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Hong Kong-listed tech stocks rallied, with Tencent Holdings (00700.HK), Kuaishou (01024.HK), and Alibaba Health (00241.HK) all rising over 5%, Meituan (03690.HK) up 3.5%, Alibaba (09988.HK) and Bilibili (09626.HK) up 2.8%, and JD.com (09618.HK) up over 2%.July 6th - Meituan officially open-sourced its trillion-parameter large-scale model, LongCat-2.0. LongCat-2.0 has a total of 1.6T parameters and an average activation of approximately 48B. It features deep collaborative optimization in model architecture, chip adaptation, and deployment strategies, specifically designed for domestically produced computing chips with limited GPU memory and bandwidth.Hong Kong-listed AI stocks declined, with Zhipu (02513.HK) falling 10%, UBTECH (09880.HK) and Qunhe Technology (00068.HK) falling over 7%, and MINIMAX-W (00100.HK) falling over 6%.July 6th – The World Internet Conference held a press conference on the 6th to introduce the basic information, overall preparation progress, and highlights of the 2026 World Internet Conference Digital Silk Road Development Forum. The forum will be held in Xian from July 21st to 22nd, with the theme "Smart Silk Road, Digital New Beginning – Building a Community with a Shared Future in Cyberspace." In addition to the opening ceremony, the forum will also feature five thematic forums focusing on cooperation and development in "Silk Road e-commerce," collaborative innovation in intelligent systems, cultural heritage protection and inheritance in the digital age, artificial intelligence empowering the low-altitude economy, and digital health. These forums aim to promote consensus and cooperation among countries participating in the Belt and Road Initiative, and jointly seize new opportunities for digital development.On July 6, South Korean President Lee Jae-myung instructed officials on Monday to expedite the major chip and artificial intelligence (AI) projects announced last week. He warned that delays in licensing approvals, land acquisition, and securing electricity and water supplies could undermine South Koreas efforts to dominate advanced industries. "In this situation, the outcome seems to depend on who acts faster, who can gain the lead first," Lee said at a government meeting. "Speed is everything." Lee pointed out that the Yongin Industrial Complex, which took six years from site selection to groundbreaking, was already considered relatively fast. He stated that processes that were previously handled sequentially should be streamlined and called for shortening environmental assessments and other approval processes as much as possible. He demanded that electricity and water infrastructure be secured in advance, stating that electricity will be a particularly critical issue for the chip projects. Lee also indicated that despite the continued expansion of renewable energy supply, companies remain concerned about baseload power capacity, and therefore ordered officials to address these issues ahead of schedule.

The USD/CAD Exchange Rate Advances Towards 1.2600 Due to Low Oil Prices

Larissa Barlow

Apr 11, 2022 09:55

  • The USD/CAD is edging closer to last week's high of 1.2620 as bears target the oil sector.

  • Reduced supply concerns and declining demand in China have resulted in a decline in oil prices.

  • The DXY is predicted to move in an unpredictable manner ahead of the US CPI.

 

The USD/CAD pair is blowing out of its consolidation range, which was 1.2562-1.2578 in the early Asian session due to plummeting oil prices and a jump in the US dollar index (DXY) following a bearish initial breach below 100.00.

 

Oil prices are extending last week's losses as supply fears ease and demand declines as a result of China's harsh limitations on Covid-19. The International Energy Agency (IEA) intends to release 60 million barrels from its strategic stockpiles over the next six months, implying an additional two million barrel release. Earlier this month, US Vice President Joe Biden said an additional one million barrels of oil would be released from the US Strategic Petroleum Reserve for a six-month period (SPR). Reduced supply concerns combined with increasing oil production by countries may result in a correction of oil prices. However, it would be fascinating to see how much additional oil is released to compensate for the shortage in Russian oil caused by Western rivals' harsh sanctions.

 

On the demand side, China's government has put Shanghai, the country's most populous city, under its 'zero tolerance' category in order to control the Covid-19's escalation. China is the world's largest importer of oil, and any decline in demand from the colossus will wreak havoc on oil prices.

 

Reduced supply concerns and declining demand will continue to support the greenback against the loonie in the future. Canada, as the largest oil exporter to the US, will see a decline in inflows as oil prices fall.

 

The DXY is likely to exhibit significant swings ahead of Tuesday's release of US inflation data. While the Bank of Canada's (BOC) interest rate decision on Wednesday is critical.

USD/CAD

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