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January 16th - Today, concrete pouring began on the nuclear island of Unit 1 at the Jiangsu Xuwei Nuclear Power Plant, a project of China National Nuclear Corporation (CNNC). This marks the start of the main construction phase for the worlds first integrated nuclear energy utilization project that couples the "Hualong One" pressurized water reactor with a high-temperature gas-cooled reactor, officially opening a new chapter in my countrys nuclear energy transformation from primarily power generation to diversified supply.On January 16th, Hong Kong Financial Secretary Paul Chan attended a special meeting of the Legislative Councils Finance Committee to discuss whether the government would establish a mechanism to review the stock stamp duty. Chan stated that stamp duty is an important part of government revenue, and the increase in stamp duty this fiscal year mainly came from stocks, while property stamp duty was significantly reduced due to the still unstable market conditions. He believes this must be considered from the perspective of public finance and public interest. At the same time, the government will consider Hong Kongs competitiveness compared to other regions to avoid business losses. Chan reiterated that there will be no further reduction in the stock stamp duty unless the external environment makes Hong Kong less competitive. According to previous research, the current stamp duty level is appropriate in terms of transaction volume and competitiveness. As for new areas such as real estate funds and exchange-traded funds (ETFs), the restrictions will be more lenient, but the bottom line of collecting all due taxes will be upheld, and the feelings of the general public will not be ignored.January 16th - According to the National Healthcare Security Administration, as of now, all 31 provinces (autonomous regions and municipalities) and the Xinjiang Production and Construction Corps have completed the launch of the medical insurance drug price comparison mini-program, achieving full coverage and accessibility for all citizens, allowing insured individuals across the country to enjoy convenient price comparison services. The medical insurance drug price comparison mini-program relies on data resources from designated medical institutions nationwide, ensuring timely data updates, comprehensive functions, and wide coverage, providing a one-stop solution for drug price comparison. Insured individuals can search for their local medical insurance mini-program on WeChat or Alipay, or access the medical insurance app to use the medical insurance drug price comparison mini-program. After entering the drug name, they can instantly obtain core information such as the price range, inventory status, and manufacturer of the drug at designated pharmacies in their region. The mini-program supports filtering and sorting by multiple dimensions, including price level and distance.Australian Treasurer Chalmers: Supports Reserve Bank of Australia Governor Bullocks signing of a letter supporting Federal Reserve Chairman Powells decision.January 16th - According to sources, some Bank of Japan (BOJ) policymakers believe that an earlier-than-expected interest rate hike is possible, with a high probability of an April rate increase, as the continued depreciation of the yen could exacerbate already widening inflationary pressures. BOJ policymakers face the daunting task of pushing up years of persistently low borrowing costs amid increasing global headwinds and economic pressures, just as the Japanese economy is beginning to recover from prolonged deflation. The central bank just raised interest rates to a 30-year high in December and is expected to keep rates unchanged at its January meeting. However, sources say many BOJ policymakers believe there is room for further rate hikes, with some not ruling out action in April, which would be earlier than the mainstream market expectation (i.e., a rate hike in the second half of the year). Sources indicate that if sufficient evidence emerges that Japan will continue to achieve its 2% inflation target, some within the BOJ are not ruling out the possibility of early action.

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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