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On March 7, CICC reported its first coverage of Bruco (00325.HK), with an "outperform" rating and a target price of HK$105. The bank said it is optimistic about the growth potential of assembled role-playing toys in the global market, as well as the groups advantages in products, intellectual property operations and distribution channels. It is estimated that the companys adjusted earnings per share from 2024 to 2026 will be 2.2 yuan, 4.1 yuan and 5.4 yuan respectively, which means a compound annual growth rate of 57%.On March 7, Wang Yi said that the maritime friction between the Philippines and China is a shadow play. ​​​On March 7, Goldman Sachs published a research report stating that JD Health (06618.HK)s revenue growth in the second half of last year was in line with expectations, but the adjusted operating profit was lower than forecast. Net profit has also improved due to rising interest or other income. The report mentioned that JD Health managements profit guidance for 2025 is quite conservative, with sales expected to grow by double digits year-on-year and operating profit to remain flat year-on-year, as the company will focus on investing more in offline on-demand delivery and artificial intelligence initiatives in first-tier cities. Operating profit may decline year-on-year due to reduced interest income. In the long run, management is confident in further expanding its share and competitiveness in the online or offline pharmacy market.On March 7, Wang Yi said that we welcome all sectors of the two countries to strengthen exchanges, deepen mutually beneficial cooperation, and improve national sentiments, which are in line with the long-term interests of both sides. Regarding some specific concerns of the Japanese side, China will uphold a responsible attitude and properly handle them in accordance with laws and regulations.SpaceX will conduct a thorough investigation into the explosion and disintegration of the Starships second-stage spacecraft and cooperate with the Federal Aviation Administration (FAA).

Despite growing chances of BOE-BOJ policy divergence, the GBP/JPY exchange rate is falling toward 162.00

Daniel Rogers

Sep 22, 2022 15:05

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The pound to yen exchange rate has given up the key support level of 162.20 during the Asian session and is now slowly descending toward the 162.00 level. Since breaking down below the consolidation range formed between 162.80-164.47, the asset has been trending downwards. The cross has been trending downwards despite growing expectations of further growth in policy divergence between the Bank of England (BOE) and the Bank of Japan (BOJ).

 

British households are facing headwinds due to price pressures inside the British economy. The latter is obligatory in order to provide dividends that are adjusted for inflation and yield a net gain of one cent per year. The current state of the labor market, GDP forecasts, and energy costs all argue against a rate hike by the BOE. Although unpleasant, the Governor of the Bank of England (BOE) must bite the bullet and announce a rate increase of 50 basis points (bps).

 

Some of Liz Truss's economic measures, such as her announcement of a reduction in tax brackets, an energy and electricity cost ceiling, and a trade pact with the United States, look to be beneficial to the economy. The pound bulls aren't getting stronger despite this.

 

As a result of the BOJ's reluctance to intervene in the currency market, the Japanese yen has risen on the Tokyo financial scene. It has been reported by Bloomberg news wires that Japan's former vice foreign minister, Tatsuo Yamasaki, has said that the Japanese government is prepared to intervene in the currency markets at any time. The yen doesn't need America's blessing, he said, so the government won't be changing it.

 

Given the continued need to monitor the economy's growth prospects and inflation drivers, it is expected that the BOJ would maintain a "neutral" stance on monetary policy. The policy gap between the BOE and BOJ will widen as a result.