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Euro Stoxx 50 futures fell 1.1%, Germanys DAX futures fell 1.0%, and Britains FTSE 100 futures fell 0.4%.On February 28, according to the Hong Kong Stock Exchange documents, in order to meet the business needs of Chery Holdings shareholders and improve decision-making efficiency, it reorganized so that Chery Holdings would no longer be a shareholder of the company. Therefore, all the shares held by Chery Holdings at that time (equivalent to 42.32% of the companys equity) will be distributed to Chery Holdings shareholders on a proportional basis. The sinking was completed on January 20, 2025. After the sinking was completed, Chery Holdings no longer held any shares, and Chery Holdings shareholders directly held shares. Chery Automobile disclosed that since the completion of the sinking, the interests of the ultimate shareholders have not changed significantly on a penetration basis. Before the sinking, the three major shareholders of Chery Holdings were Wuhu Investment Holdings, Ruichuang and Luxshare, holding 29.47%, 27.20% and 21.16% of Chery Holdings equity, respectively. After the sinking was completed, Wuhu Investment Holdings, the management and employee shareholding platform and Luxshare remained the companys three major shareholders, holding 21.17%, 18.25% and 16.83% of the companys equity, respectively.U.S. President Trump is trying to pass a temporary government funding bill.On February 28, the Korean version of the "chip bill" aimed at reducing taxes on semiconductor companies investments was passed at the plenary session of the South Korean National Assembly on February 27. If the bill is implemented, the tax credit rate for equipment investment by semiconductor companies will be greatly increased. Specifically, the tax credit rate for large and medium-sized companies will increase from the original 15% to 20%, and the tax credit rate for small and medium-sized enterprises will increase from 25% to 30%.Nick Timiraos, the "Federal Reserve mouthpiece": Philadelphia Fed President Harker said at the December meeting that he was "on the sidelines" on whether to cut interest rates once or twice in 2025. At the moment, this is really a difficult question to predict. Predictions are very difficult and there are a lot of uncertainties.

AUD/JPY swiftly retraced from 94.80 as Australian inflation increased to 7.3%

Daniel Rogers

Oct 26, 2022 15:36

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In response to better-than-expected Australian Consumer Price Index (CPI) data, the AUD/JPY pair has reversed its quick advance to an intraday high of 94.78, resulting in a selling tail in the Tokyo session.

 

The Australian Bureau of Statistics reported that the headline Consumer Price Index (CPI) for the third quarter of CY2022 was 7.3%, which was higher than the 7.0% expected and the 6.1% previously reported. In addition, the quarterly inflation rate has matched the prior estimate of 1.8% and above predictions of 1.5%.

 

Notable is the fact that the inflation rate has surpassed the RBA's September projection of 7.0 percent. The Reserve Bank of Australia (RBA) will be compelled to resume its previous rate rise streak of 50 basis points (bps), which has increased the likelihood of a further decline in growth forecasts.

 

Governor Philip Lowe trimmed back the rate hike to 25 basis points at the RBA's October monetary policy meeting in order to sustain economic optimism and counteract rising inflationary pressures.

 

In the interim, the cross is still a considerable distance from Monday's knee-jerk reaction of about 95.44. The inactivity of market participants is a result of the potential intervention of the Bank of Japan (BOJ) in the currency markets against disruptive developments impacting the Japanese yen.

 

Friday's announcement of the Bank of Japan's interest rate decision will be the most significant event of the week. In view of the global economic demand shocks, Haruhiko Kuroda, governor of the Bank of Japan, may opt to maintain a loose monetary policy.


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