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On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that platform operators and operators within the platform shall indicate the promotional price or price promotion rules in a manner that is easy for consumers to understand, and comply with the following provisions: (1) Publicly display the promotional rules, activity period, scope of application, etc. in a prominent position on the page; (2) Accurately indicate the discount or price reduction basis; (3) If the price is offset by points, gift certificates, vouchers, coupons, prepayments, etc., the specific calculation method shall be clearly indicated.On December 20th, the "Rules on Price Behavior of Internet Platforms" were issued. The rules stipulate that platform operators and operators within the platform shall not violate Article 14, Paragraph 3 of the "Price Law of the Peoples Republic of China" by using the following means to fabricate and disseminate information about price increases, drive up prices, and promote excessive price increases of commodities: (1) fabricating and disseminating information about supply shortages or a surge in market demand; (2) fabricating and disseminating information about other operators having already raised or preparing to raise prices; (3) disseminating information containing deceptive or misleading language to inflate price expectations; (4) failing to sell commodities to external parties in a timely manner without justifiable reasons, exceeding the normal storage quantity or storage period, hoarding large quantities of commodities with tight market supply or abnormal price fluctuations, and continuing to hoard after being warned; (5) forcing customers to purchase additional goods, thereby indirectly and significantly increasing commodity prices; (6) using other means to drive up prices and promote excessively rapid and excessive price increases of commodities.On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that platform operators and operators within the platform shall not violate Article 14, Paragraph 1 of the "Price Law of the Peoples Republic of China" by colluding with each other to manipulate market prices and harm the legitimate rights and interests of other operators and consumers by using platform rules, data, and algorithms.On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that platform operators must conduct subsidy promotions fairly and impartially, and must not falsely or exaggeratedly advertise subsidy amounts or力度 (intensity/scale). When conducting subsidy promotions, platform operators must prominently display the subsidy and related promotional activity rules on the corresponding activity page of their website or application, clearly specifying information such as the subsidy recipients, subsidy methods, participation conditions, and start and end times.On December 20th, the "Rules on Pricing Behavior of Internet Platforms" were issued. The rules stipulate that operators within a platform who sell goods or provide services on different platforms are legally entitled to set their own prices. Platform operators are prohibited from violating Article 35 of the "E-commerce Law of the Peoples Republic of China" by taking measures such as raising fees, adding charges, deducting security deposits, reducing subsidies or discounts, restricting traffic, downgrading search rankings, lowering algorithm rankings, blocking stores, or removing goods or services from the platform to impose the following unreasonable restrictions or conditions on the pricing behavior of operators within the platform: (i) forcing or indirectly forcing operators within the platform to lower prices or promote sales through discounts, cashback, or other means; (ii) forcing or indirectly forcing operators within the platform to sell goods or provide services on the platform at prices no higher than those on other sales channels; (iii) forcing or indirectly forcing operators within the platform to activate automatic price tracking, automatic price reduction, or similar systems; (iv) other behaviors that restrict the pricing autonomy of operators within the platform.

EUR/USD recovers from low US inflation, EU energy plans, and trade talks

Daniel Rogers

Sep 14, 2022 11:44

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EUR/USD bids jumped to 0.9980 during Wednesday's Asian session due to US inflation-driven losses near the weekly low. In doing so, the main currency pair consolidates the greatest daily loss in the past two years prior to diplomatic efforts by the European Union (EU).

 

The US inflation data released on Tuesday revived concerns about the Federal Reserve's rapid rate hike and compounded recession fears. China and Russia-related geopolitical concerns are also acting as bearish factors for the EUR/USD. Despite this, the US Consumer Price Index (CPI) rose 8.3% year-over-year in August, above market estimates by 0.1%. In contrast, the monthly data increased to 0.1%, surpassing the -0.1% projected and the 0.0% seen in previous reports. The core CPI, or CPI excluding food and energy, also surpassed the 6.1% consensus and 5.9% prior to printing at 6.3% for the relevant month.

 

In contrast, Eurozone ZEW Economic Sentiment fell to -60.7 in September, compared to the expected -52 and the prior reading of -54.9. The sentiment indicator for Germany declined to -61.9, compared to market expectations of -60 and previous readings of 55.3. Following the announcement of the statistics on Tuesday, German Economy Minister Robert Habeck warned, "We face the potential of a recession next year." Similarly, the German economic outlook for the second half of the year has deteriorated dramatically, and second-half output may stagnate or decline.

 

Notable is the increase in hawkish Fed bets, with next week's 75 basis point (bps) rate hike looking increasingly plausible. At its meeting on September 21, there is a 25% chance that the US Federal Reserve (Fed) will announce a full 1% increase in the benchmark Fed rate.

 

After US inflation data, the inversion between short-term and long-term US Treasury bond yields deteriorated and exacerbated recession fears, which impacted on the EUR/USD due to the pair's reputation as a risk-barometer. However, following the announcement of the data, the yields on 10-year US Treasury notes increased to 3.412% and those on 2-year bonds increased to 3.76%, up from approximately 3.411% and 3.745%, respectively. In addition, following the release of the US CPI, US stocks saw their worst daily loss in over two years, which affected the pair.

 

Additionally, Sino-American tensions are exacerbated by US Vice President Joe Biden's efforts to highlight China's problems and the drive for better relations with China. In addition, market sentiment and the EUR/USD exchange rate were impacted by concerns that Russia could retaliate brutally after withdrawing from certain regions of Ukraine.

 

Recently, US President Joe Biden declared, "I am unconcerned by today's inflation figure," adding that the stock market is not always a reliable predictor of the strength of the economy. The cause may be tied to the greatest drop in US stocks in two years following the publication of US inflation data.

 

Ursula von der Leyen's plans for energy price capping and US Trade Representative Katherine Tai's visit to the European Union (EU) to see European Commission Vice President Valdis Dombrovskis will be vital to track for future developments. Prior to Thursday's US Retail Sales for the month of August and Friday's preliminary September Michigan Consumer Sentiment Index reading, the US Producer Price Index (PPI) will also be crucial.


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