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Frances February trade balance will be released in ten minutes.UK house prices unexpectedly fell last month, according to British mortgage lender Halifax on Wednesday, as economic uncertainty stemming from the conflict with Iran dampened buyer demand. Halifax reported a 0.5% month-on-month decline in March, compared to a 0.3% increase in February, while the market consensus was for a 0.1% rise. This contrasts with findings from rival mortgage lender Nationwide, which recorded a significant price increase in March. Halifax reported a 0.8% year-on-year increase in its house price index, compared to a forecast of 1.5%. Halifaxs head of mortgage lending, Amanda Bleden, said: "The recent slowdown in the housing market reflects the widespread uncertainty surrounding the conflict in the Middle East. Concerns about rising energy prices have increased inflation expectations, which in turn has led to higher mortgage rates, reducing confidence in rate cuts this year and dampening the initial momentum seen in the market at the beginning of the year."The Indian Embassy in Tehran strongly urges Indian citizens in Iran to leave Iran immediately, coordinate with the embassy, and use the routes recommended by the embassy.Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation: There will never be cheap oil again.Market pricing indicates that the money market has lowered its estimate of the probability of a rate hike at the ECBs April meeting from 60% on Tuesday to 20%.

Foxconn's Founder Asked China to Remove COVID Restrictions - WSJ

Charlie Brooks

Dec 09, 2022 11:57

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The Wall Street Journal said that Terry Gou, the creator of Apple supplier Foxconn, had warned China that its zero-COVID policy would jeopardize its position as the second-largest economy in the global supply chain.


The appeal, sent by Gou in a letter more than a month ago, played a crucial role in pushing China's government to immediately reopen the economy and drop its zero-tolerance COVID-19 policy, according to a report published on Thursday citing sources with knowledge of the issue.


The office of Gou issued a statement "vehemently disputing" the article's claims. The largest iPhone producer, Foxconn, declined to comment, and China's State Council Information Office could not be reached immediately for comment.


Gou left Foxconn in 2019 and no longer maintains an official position inside the company, although he remains influential.


The Zhengzhou factory of the Taiwanese corporation, which had a month-long disruption in November, has eased its "closed-loop" management restrictions on Thursday.


The Zhengzhou factory has been struggling with significant COVID restrictions, which have led to worker dissatisfaction over working conditions and a 11.4% year-over-year decline in November revenue.


Some Wall Street analysts reduced their iPhone shipping forecasts for the crucial Christmas quarter as a result of disruptions at the iPhone's primary production facility.


The newspaper reported that Chinese health officials and government advisors jumped on Gou's letter to make the point that the government needed to accelerate its efforts to eliminate its stringent COVID-19 regulations.

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