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According to Hong Kong Stock Exchange documents, Benfu Nature Outdoor Sports Group Co., Ltd. (formerly known as Pelliot Outdoor Sports Group Co., Ltd.) has submitted a listing application to the Hong Kong Stock Exchange.Apple shares rose 2% to $293.20 a share, a new record high, bringing its total market capitalization to $4.31 trillion.Porsche will close three non-vehicle manufacturing divisions on May 8th, with CEO Michael Leiters pushing for layoffs for the first time in response to declining sales and cost pressures from adjusting its electric vehicle strategy. Porsche announced on Friday that it plans to close its Cellforce battery business, electric bicycle business, and Ceitec software subsidiary, a decision that will affect more than 500 employees in Germany and Croatia. In April, Porsche agreed to sell its stake in its joint venture with the Bugatti supercar brand, and management has hinted at further asset divestitures in the future. Leiters acknowledged in March that in addition to the approximately 3,900 jobs planned for reduction by the end of the decade, the company intends to further reduce its workforce. Porsche currently employs approximately 40,000 people. The company expects its capital expenditures to peak this year, subsequently declining gradually as R&D spending decreases.On May 8th, Sam Stovall, Chief Investment Strategist at CFRA Research, stated, "I think this jobs report is positive because it confirms the labor market remains solid, which gives consumers some confidence and allows them to maintain resilient spending patterns. At the same time, the 4.3% unemployment rate will not force the Federal Reserve to reconsider its statement that it is not ready to tighten interest rates. Therefore, this is good data confirming that the overall economy and consumers remain healthy. The longer high oil prices persist, the greater the risk of damaging consumer confidence and spending. Currently, it doesnt seem to have a negative impact on economic growth or consumer confidence, but the longer this situation continues, the greater the risk."On May 8th, economist Anna Wong stated that while Aprils hiring figures were unexpectedly strong, the unemployment rate rose. This combination suggests that the pace of job growth needed to maintain a stable unemployment rate may be higher than the near-zero growth level previously estimated by the Federal Reserve. The most noteworthy detail in the April jobs report came from the freight industry, which contributed more than half of the months new jobs. This confirms the improving signals released by recent PMIs and regional Fed manufacturing surveys, indicating a possible strong recovery in the industrial sector. Wong stated that this report did not change her assessment of the federal funds rate path: "The Fed is still expected to keep rates unchanged until the fourth quarter, at which point we expect it to cut rates by 50 basis points as the unemployment rate rises."

NZDUSD consolidates near 0.6100, closing below Friday's two-month peak

Alina Haynes

Nov 14, 2022 18:54

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The NZDUSD pair struggles to capitalize on last week's breakthrough momentum through the 100-day Simple Moving Average, bouncing between moderate gains and slight losses throughout Monday's early European session. The pair is currently trading slightly below the 0.6100 level, practically flat on the day, and remains close to Friday's two-month high.

 

A convergence of variables permits the US Dollar to stabilize at its lowest level since mid-August, acting as a headwind for the NZDUSD pair. In response to Christopher Waller's more hawkish remarks on Sunday, U.S. Treasury bond yields rise. It is expected that this, along with a softer tone on equity markets, will benefit the safe-haven dollar and exert some downward pressure on the risk-averse New Zealand dollar.

 

Waller indicated during a conversation in Sydney, Australia, that the markets had overreacted to October's weaker-than-expected consumer price inflation numbers. Waller stated that the Federal Reserve was not lessening its fight against inflation and that a string of moderate CPI readings would be required for the US central bank to soften its approach. This increases US Treasury bond yields and helps support USD demand, notwithstanding the lack of confidence in the intraday rise.

 

A greater possibility that the Federal Reserve will slow the pace of its policy tightening discourages USD bulls from placing risky trades. Moreover, optimism surrounding a likely rollback of COVID-19 measures in China supports the NZD/USD pair and restricts its downside. Therefore, the subdued intraday price movement can be characterized as a bullish consolidation phase, meaning that any significant pullback is likely to be purchased and remain confined.

 

The United States is not slated to provide any market-moving economic data on Monday, leaving the USD at the mercy of US bond yields. Traders will also consider Lael Brainard's anticipated Fed governor address. Together with the broader risk sentiment, this will be analyzed for short-term trading opportunities in the NZDUSD pair prior to the release of Chinese economic data on Tuesday.

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