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On January 21st, Daiwa Securities issued a research report re-evaluating its forecast for Tencents (00700.HK) performance last quarter. The report anticipates a slowdown in the groups domestic gaming business due to seasonal factors and a high base effect, while the international gaming business is expected to stabilize after an exceptionally strong third quarter. Furthermore, the report states that recruitment costs for AI talent and GPU leasing will put upward pressure on operating expenses. The report lowered its forecast for the groups gaming revenue for the period due to Tencents overall weak revenue performance last quarter, expecting domestic gaming revenue to reach RMB 37.3 billion, representing a year-on-year increase of 12% but a quarter-on-quarter decrease of 13%. Daiwa lowered its 2026-2027 earnings per share forecast for Tencent by 1-2%, reiterated its "Buy" rating, but lowered its target price from HKD 750 to HKD 725.Apples status page indicates that the issues with the App Store, Apple TV, and iTunes Store have been resolved.Piper Jaffray: Lowered its target price for Netflix (NFLX.O) from $140 to $103.On January 21st, several securities industry professionals stated that the official opening of the Hainan Free Trade Port is a significant milestone in my countrys financial opening-up process, and securities firms have a significant role to play in this process. Currently, securities firms are deeply involved in the construction of the Hainan Free Trade Port through multiple paths, including cultivating local industrial chains, expanding cross-border asset management business, and assisting in state-owned enterprise reform. Beyond industrial empowerment, cross-border asset management is becoming another key area for securities firms expansion in Hainan. According to information on the official website of the Hainan Securities Regulatory Bureau, seven institutions, including Jinyuan Securities and Wanhe Securities, have already completed the registration for pilot cross-border asset management business in the Hainan Free Trade Port.The White House: After Air Force One took off, the crew discovered a “minor electrical problem.” Out of an abundance of caution, we are returning to Joint Base Andrews and will land on a new aircraft.

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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