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On August 22, Brazilian President Lula da Silva spoke by phone with US President Donald Trump on August 21, opposing the recent tariffs imposed by the US government on Brazilian goods. Following the call, Lula stated that the US tariffs on Brazil were "not only completely detached from reality, but also based on lies." Lula said that Brazilian and US trade officials would meet to discuss the tariffs. He stated that the US accusations of deforestation and forced labor in Brazil were completely unfounded. According to him, "Trump himself has acknowledged this and has instructed US Trade Representative Greer to contact Brazilian Minister of Development, Industry and Trade Marcio Rosa to finalize the meeting arrangements." On July 15, the Office of the US Trade Representative announced that it would impose a 25% tariff on some Brazilian products, effective July 22. On July 23, the Office of the US Trade Representative further imposed new tariffs of 10% to 12.5% on dozens of countries and regions, including Brazil, citing so-called "forced labor," to replace the expiring global import tariffs. On August 13, the Brazilian government announced that it had initiated procedures under the Economic Reciprocity Act to retaliate against the new tariffs imposed by the US government on Brazilian products.August 22 – According to the Iranian news agency IRNA, Iranian Armed Forces spokesman Akraminia stated: “The geopolitical awakening of the Iranian people is one of the achievements of the recent war, which has made the world more clearly see the sinister nature of the enemy, and the signs of American decline have become more apparent. The United States no longer has international prestige. Iran’s military strategy has shifted from defensive to offensive; any act of aggression will be met with an immediate response, and the scale of the response may well exceed the scale of the aggression itself. We have also seen Saudi Arabia, Turkey, and Pakistan establish a defensive security mechanism independent of the United States. Regardless of how effective this security mechanism may be in the future, as it stands, it demonstrates the decline of the United States’ position in the region and is the first defensive security mechanism in the region without US participation.”August 22 – The 35th International Joint Conference on Artificial Intelligence (ICAI) and the European Conference on Artificial Intelligence (ECAI) concluded on August 21 in Bremen, Germany. Several international experts attending the conference stated that Chinas artificial intelligence has made rapid progress in various fields of research and industrial application in recent years, with areas such as robotics and large language models reaching global leadership. Judging from the paper submissions and research topics at this conference, Chinese research teams have shown significant participation in many sub-fields of artificial intelligence. Professor Calvanese of the Free University of Bolzano, Italy, who was responsible for the conferences academic agenda and paper review, noted that China received the most submissions at this conference, with extensive participation in areas such as machine learning, computer vision, and robotics.On August 22nd, Xiongan New Area held its 2026 100-Day, 10-Million-Job Recruitment Campaign and a special job fair for relocation services. The event focused on core needs such as the relocation and development of businesses and the employment of their accompanying family members, precisely establishing a service platform to address the housing concerns of relocated personnel and promote talent attraction and high-quality development in the New Area. This event extended employment services to neighborhood centers, creating a "doorstep" job-seeking platform. Focusing on key industries and relocation support services in the New Area, it organized over 30 employers, including Sinochem Digital Technology, China Datang Digital Technology, and China Xiongan Group, to recruit talent offline, offering over 600 job openings to meet diverse employment needs. On-site activities included skills demonstrations, job search guidance, and introductions to supporting living services in the New Area.Ontario Premier: Fully supports Carneys tariff retaliation plan.

There was a bearish prognosis for the USD/JPY at the Tokyo open

Alina Haynes

Jul 06, 2022 11:29

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The USD/JPY is trading at 135.51, up 0.25 percent, as Tokyo's stock market starts. In a risk-off climate, bears lurk, and lower US rates encourage yen demand..

 

The yield on the U.S. 10-year Treasury decreased by 6 basis points in the early Asian trading session, although it is now attempting to stabilize at 2.818%. With the exception of the US dollar, the Japanese yen outperformed the rest of the major currencies overnight, with the USD/JPY rate rising only 20 basis points to 135.85. For the first time in over three weeks, the US 10-year and two-year yields have crossed. This was one of numerous instances this year. According to some economists, an inversion of the yield curve is a sign of an imminent economic crisis. The margin between the two-year and five-year interest rates was likewise negative on Tuesday.

 

Tuesday was a day of risk aversion, with the dollar rising to its highest level in two years and putting pressure on global markets and commodities. There is a high danger of future economic shocks being amplified by volatility in the cost of energy and raw materials, according to the Bank of England, which made the statement at the beginning Asian trade.

 

As a result of the ongoing COVID testing in Shanghai, analysts have expressed concern about the possibility of more lockdowns in China, which might have a ripple effect on other markets.

 

US stock markets reversed course on Tuesday, after a three-day holiday weekend and big gains on Friday, as investors await economic data expected later this week in Nonfarm Payrolls and ahead of today' monetary policy minutes from the Federal Open Market Committee. The Nikkei began the day with a gap, which suggests that the yen will climb.

 

US Nonfarm Payrolls data is likely to show that employment grew robustly in June, albeit at a slower rate than the nearly 400k jobs gained in March through May.

 

There will also be an examination of the Federal Reserve's June meeting minutes. Due to rising CPI inflation and signs of inflation expectations de-anchoring, the Federal Reserve accelerated the pace of rate-tightening. According to analysts at TD Securities, the Fed's more aggressive reaction function is expected to be revealed in the meeting minutes.

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