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ECB Governing Council member Kochel: Uncertainty and volatility remain high.July 31 – According to data from the Shanghai Municipal Tax Service, value-added tax invoices show that in the first half of the year, sales revenue in traditional industries such as food manufacturing in Shanghai increased by 9.2% year-on-year. Meanwhile, emerging industries maintained rapid growth, with sales revenue in sectors such as intelligent vehicle equipment and robotics increasing by 61.5% and 17.5% year-on-year, respectively.Italys FTSE MIB index rose 1.00% on the day.On July 31, the Ministry of Industry and Information Technology (MIIT) released the economic performance of the telecommunications industry in the first half of 2026. In the first half of the year, telecommunications business revenue totaled 887.3 billion yuan, a year-on-year decrease of 2.1%. The total volume of telecommunications business, calculated at constant prices from the previous year, increased by 7.7% year-on-year. The number of mobile phone users remained stable with slight growth, and 5G users developed rapidly. As of the end of June, the total number of mobile phone users of the three major basic telecommunications enterprises and China Broadcasting Network reached 1.844 billion, a net increase of 17.04 million from the end of last year. Among them, 5G mobile phone users reached 1.288 billion, a net increase of 84.34 million from the end of last year, accounting for 69.9% of all mobile phone users. 5G network construction continued to deepen. As of the end of June, the total number of 5G base stations reached 5.102 million, a net increase of 263,000 from the end of last year, accounting for 39.1% of the total number of mobile base stations, an increase of 0.9 percentage points compared to the first quarter.Royal Bank of Canada: Raises its price target for Amazon (AMZN.O) from $320 to $330.

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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