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On March 7, Goldman Sachs published a research report stating that JD Health (06618.HK)s revenue growth in the second half of last year was in line with expectations, but the adjusted operating profit was lower than forecast. Net profit has also improved due to rising interest or other income. The report mentioned that JD Health managements profit guidance for 2025 is quite conservative, with sales expected to grow by double digits year-on-year and operating profit to remain flat year-on-year, as the company will focus on investing more in offline on-demand delivery and artificial intelligence initiatives in first-tier cities. Operating profit may decline year-on-year due to reduced interest income. In the long run, management is confident in further expanding its share and competitiveness in the online or offline pharmacy market.On March 7, Wang Yi said that we welcome all sectors of the two countries to strengthen exchanges, deepen mutually beneficial cooperation, and improve national sentiments, which are in line with the long-term interests of both sides. Regarding some specific concerns of the Japanese side, China will uphold a responsible attitude and properly handle them in accordance with laws and regulations.SpaceX will conduct a thorough investigation into the explosion and disintegration of the Starships second-stage spacecraft and cooperate with the Federal Aviation Administration (FAA).Hong Kong-listed pharmaceutical stocks strengthened, with Everest Medicines (01952.HK) rising more than 14%, EMTECH (02160.HK) rising more than 8%, and Fosun Pharma (02137.HK) rising 7.4%.Hong Kong stocks rose, the Hang Seng Tech Index turned positive, and the Hang Seng Index narrowed its decline to 0.29%. It had previously fallen by more than 1%.

GBP/USD perceives barriers below 1.1980 as Fed hawks strengthen risk-averse sentiment

Daniel Rogers

Nov 29, 2022 15:13

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The GBP/USD pair has faced selling pressure around 1.1976 during the Tokyo session. The brief Cable recovery from the 1.1940 support level has terminated as hawkish remarks from Federal Reserve (Fed) policymakers have strengthened the risk aversion theme.

 

The US Dollar Index (DXY) has resumed its advance after a retracement to approximately 106.60. Futures on the S&P500 have rebounded marginally during the Asian session, although a reversal is still quite distant. In the interim, rates on 10-year US Treasury securities have rebounded to approximately 3.69 percent.

 

As investors feel the slowing in the interest rate hike is not indicative of a suspension in policy tightening, US Treasury bonds have regained its alpha. Policymakers at the Federal Reserve (Fed) expended much effort to reach an inflation rate of 2%, yet the headline inflation rate in the United States is 7.7%.

 

Thomas Barkin, president of the Richmond Fed Bank, remarked on Monday, as reported by Reuters, that he favors fewer future interest rate hikes as the central bank works to decrease overly high inflation.

 

According to Financial Times, Loretta Mester, president of the Cleveland Fed Bank, believes the Federal Reserve is not close to stopping its rate hikes. She highlighted that additional favorable inflation statistics and indications of moderation are required prior to establishing a plan to halt rate hikes.

 

In the future, the US Gross Domestic Product (GDP) numbers will be closely scrutinized. The third quarter GDP estimate is anticipated to remain unchanged at 2.6%. As the Fed is devoted to achieving price stability, it is strongly recommended to reduce the growth rate. A period of rising growth rates will continue to keep inflation in check, as a robust GDP indicates robust demand from individuals, which does not translate to a decline in price rise.

 

Economists at Danske Bank have concluded that the United Kingdom has officially entered a recession. Expectations are for four consecutive quarters of negative GDP growth, with growth not resuming until the fourth quarter of CY2023.


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