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February 6 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on February 6. Some media outlets reported that China has asked state-owned enterprises to suspend negotiations on new cooperation projects with Panama. Earlier this week, the Hong Kong and Macao Affairs Office of the State Council stated that the Panamanian authorities would pay a “heavy price” for this move. What is the Foreign Ministry’s comment on this? Lin Jian stated: “China has repeatedly clarified its position on the issue of Panama’s ports. Our position is clear. For the specific details you asked about, please consult the relevant Chinese authorities.”February 6th - Danish renewable energy developer Ørsted reported fourth-quarter profits below analysts expectations due to a series of costly setbacks in the US market, hindering the companys transformation efforts. Currently, wind power developers operating in the US are facing significant challenges from the Trump administration, which halted two Ørsted projects in 2025 until a court ruling allowed construction to resume. These shutdowns have exacerbated the companys multiple predicaments in recent years – from soaring costs and supply chain bottlenecks to billions of dollars in asset write-downs. Ørsted is working to repair its balance sheet. Last year, the company raised funds through a large-scale share placement and recently agreed to sell its European onshore business, completing its divestiture plan. Despite the still uncertain industry outlook, the companys share price has risen 14% this year, suggesting its most difficult period may be over.February 6th - Tesla Vice President Tao Lin stated today that Tesla will actively participate in a series of related work on assisted driving and other related projects in the Chinese market, but a specific launch timeline cannot be provided at this time. Elon Musk previously stated that Teslas Full Self-Driving (FSD) will be deployed in Europe this February, with the Chinese market following suit.On February 6, the Shanghai Headquarters of the Peoples Bank of China held the 2026 Shanghai Cross-border RMB Business Work Conference. The conference emphasized four key points: First, adhere to the principle of prioritizing the local currency, continuously improve the facilitation of cross-border RMB settlement, facilitate the use of RMB for pricing and settlement in various cross-border trade and investment, and enhance the international currency functions of RMB in pricing, payment, investment and financing, and reserves. Second, adhere to serving the real economy, continuously enrich the supply of cross-border RMB financial products, improve the professionalism and refinement of financial services, better meet the market demands of business entities in transaction settlement, investment and financing, and risk management, and actively contribute to stabilizing foreign trade and investment. Third, adhere to reform and innovation, promote the expansion of the comprehensive reform pilot program for offshore trade and financial services in the Lingang New Area, support high-quality enterprises to participate in the pilot program for upgrading the functions of free trade accounts, and fully release the policy dividends of the pilot program. Fourth, adhere to preventing financial risks.ECB Governing Council member Cazakir: A sharp and rapid appreciation of the euro will reduce the inflation outlook by weakening competitiveness and economic activity, which could trigger a policy response.

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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