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June 3rd - The Regional Comprehensive Economic Partnership (RCEP) will mark its third anniversary of full entry into force in June 2026. According to the Guangdong Sub-Administration of the General Administration of Customs, since June 2, 2023, Guangdong ports have imported a total of 53.8 billion yuan worth of goods enjoying preferential tariff treatment, resulting in tariff reductions of 1.4 billion yuan. Tax reductions have seen significant growth for three consecutive years, with year-on-year increases of 8.81%, 32.35%, and 32.12% respectively in 2023, 2024, and 2025. According to a relevant official from the Comprehensive Business Department of the Guangdong Sub-Administration of the General Administration of Customs, the customs has continuously optimized the level of RCEP customs clearance facilitation, helping enterprises to make good use of the RCEP rules of origin based on their own product and industry characteristics, guiding enterprises to scientifically choose the "optimal option" for preferential treatment, actively cultivating and recognizing "approved exporters," and realizing the superposition of policy dividends for customs advanced certified enterprises, thus continuously releasing the benefits of tariff reductions.Hong Kong-listed tech stocks continued to decline during the session, with Meituan (03690.HK) falling more than 6%, Kuaishou (01024.HK) and Bilibili (09626.HK) falling more than 5%, and Tencent Holdings (00700.HK) and JD.com (09618.HK) currently down more than 4%.Apple futures (2610 contract) surged during the session, with gains widening to 1.99%, and the latest price at 7733 yuan/ton; the trading volume was approximately 7.659 billion yuan, with nearly 600 lots added to open interest during the day, and both trading volume and open interest activity increased simultaneously.Documents from Petronas, Malaysias national oil company, show that the official selling price for Malaysian crude oil in May was set at a premium of US$126.80 per barrel.Fitch: New Zealands early return to surplus still depends on economic growth.

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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