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September 18th - Data from multiple travel platforms shows that the inbound tourism market continued its growth trend during this years Mid-Autumn Festival and National Day holidays, exhibiting new characteristics of diversified tourist source structure and deeper destination penetration. Ctrip data shows that inbound tourist arrivals will maintain double-digit growth during the combined Mid-Autumn Festival and National Day holiday. The expansion of the tourist source map is a prominent feature of this years inbound tourism during the holidays. Russia jumped to become the number one source country with a growth rate of 173%, followed by markets such as the UK, Malaysia, and Canada with growth rates exceeding 50%. The source structure of inbound tourism is rapidly expanding from traditional East Asian neighbors to Europe and Oceania. The continued buzz surrounding "ChinaTravel" on global social media has provided a foundation for this change. Industry analysts believe that the growth momentum of the inbound tourism market is shifting from policy dividends to a dual-engine approach of "policy + content." For local areas, the ability to transform local cultural resources into experiential and shareable cultural tourism products will affect their competitiveness in the inbound tourism market.Swedish bank: It will include approximately 500 million Swedish kronor in credit losses for revaluation in the third quarter.Engineers India: is in talks with Saudi Arabia and the UAE regarding the construction of oil facilities.On September 18, Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to comprehensively strengthen the protection and management of traditional Chinese medicine (TCM) knowledge to safeguard the foundation for its survival and development. It stressed the importance of coordinating the protection and utilization of TCM resources, continuously deepening research and interpretation of TCMs basic theories, diagnostic and treatment principles, and mechanisms of action, increasing the promotion and application of traditional TCM knowledge, and strengthening international exchange and cooperation to enhance my countrys international influence in traditional medicine through mutual learning. The meeting discussed and approved in principle the draft amendments to 15 laws, including the "Emergency Response Law of the Peoples Republic of China," and decided to submit the drafts to the Standing Committee of the National Peoples Congress for deliberation.On September 18, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to strengthen the medical rehabilitation and nursing service system, focusing on grassroots levels, and to extend rehabilitation and nursing resources to communities and families to enhance the accessibility of rehabilitation and nursing services for urban and rural residents. The meeting stressed the importance of relying on technological innovation to improve the level of medical rehabilitation and nursing, developing more intelligent rehabilitation technologies and equipment, and enriching service scenarios. It also emphasized strengthening support and guarantees for medical rehabilitation and nursing, dynamically adjusting the catalog of rehabilitation medical and long-term care services, deepening price reforms for medical rehabilitation and nursing services, improving talent training policies, and continuously enhancing the attractiveness of the profession.

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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