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On March 18th, E Fund Management Co., Ltd. issued an announcement stating that the secondary market trading price of its E Fund Crude Oil Securities Investment Fund (QDII) Class A RMB shares was significantly higher than its net asset value (NAV). On March 16th, the NAV per share was 1.6414 yuan, while as of March 18th, the closing price on the secondary market was 1.896 yuan. Investors are reminded to pay attention to the premium risk, and blindly buying at a high premium may result in losses. If the premium does not effectively decrease, the fund may apply for a temporary suspension of trading. This fund primarily invests in overseas crude oil ETFs, which carry high risk. Currently, it is operating normally, and there is no undisclosed material information.On March 18th, Harvest Crude Oil LOF issued an announcement stating that its secondary market trading price has recently exceeded its net asset value per unit, resulting in a significant premium. If the premium does not effectively decrease by March 19th, the fund reserves the right to take measures such as temporary trading halts during trading hours. The fund primarily invests in high-risk crude oil-related public funds, and subscriptions have been suspended since February 3rd. Currently, the fund is operating normally and there is no undisclosed material information. Investors are reminded to pay attention to the premium risk and invest prudently.Austrian Chancellor: Further measures are needed to address the impact of the situation in Iran on oil prices.March 18th - According to data released by the China Passenger Car Association (CPCA), from March 1st to 15th, the national passenger car market retail sales reached 561,000 units, a year-on-year decrease of 21% and a month-on-month increase of 2%. The cumulative retail sales since the beginning of the year reached 3.14 million units, a year-on-year decrease of 19%. From March 1st to 15th, the national new energy passenger car market retail sales reached 285,000 units, a year-on-year decrease of 28% and a month-on-month increase of 36%. The cumulative retail sales since the beginning of the year reached 1.345 million units, a year-on-year decrease of 26%.On March 18th, the China Automobile Dealers Association issued a statement saying that the Chinese auto market in 2025 will be complex and volatile. The government has introduced numerous policies to support and stabilize auto consumption, particularly the "two new" policies, which have effectively stimulated demand. However, on the distribution side, most auto dealers failed to meet their annual sales targets, price inversions persisted, losses in new car sales worsened, and the number of dealers experiencing losses increased while profitability narrowed. In 2025, more than half of the dealers failed to meet their annual sales targets, while only 44.3% met them. The sales target achievement rate was lower than in 2024. There was a significant difference in target achievement rates between domestic brands and luxury/imported brands and joint venture brands. Over 50% of dealers for luxury/imported brands and joint venture brands met their annual targets, while domestic brands generally had aggressive targets and the lowest target achievement rate.

US Dollar/JPY Yields May Fall Below 131,000 Ahead of Vice President Joe Biden's SOTU Address

Daniel Rogers

Feb 08, 2023 14:39

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At 130.90, the USD/JPY is under pressure, extending yesterday's decline from the highest level in a month. In doing so, the Yen pair tracks the recent decrease in US Treasury bond yields despite a dismal start to Tokyo trading on Wednesday. In recent times, geopolitical concerns have combined contradictory Japan data and Fedspeak to weigh on the market.

 

At the time of publication, rates on 10-year US Treasury notes reversed a three-day increase while retreating from a one-month high of approximately 3.68 percent to 3.67%. The US Dollar Index (DXY) has fallen for the second consecutive day to approximately 103.30. In spite of this, S&P 500 Futures exhibit minor losses, mirroring Wall Street and reflecting a negative sentiment.

 

Japan's trade deficit decreased to -1,225.6B from -1,814.6B expected and -1,537.8B earlier, while the Current Account balance decreased to 33.4B from -1,803.6B and 98.4B.

 

President of the Federal Reserve Bank of Minneapolis Neel Kashkari told CNN, "We may have to maintain higher interest rates for a longer period of time," adding that he does not anticipate a recession. Jerome Powell, chairman of the Federal Reserve, then declared, "Expect 2023 to be a year of large declines in inflation," adding that if data continued to come in better than anticipated, he would certainly boost rates further.

 

Notably, optimism surrounding the Japanese government's wage negotiations with labor leaders in March appears to have fuelled optimism at home. However, China's denial of the Pentagon's request maintains the geopolitical tension at a high level.

 

Traders of the USD/JPY pair should rely on Bank of Japan (BoJ) discussions to target more losses, especially in light of recent hawkish concerns surrounding the Japanese central bank. Today's State of the Union (SOTU) speech by United States Vice President Joe Biden will also be vital to follow. Reuters said prior to the event, "US Vice President Joe Biden will face Republicans who question his legitimacy and a public apprehensive about the country's direction during Tuesday's State of the Union address, which is expected to serve as a blueprint for a 2024 re-election attempt,"


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