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Market news: OPEC+ has agreed in principle to increase daily production by 188,000 barrels and suspend production increases in the fourth quarter.According to RIA Novosti, the Ukrainian drone attacks on various regions of Russia in the early hours of August 2nd were the largest of any such attacks.August 2nd - Xiaomi phones have officially increased in price. On August 2nd, the Xiaomi Mall showed that the price of the Xiaomi 17 series has increased by 300-500 yuan per unit. REDMI product lines followed suit, with the performance-focused Turbo 5 and various versions of the K90 series generally increasing in price by 300 yuan.On August 2nd, the Peoples Bank of China (PBOC) held its 2026 second-half work conference. The conference noted that high-level financial opening-up is progressing steadily. Policies regarding corporate overseas lending, bank overseas loans, and cross-border RMB interbank financing will be optimized. A new repurchase facility by overseas central banks will be established. The issuance of Panda bonds in China by high-quality international entities will be facilitated, with issuance exceeding RMB 160 billion in the first half of the year. Positive progress has been made in the construction of the RMB cross-border payment system. Support will be provided for the development of Shanghai and Hong Kong as international financial centers. Support will also be given to the construction of the Xiongan New Area and the Western Land-Sea New Corridor. Foreign exchange facilitation reforms will be deepened, and the scope of pilot programs for high-level opening-up of cross-border trade will be expanded. Services for corporate exchange rate risk management will be improved.On August 2nd, the Peoples Bank of China held its 2026 second-half work conference. The conference noted that financial risks in key areas have continued to be mitigated. Significant progress has been made in resolving the debt risks of financial support platforms. The financial market is operating well. The conference emphasized monitoring and assessing the bond market from a macro-prudential perspective, and strengthening bond market supervision and enforcement. It also stressed leveraging the two monetary policy tools supporting the capital market to stabilize and enhance [the markets stability and strength].

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.

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