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US President Trump posted a picture on social media with the caption: "The governments initial $8.9 billion investment in Intel (INTC.O) is now worth more than $51 billion."Hong Kong-listed tech stocks continued their decline, with Meituan (03690.HK) falling over 7%, SenseTime (00020.HK) and Kingdee International (00268.HK) down 5%, Baidu (09888.HK) down 3.8%, Bilibili (09626.HK) down 3.6%, and JD.com (09618.HK), Alibaba (09988.HK), and Tencent Holdings (00700.HK) all falling over 3%.Futures Market News, May 28th: 1. Jiangsu Jingshen Chemicals soda ash plant began maintenance on May 15th, expected to last half a month. Prices are stable, with light soda ash quoted at 1250 yuan/ton ex-factory. 2. Hubei Shuanghuans soda ash plant is running again. Prices are stable, with light soda ash quoted at 1180-1200 yuan/ton. 3. Zhongyan Anhui Hongsifangs soda ash plant began maintenance on May 15th, expected to last one month. 4. Taiwan Glass Group Shilian Chemical (Jiangsu) Co., Ltd.s soda ash plant is undergoing maintenance, starting May 7th, expected to last one month. 5. Inner Mongolia Boyuan Yingen Chemicals 7.8 million tons/year soda ash plant is operating at reduced capacity. Currently, the ex-factory price of qualified light soda ash is 820 yuan/ton. 6. Tangshan Sanyous 2.3 million tons/year soda ash plant is operating at 70% capacity. 7. Guangdong Nanfang Alkali Industrys 600,000 tons/year soda ash plant is operating at 60-70% capacity. 8. Tianjin Alkali Plants 800,000-ton/year soda ash unit is operating at reduced capacity. The current ex-factory price of light soda ash is 1,300 yuan/ton, and transactions are negotiable.On May 28th, NIO CEO William Li mentioned during a media Q&A session about the NIO ES9 that the prices of raw materials, including nickel, cobalt, and lithium carbonate, have risen this year, increasing the cost of a single vehicle by more than 10,000 yuan. Li noted that the impact of commodities and memory chips on the automotive industry extends beyond the automotive sector to other, more rapidly growing and lucrative industries, leaving automakers with little bargaining power. He added that memory chip prices have not yet decreased after this years rise, and the increased costs from raw materials are unlikely to decrease in the short term; these costs will have to be absorbed by the companies themselves.The yield on Japans 20-year government bond rose 2.0 basis points to 3.615%.

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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