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On July 11, Iranian Parliament Speaker Mohammad Ghalibaf announced on social media that those responsible for the killing of Ali Khamenei would be held accountable. Ghalibaf emphasized that those responsible for attacks on Iranian territory, the killing of Iranian citizens, and especially the murder of Ali Khamenei, would be punished. The funeral for the late Supreme Leader Ali Khamenei was held on July 9 in Mashhad, his birthplace in northeastern Iran.On July 11, the Ministry of Civil Affairs issued a notice requiring local civil affairs departments to make every effort to carry out flood prevention and disaster relief work. The notice requires that social forces be guided and regulated to participate in disaster relief in a scientific and orderly manner. It calls for active cooperation with emergency management and other departments to guide social organizations in the emergency rescue field to leverage their professional advantages, connect with social resources, and coordinate flood prevention and disaster relief work in an orderly and collaborative manner. It also requires guiding charitable organizations to proactively connect with the needs of disaster areas, conduct disaster relief charitable donations in accordance with laws and regulations, promptly allocate donated funds and materials, and ensure information disclosure.July 11 - According to data from Lighthouse Pro, as of 8:34 PM on July 11, the daily box office revenue of the domestic film market exceeded 300 million yuan, marking the first time since February 26 this year that the daily box office revenue has exceeded 300 million yuan.July 11th - According to the official WeChat account of Hangzhou Metro, due to the impact of Typhoon Bavi (No. 9), Hangzhou City has activated a Level I typhoon emergency response. Starting at 6:00 AM on July 12th, the entire metro network will be suspended, with the resumption time to be announced separately.On July 11, Claudio Descalzi, CEO of Eni, the Italian state-owned holding group, stated that if the Middle East conflict continues, the global oil market will break through the current range of approximately $80 to $100 per barrel by the first quarter of 2027 at the latest, pushing up inflation and reducing energy demand. In an interview published Saturday in Il Sole 24 Ore, Descalzi said that the release of strategic reserves has so far helped keep crude oil prices roughly within this range, but this strategy is facing increasing risks because global reserves are finite. “The long-term solution is to enhance energy security through the diversification of supply sources and routes,” he said. Descalzi noted that global oil inventories have fallen by an average of 3.8 million barrels per day due to disruptions related to the war with Iran that began at the end of February, accelerating to an average of 4.6 million barrels per day in May. He stated that countries should focus on producers in North Africa and sub-Saharan Africa, Latin America, and Southeast Asia, while reducing reliance on controlled maritime routes.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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