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On April 3, White House aide Peter Navarro said that US President Trump’s tariffs could increase revenue by three times the size of the World War II tax increase in 1942, and could become the largest tax increase in US history.On April 3, a research report by CLSA indicated that ChinaSoft International (00354.HK)s revenue fell 1% year-on-year to RMB 16.951 billion last year, and the first disclosed AI-related revenue was RMB 957 million, accounting for 5.6% of revenue. The companys price reduction strategy has led to a decline in gross profit margin, and the main reason for the lower-than-expected net profit is a one-time impact. The bank expects the companys fundamentals to improve this year, mainly because the number of employees increased in the second half of last year. The bank expects the companys net profit to reach RMB 748 million this year, up 45.8% year-on-year, and lowered the target price from HK$7 to HK$6.5, maintaining the rating of outperforming the market.On April 3, the Australian bond market has experienced a dovish turn since the White House announced its new tariff agenda. IG market analyst Tony Sycamore said that the market has priced in an 85% chance that the Reserve Bank of Australia will cut interest rates by 25 basis points in May. Subsequent rate cuts are expected in August and November, with a cumulative rate cut of 75 basis points by November. He added that US tariffs have far exceeded expectations, increasing the likelihood of a trade war and recession in the United States. He also said that since goods from countries such as Vietnam are now effectively shut out of the United States, cheap goods are expected to flood other Asian markets.Japan’s Chief Cabinet Secretary Yoshimasa Hayashi declined to comment when asked about the possibility of retaliation against U.S. tariffs.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: We believe that the recent US tariff measures may have a significant impact on the multilateral trading system, and we strongly call on the United States to exclude Japan from these measures.

Natural Gas: XNG/USD bears continue to monitor $2.13 in advance of EIA inventories

Daniel Rogers

Mar 30, 2023 15:59

 截屏2023-01-19 下午3.42.24.png

 

Natural Gas (XNG/USD) price fluctuates near the intraday low of $2.23, declining the previous day's corrective rebound off a five-week low ahead of Thursday's European session. In doing so, the energy instrument fails to bolster expectations of increased demand from China in the face of inflation concerns, hawkish central bank actions, and a stronger US dollar.

 

China's willingness to import 65,000 tonnes of Liquefied Natural Gas (LNG) from the United Arab Emirates (UAE) and Premier Li Qiang's upbeat comments have supported the XNG/USD. Premier Qiang of China stated that the economic situation in March is even better than in January and February. However, the policymaker also increased geopolitical tension by opposing trade protectionism and decoupling, which indirectly target the United States and stimulate the Natural Gas bulls.

 

On the other hand, rumors that German gas pipelines are once again reliable for transporting energy, following previous challenges from Russia, impact on the XNG/USD exchange rate. In addition, the majority of central bankers defend their prior bias regarding inflation, exerting downward pressure on the commodity. In addition, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, stated on Thursday, "Urgently need faster, more efficient mechanisms for providing debt support to vulnerable countries." Her remarks revive previously alleviated banking concerns.

 

The US Dollar Index (DXY) adheres to modest gains while S&P 500 Futures struggle around a one-week high set the day before. In addition, the yields on the 10-year and 2-year US Treasury bonds grind higher after tantalizing bond purchasers the day before.

 

Moving forward, Weekly Natural Gas Storage Change data from the US Energy Information Administration (EIA), preceding -72B, may influence XNG/USD price action. Nonetheless, the headlines surrounding inflation and the banking system, as well as China, should be given the utmost focus for direction.

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