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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%.

NZD/USD Maintains Below 0.6300 as Market Sentiment Declines; US Inflation Watched

Daniel Rogers

May 11, 2022 10:18

The NZD/USD pair is crumbling like a house of cards as market participants dump risk-perceived securities as uncertainty about the US inflation report looms in the FX realm. In anticipation of stronger inflation numbers that may require the Federal Reserve (Fed) to implement consecutive big rate hikes, the asset has fallen below 0.6300.

 

The market also anticipates that the Fed will announce a 75 basis point (bps) increase in interest rates in June. Although it appears inconsistent with Fed head Jerome Powell's statement that a 75 basis point rate hike is not under discussion. The Fed had no choice but to increase interest rates as a result of the multi-decade inflation's resurgence.

 

According to the market consensus, the annual CPI is projected to be 8.1%, while the core CPI, which excludes food and energy, is projected to be 6%. In the meantime, Loretta Mester, president of the Federal Reserve Bank of Cleveland, has stated that the Fed would continue to raise interest rates unless it observes a significant decline in inflation levels.

 

On the kiwi front, the situation appears to have deteriorated, as the Bank of New Zealand (BNZ) has predicted that "New Zealand's economic growth will cease in 2023." It appears that greater inflation has begun to manifest itself presently. The BNZ also reported that the likelihood of a recession in New Zealand is growing daily. This may diminish the demand for antipodean goods even further.

NZD/USD

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