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On April 24, Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Rafael Nados, CEO of the African Union Development Agency, in Beijing. They exchanged views on topics such as promoting Chinas zero-tariff policy on 100% of products from 53 African countries with which it has diplomatic relations, better benefiting enterprises from both sides, promoting exchanges between Chinese and African business communities, and strengthening cooperation in industrial and supply chains.Futures News, April 24th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.On April 24th, it was learned from the Ministry of Public Security that since 2025, public security organs nationwide have been deepening special operations such as "Kunlun" and "Anxin," cracking down on various infringement and counterfeiting crimes according to law. A total of 31,000 cases of intellectual property infringement and the production and sale of counterfeit and shoddy goods have been investigated and prosecuted. It is understood that in their work, public security organs across the country have relied on a new policing operation model of "professionalism + mechanism + big data" to combat intellectual property infringement crimes across the entire chain and comprehensively build a collaborative protection framework. They have also been fully committed to safeguarding innovative development, proactively addressing the development needs of high-tech enterprises, cracking down on crimes infringing on trade secrets according to law, investigating more than 140 criminal cases, promptly eliminating risks and hidden dangers, and effectively safeguarding the core competitiveness of enterprises.The German DAX 30 index opened 13.32 points higher, or 0.06%, at 24,194.00 on Friday, April 24th; the UK FTSE 100 index opened 55.20 points lower, or 0.53%, at 10,401.81; and the French CAC 40 index opened 54.00 points lower, or 0.66%, at 8,173.32. (European...) The Stoxx 50 index opened down 22.13 points, or 0.38%, at 5872.60 on Friday, April 24; the Spanish IBEX 35 index opened down 147.59 points, or 0.83%, at 17738.31 on Friday, April 24; and the Italian FTSE MIB index opened down 334.91 points, or 0.70%, at 47572.50 on Friday, April 24.According to Futures News on April 24, as of 15:00 Beijing time, spot platinum fell 1.61% and spot palladium fell 0.93%.

USD/CNH rebounds from 7.3300 despite a strong Caixin Manufacturing PMI

Daniel Rogers

Nov 01, 2022 18:01

 截屏2022-11-01 上午11.37.49.png

 

After falling to roughly 7.3300 during the Tokyo trading session, the USD/CNH pair demonstrated a V-shaped recovery. Despite the release of positive Caixin Manufacturing PMI data, the asset has made a recovery. The economic data came in at 49.2 against predictions of 49.0 and the prior value of 48.1.

 

China's official Manufacturing PMI dropped to 49.2 from 50.0 and 50.1, as anticipated, according to the National Bureau of Statistics (NBS). In addition, the Non-Manufacturing PMI was significantly lower at 48.7, compared to predictions of 51.9 and the last release of 50.6.

 

In the meanwhile, the US dollar index (DXY) in Tokyo has declined significantly as the risk-on sentiment has grown. The DXY has significantly declined to roughly 111.36. S&P500 futures have rallied strongly since Monday's decline due to confidence surrounding the quarterly results season.

 

Despite an increase in hawkish Federal Reserve (Fed) wagers, US government bond returns have dropped. At the time of writing, the yield on the 10-year US Treasury has declined to 4.04%, a decrease of 0.90% from its prior level.

 

This week's major catalyst will be the Federal Reserve's decision on interest rates. As inflationary pressures show no signs of abating, it is anticipated that the US Federal Reserve will hike interest rates by 75 basis points for the fourth time this year (bps). However, consumer spending declined to 1.4% in the third quarter from 2.0% in the previous quarter, which could weigh on the inflation rate.

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