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On April 3rd, it was reported that the National Innovation Center for Optoelectronics, the National Key Laboratory of Optical Communication Technology and Networks, and Pengcheng Laboratory jointly developed a multifunctional programmable optoelectronic fusion gate array system (P-FPGA) – LightIN. This system consists of a programmable photonic chip, an electronic control module, and a test-compile-adjust (TCA) intelligent configuration framework, enabling multiple functions such as photonic computing acceleration, signal processing, network switching, and security encryption. The related findings were published in Nature sub-journal Light: Science & Applications 15:165.On April 3rd, Xiaomi announced that due to the continued sharp rise in the prices of key components such as global memory chips, and after careful evaluation, the company will adjust the suggested retail price of some of its products starting from 00:00 on April 11, 2026. This adjustment involves three models: the REDMI K90 Pro Max will see a price increase of 200 yuan; the Turbo 5 and Turbo 5 Max will have their Spring Festival special offers cancelled; and the 512GB version will continue to receive a 200 yuan subsidy.On April 3, according to a draft military planning law seen by Politico, France plans to increase its missile and drone stockpile by up to 400% by 2030. Currently, Paris is allocating billions of euros to increase existing stockpiles and replenish its air defense missiles used by the air force in intercepting Iranian drone attacks in the Gulf region. French Prime Minister Seleção recently told lawmakers, "The immediate priority is, of course, ammunition." This statement comes against the backdrop of widespread European concerns about a potential conflict with Russia before 2030. The French government will submit an updated military planning law on April 8, planning to allocate 8.5 billion euros for drones and missiles by 2030. The 64-page draft explicitly aims to prepare for a "war economy." Since the outbreak of the Russia-Ukraine conflict in 2022 and Trumps re-election as US president, European countries have accelerated the enhancement of their defense capabilities due to concerns that Washington might withdraw from NATO or cease to guarantee European security.According to the South China Morning Post, Leapmotor plans to establish a European R&D center to drive global growth and is considering assembling vehicles in Canada.On April 3, seven departments, including the Ministry of Industry and Information Technology, issued the "Action Plan for Intensifying the Upgrading and Transformation of Old Plants in the Petrochemical Industry (2026-2029)." The plan proposes to utilize existing policy funding channels, such as those for "new infrastructure" and technological innovation/re-lending, to support the upgrading and transformation of eligible old plants. It also emphasizes leveraging relevant government investment funds to provide investment support to enterprises. Financial institutions are encouraged to implement targeted credit policies based on industrial layout and capacity control, and to promote bank-enterprise cooperation through credit market service platforms and national industry-finance cooperation platforms to improve the quality and efficiency of financial services. Enterprises can enjoy existing support policies during the upgrading and transformation process. Local governments with the necessary conditions can utilize existing funding channels to support the upgrading and transformation of eligible old plants. The annual performance evaluation of relevant central enterprises should appropriately consider the impact of upgrading and transformation of old plants on their operating performance.

GBP/USD Attempts To Protect 1.2300 As Market Sentiment Remains Tenuous Due To Rising Crude Prices

Daniel Rogers

Apr 03, 2023 14:15

During the Asian session, the GBP/USD pair is attempting to defend its round-number support level at 1.2300. As a consequence of OPEC+'s announcement of additional oil production cuts, investors in the early Tokyo session discounted the impact of higher oil prices on the Cable. Concerns about global inflationary pressures have been reignited by the crude price increase. Therefore, it may be necessary for central banks to maintain high interest rates for an extended period of time.

 

Following a series of favorable sessions last week, S&P500 futures reported significant losses during the Asian session, as higher oil prices will increase input costs for companies that rely on oil for transportation and manufacturing. The sentiment on the market has deteriorated, and risk-perceived assets have been punished.

 

The US Dollar Index (DXY) is exhibiting a minor correction after reaching a new weekly peak of 102.95. The impact of the deceleration in the US core Personal Consumption Expenditure (PCE) Price Index data on the USD Index was mitigated by rekindled inflation expectations in the United States due to higher crude prices.

 

The US PCE Price Index increased by 0.3% on a monthly basis, which was below both the consensus estimate of 0.4% and the prior reading of 0.5%. In addition, the annual rate of US PCE inflation decreased to 4.6% from 4.7% in the previous report and the consensus estimate.

 

If inflation spikes due to elevated crude prices, the Federal Reserve (Fed) may contemplate additional rate hikes in May.

 

Increasing inflationary pressures on the front of the British Pound are causing the Bank of England more trouble. (BoE). As food prices continue to rise, retail price inflation has increased in the United Kingdom. Moreover, labor shortages continue to influence inflation expectations. However, BoE policymakers are optimistic that the rate of inflation in the United Kingdom will soon begin to fall sharply.


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