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Chinese concept stocks returning to Hong Kong mostly declined, with BeiGene (06160.HK), Miniso (09896.HK), and Baidu (09888.HK) all falling by more than 3%, while Li Auto (02015.HK) and NetEase-S (09999.HK) fell by more than 2%.Kuala Lumpur fire department said the small fire at the Central Bank of Malaysia building has been extinguished.On May 15th, Delhi retailers revealed that India raised petrol and diesel prices by approximately 3 rupees per liter (about $0.03), marking the countrys first fuel price increase in four years. This move aims to offset some of the losses caused by soaring global oil prices. Global oil prices surged to over $120 per barrel due to the near closure of the Strait of Hormuz and severe shipping disruptions caused by the Iran-Iraq War, before falling back to around $100-$105 per barrel. Currently, diesel retails for 90.67 rupees per liter in Delhi, and petrol retails for 97.77 rupees per liter. The three state-owned enterprises—Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation—collectively control over 90% of Indias more than 103,000 gas stations, and these three companies typically adjust diesel and petrol retail prices in tandem.Hong Kong-listed mainland property stocks rose, with Jinhui Holdings (09993.HK) surging over 33%, Ronshine China (03301.HK) rising over 11%, Country Garden (02007.HK) gaining over 3%, and Sunac China (01918.HK) and Sino-Ocean Group (03377.HK) both rising over 1%.According to Hong Kong Stock Exchange documents, Shandong Ande Medical Supplies Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.

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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