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On January 19th, Shanghai Petrochemical announced that it expects a net loss attributable to shareholders of the parent company of approximately RMB 1.289 billion to RMB 1.576 billion in 2025, compared to a loss in the same period of 2024. The estimated net loss attributable to shareholders of the parent company after deducting non-recurring gains and losses is approximately RMB 1.28 billion to RMB 1.564 billion. In the same period of 2024, the net profit attributable to shareholders of the parent company was RMB 317 million, and the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 338 million. The main reason for the expected loss in 2025 is that international crude oil prices are generally trending downwards, product market demand has not improved significantly, the gross profit margin of the companys main refining products has shrunk, and the total volume of goods sold has decreased due to the major overhaul of the companys production facilities in the fourth quarter. These factors combined have led to the companys operating loss.According to Hong Kong Stock Exchange filings, Xiaomi Group repurchased 4 million Class B shares on January 19, spending approximately HK$150 million.On January 19th, the Nanjing Municipal Government website released the "Nanjing Municipal Online Ride-Hailing Service Management Measures." Addressing issues such as "opaque commission rates" charged by ride-hailing platforms, the measures stipulate that platforms must publicly disclose their maximum commission rates and, after each order is completed, list the "total amount paid by the passenger, the drivers actual income, and the commission" on the drivers end. If the commission exceeds the limit, the driver can file a complaint. The measures will take effect on February 14th. This is the first systematic revision of Nanjings initial ride-hailing management measures since their implementation in 2017. Compared to the old version, the measures lower several "thresholds." Regarding vehicles, the entry requirements have been relaxed from "initial registration" to "no more than 2 years since initial registration," and additional requirements such as "electronic stability control systems" have been removed. Regarding drivers, the clause requiring "Nanjing household registration or residence permit" has been deleted.The final reading of the Eurozones core CPI annual rate for December was 2.3%, in line with expectations and unchanged from the previous reading.The final reading of the Eurozones core CPI for December was 0.2%, unchanged from the previous month.

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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