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On December 29, the Eastern Theater Command of the Chinese Peoples Liberation Army organized destroyers, frigates, fighter-bombers, and other forces to conduct exercises in the sea and airspace east of Taiwan Island, including maritime strike, regional air superiority, and anti-submarine warfare, testing the sea-air coordination and precision targeting capabilities.December 29th - According to Kyodo News, the proportion of foreign residents in Japan is approaching the 10% threshold at a rate far exceeding official forecasts, with dozens of municipalities already surpassing this figure. One village reported that more than one-third of its residents are foreign nationals. In July of this year, then-Justice Minister Keisuke Suzuki stated that by around 2040, the foreign population in Japan is expected to exceed 10% of the total population. Japans labor shortage problem is projected to worsen.Sources say India is suing Reliance Industries and BP for $30 billion over insufficient production from its gas fields.On December 29, the Eastern Theater Command of the Chinese Peoples Liberation Army organized destroyers, fighter-bombers, drones, and other forces in the northern and southwestern sea and airspace of Taiwan Island, along with long-range firepower, to conduct training exercises including sea-air search and destruction, simulated land attack, and live-fire exercises against sea targets. The exercises tested the PLAs integrated coordination and capability to seize control.On December 29th, the fourth meeting of the Standing Committee of the First Non-Motor Property Insurance Professional Committee of the Insurance Association of China was held in Beijing. Representatives from 24 standing committee member units, including the committees chairman, PICC Property & Casualty Insurance, attended the meeting, which was chaired by Zhang Liang, member of the Party Committee and Vice President of the Insurance Association of China. The meeting reviewed and approved a proposal to promote research on model clauses and rates for corporate property insurance and employers liability insurance. The meeting believed that the committee should focus on key and difficult issues in the comprehensive governance and development of non-motor insurance, and take proactive measures through establishing working groups to strengthen industry self-regulation, formulate model clauses, deepen industry research, promote information sharing, and conduct publicity and exchange, thereby reshaping industry rules and image and serving the healthy and sustainable development of the non-motor insurance market. The meeting pointed out that the committee should strengthen its own construction, focusing on the associations overall goal of "serving the industry well, assisting in supervision well, and contributing well to society," anchoring its responsibilities, strengthening self-discipline and collaboration, improving the evaluation and supervision mechanism, and effectively playing the functional role of the committee.

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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