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On May 10, UN Secretary-General António Guterres spokesperson, Stéphane Dujarric, issued a statement on May 9, welcoming the announcement by Russia and Ukraine of a three-day ceasefire from May 9 to 11 and plans for a large-scale prisoner exchange. The statement said the Secretary-General reiterated his call for an immediate, comprehensive, unconditional, and lasting ceasefire as a first step toward achieving a just, sustainable, and comprehensive peace, consistent with the UN Charter, international law, and relevant UN resolutions. The statement added that Guterres appreciated the efforts made by the United States to facilitate the agreement and fully supported its implementation.On May 9th, Hong Kong Stock Exchange data showed that the total market capitalization of the securities market reached HK$48 trillion at the end of April 2026, a year-on-year increase of 24%. The average daily turnover in April 2026 was HK$253.5 billion. The average daily turnover for the first four months of 2026 was HK$271.1 billion, a year-on-year increase of 8%. The average daily turnover of exchange-traded funds (ETFs) for the first four months of 2026 was HK$39.1 billion, a year-on-year increase of 5%. There were 49 new listed companies in the first four months of 2026, a 158% increase compared to 19 in the same period last year. The total funds raised through initial public offerings (IPOs) in the first four months of 2026 amounted to HK$151.4 billion, a year-on-year increase of 604%.On May 9th, the National Healthcare Security Administration released the "Work Plan for Adjusting the National Basic Medical Insurance, Maternity Insurance and Work Injury Insurance Drug Catalog and the Commercial Health Insurance Innovative Drug Catalog in 2026 (Draft for Public Comment)" for public comment.On May 9th, Japans Ministry of Economy, Trade and Industry (METI) announced on social media that Japan may send government officials to Russia as early as the end of May to maintain communication channels and provide support to its companies still operating in Russia. METI stated that it is necessary to protect the assets of Japanese companies remaining in Russia, and to support these efforts, the Japanese government has been maintaining government-level communication with Russia and has made relevant requests.May 9th - As the war with Iran disrupts oil transport in the Persian Gulf, global oil inventories are being depleted at a record rate, eroding the buffers originally intended to withstand supply shocks. The rapid shrinking of inventories means the risk of more extreme price spikes and supply shortages is looming. With the Strait of Hormuz nearing closure for two months, governments and industries have fewer options to cope with a supply loss of over 1 billion barrels. The sharp depletion of inventories also means that even after the conflict ends, the market will remain vulnerable to future supply disruptions for a longer period. Morgan Stanley estimates that global oil inventories fell by an average of about 4.8 million barrels per day between March 1st and April 25th, far exceeding previous peaks in quarterly inventory declines compiled by the International Energy Agency. Crude oil accounted for nearly 60% of the decline, with the remainder being refined products. Crucially, the oil system also needs to set a minimum inventory level. Natasha Kaneva, global head of commodities research at JPMorgan Chase, stated that this means that the untouchable safety stock will be reached before inventories truly bottom out.

GBP/USD is Testing 1.3020 and is Under Pressure at the Hourly Resistance Level

Drake Hampton

Apr 22, 2022 09:55

GBP/USD is flat in Asia at 1.3029, pressured by an hourly barrier, and has traded in a narrow range between 1.3022 and 1.3035. However, the pound has been losing ground against a strong euro, while remaining relatively stable against the US dollar in the late afternoon on Wednesday.

 

Overnight, investors focused on hawkish comments from European Central Bank officials, which fueled speculation that the central bank will soon boost interest rates, sending the euro to a one-week high. It was also solid in anticipation of French President Emmanuel Macron's reelection victory on Sunday following yesterday's debate.

 

Joachim Nagel, president of Germany's Bundesbank, joined a chorus of experts in predicting an ECB rate hike in the third quarter. Meanwhile, traders have remained focused on the Bank of England's future monetary policy course.

 

The Bank of England modified its rhetoric last month on the necessity for additional interest rate hikes while emphasizing the economy's downside risks. Catherine Mann, a Bank of England monetary policymaker, provided an in-depth and counterbalancing assessment of the MPC's issues.

 

"The critical aspect was the need to combat inflation," analysts at Westpac said, adding that the latter was viewed as more worrying and exhibiting signs of spreading to pricing schemes (second-round effects), including front-loaded rate hikes. "While tightening may be reconsidered if demand deteriorates, the converse may also be true if the economy continues to perform well and inflation remains persistent.' By the end of 2022, money markets are pricing in 160 basis points of BoE rate hikes.

GBP/USD

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