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Spains seasonally adjusted industrial production fell 0.3% year-on-year in December, compared with a forecast of 2.5% and a revised previous reading of 4.6% (up from 4.50%).On February 6th, at a press conference held by the State Council Information Office, Vice Minister of Commerce Yan Dong stated that in promoting the improvement and benefit of service consumption, the work of cultivating new growth points in service consumption will focus on closely integrating consumption promotion with improving peoples livelihoods. We will accelerate the formulation and issuance of an action plan for improving the quality and benefiting the people through service consumption, including more than 60 specific measures. This plan will work collaboratively from both the supply and demand sides, and in conjunction with relevant departments, promote the improvement of service supply levels in areas such as culture and entertainment, tourism and leisure, and sports events. At the same time, we will track and study new trends in service consumption, actively respond to the new expectations of the people, and better meet the service consumption demands that have a significant impact on peoples livelihoods and are highly requested by the public, such as health and elderly care, culture and tourism, and family services. Furthermore, we will fully utilize the strong employment absorption capacity of new growth point areas to promote employment and income growth, and promote a virtuous cycle of employment, income, and consumption.Moodys downgraded the outlook for Telekom Indonesia, Mobile Indonesia, Petronas Indonesia and its upstream energy companies to negative.On February 6th, Wang Xiaoliang, Director of the Online Audiovisual Program Management Department of the State Administration of Radio and Television, stated at a press conference held by the State Council Information Office that the Administration will focus on three dimensions to further promote micro-dramas in driving service consumption and contributing to economic and social development. First, strengthening policy guarantees. The Administration will formulate and implement the "Measures for the Development and Management of Micro-Dramas," ensuring both "flexible regulation" and "effective management." While safeguarding content safety, the Administration will vigorously promote fair market competition, stimulate industry innovation and creativity, and create a healthy, positive, and orderly environment. Second, strengthening creative guidance. Creators will be guided to find suitable topics and tell compelling stories from the struggles of the people to create a better life, from the inheritance of excellent traditional Chinese culture, and from the vibrant practice of Chinese-style modernization in the new era, continuously producing more high-quality works and expanding the supply of quality content. Finally, deepening integration and innovation. The Administration will thoroughly implement the "Micro-Drama+" action plan, empowering the development of various industries such as culture and tourism, sports, and agriculture, focusing on industry integration to expand service consumption.On February 6th, Kong Dejun, Director-General of the Department of Trade in Services and Commercial Services of the Ministry of Commerce, stated at a State Council policy briefing that the Ministry of Commerce and other departments will implement the requirements of the "Work Plan" and focus on three key areas to continuously promote the expansion and improvement of automotive aftermarket service consumption. First, pilot programs will be implemented to explore development models. To adapt to the new situation and trends in automobile circulation and consumption, the Ministry of Commerce, together with relevant departments, will further promote pilot reforms in automobile circulation and consumption, supporting pilot regions to deepen reforms, actively innovate, and conduct pilot trials based on local conditions, focusing on management systems, standards and technologies, and data platforms, exploring new paths for high-quality development of the automotive aftermarket. Second, the car rental service network will be further optimized to promote the coordinated development of car rental and tourism industries.

A decrease in the EUR/JPY exchange rate is about to occur as recession fears grow. It is now over 138.00

Alina Haynes

Jul 07, 2022 14:43

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The EUR/JPY currency pair is doing poorly during the Tokyo session. The cross is bouncing around a narrow range of 138.26-138.60 after recovering from its low of 137.27 on Wednesday. Generally speaking, bears are in charge of the asset. The pair has fallen during the last week as a result of failing to overcome the 144.00 resistance level, which has been a barrier for four weeks.

 

The chance of a recession in the eurozone has significantly increased as a result of the Bank of England's (BOE) negative assessment of the global economy. The BOE believes that price volatility in raw materials and energy might lead to economic disruptions in the future. The negative outlook of a Western central bank is fundamentally harmful to the FX market. The shocks to the economy would undoubtedly harm the eurozone as well because it forbids the import of Russian oil.

 

Along with fears of a recession, the common currency's bulls are also plagued by disputes over gas supplies between the economies of Europe and the United Kingdom. The British government has said that it would stop exporting gas to Europe if shortages develop there in the upcoming months.

 

The underperformance of the wage-price notion in Tokyo worries the Bank of Japan (BOJ). In order to keep inflation rates close to target levels, according to the BOJ, pay increases are required. If not, families would face greater price pressures, which would result in a decrease in the overall volume of demand.