development of Shanghais biopharmaceutical industry.On April 1st, Israeli Prime Minister Benjamin Netanyahu delivered a video address on the evening of March 31st, stating that while Iran and its supported armed forces "still retain a limited ability to threaten Israel, they can no longer threaten Israels survival." Netanyahu also stated that "In the past, Israel was fighting Iran alone, but now it is fighting alongside the United States"—he described this as an "unprecedented and historic cooperation" between him and US President Trump, and between the US and Israeli militaries. Netanyahu further stated that Israel is forging new alliances with some "important" countries in the region to counter what he called the "Iranian threat." However, he did not specify which countries were involved or provide further details.On April 1st, it was reported that Kong Yanshuang, former General Manager of Tesla China, has joined Xiaomi, taking over the sales responsibilities from Li Xiaorui, the former Director of Automotive. The transition is currently underway. Kong Yanshuang previously oversaw sales planning in China at Tesla and possesses extensive market experience. Another employee with a Tesla background, "Eason," also joined Xiaomi at the same time, joining Xiaomis strategic advisory team. Xiaomis automotive retail system has always referenced the Tesla model; the addition of several Tesla-affiliated executives is expected to further enhance Xiaomis automotive retail capabilities and lay the foundation for responding to market changes.UK Maritime Trade Operations Office: Regarding the incident 17 nautical miles north of Ras Lafan, Qatar, a vessel was hit by two munitions, one of which did not explode.

EUR/GBP is anticipated to decline below 0.8730 as BoE-ECB policy divergence widens

Daniel Rogers

Mar 21, 2023 14:09

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The EUR/GBP pair fluctuates erratically within a 0.8730-point range during the Asian session. The cross aims to fall below the aforementioned support as the market anticipates higher rates from the Bank of England (BoE) despite credible indicators of banking turmoil.

 

The failure of three midsize United States commercial banks and the 164-year-old Credit Suisse has jolted the confidence of market participants. Two schools of thought have perplexed investors, with one believing that central banks could maintain a constant approach to interest rates despite the possibility of significant repercussions from the banking shakeup. Others believe that inflation is extremely persistent, especially in the United Kingdom region, and must be brought under control as soon as possible.

 

In order to maintain pressure on UK inflation, the market expects BoE Governor Andrew Bailey to announce a 25 basis point (bps) reduction in interest rates. This would result in 4.25 percent interest rates.

 

Prior to the Bank of England's interest rate decision, inflation data for the United Kingdom will be diligently monitored. The annual headline CPI is expected to decline from 10.1% to 9.8%, according to projections. At 5.8%, the core CPI, which excludes the cost of fuels and food, would not change.

 

Christine Lagarde's remarks on inflation projections and earnings bolstered expectations for the European Central Bank's (ECB) sustained rate hikes in the Eurozone. ECB According to Reuters, Lagarde stated that it is anticipated that inflation will remain excessively elevated for too long. She added that as a consequence of robust labor markets, wage pressures have increased and workers are endeavoring to regain some of their purchasing power.

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