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On April 19th, it was reported that on April 18th, the largest urban redevelopment project in Shenzhen—the Hewan North Area Renovation Project (Nanhua Village Urban Redevelopment) in Futian District—was completed, with 2,763 households successfully relocating. The project, undertaken by China Construction Third Engineering Bureau South China Company, is a key livelihood project in Futian District and one of the first government-led urban redevelopment projects implemented under Shenzhens new urban redevelopment policy. The project covers a total land area of approximately 63,000 square meters and a total construction area of approximately 490,000 square meters, planned to include 13 high-rise residential buildings and one kindergarten. Nanhua Village, originally built in 1984, was a large-scale residential community built by the Shenzhen government in its early days. After years of development, the original living environment and supporting facilities could no longer meet the needs of modern residents.On April 19, Russian Deputy Foreign Minister Alexander Grushko stated that Moscow has repeatedly called on Ankara to urge Turkey to compel Kyiv to provide assurances that it will refrain from attacking the infrastructure of the TurkStream and Blue Stream gas pipelines.On April 19th, multiple sources disclosed that Esmail Qaani, commander of the Quds Force of Irans Islamic Revolutionary Guard Corps, visited Baghdad, the Iraqi capital, that day. This is Qaanis first overseas trip since Iran and the United States announced a temporary ceasefire earlier this month. Iraqi officials and sources said that Qaanis visit will involve discussions with various Iraqi parties on how to de-escalate the regional conflict and its impact on Iraq. Qaani will meet with Iraqi political leaders and leaders of armed factions to try to coordinate positions among pro-Iranian factions in Iraq and ensure that the security situation in Iraq and the entire region does not deteriorate further during this "sensitive period." Sources indicated that Qaanis visit may also involve efforts to resolve the political deadlock in Iraq caused by the nomination of a new prime minister.Hong Kong Financial Secretary Paul Chan Mo-po announced today (April 19) that the Office for Attracting Key Enterprises will announce a new batch (the sixth batch) of key enterprises tomorrow. The list includes several companies with market capitalizations exceeding HK$100 billion, covering cutting-edge fields such as life sciences and healthcare, low-altitude economy, artificial intelligence, new energy materials, cross-border financial infrastructure, and fintech. Chan noted that the Office has previously successfully attracted over 100 key enterprises, focusing on life sciences and healthcare, artificial intelligence and data science, fintech, advanced manufacturing and new energy technologies, and cultural and creative industries. These enterprises originate from various regions including Mainland China and Europe and the United States, fully demonstrating Hong Kongs superior business and innovation environment, as well as its attractiveness as a platform connecting Mainland China and the international community.On April 19th, under the unified coordination of the State Administration for Market Regulation, market supervision and public security departments of Shanxi and Sichuan provinces jointly cracked a major criminal network involved in the production and sale of trademark infringement and counterfeit liquor. The operation uncovered seven locations in Lüliang and Taiyuan cities, Shanxi Province, for the production, concealment, packaging, trademark printing, and mailing of illegal products, as well as one online live-streaming sales point. Nearly 20,000 cases of suspected counterfeit liquor, over 700,000 counterfeit packaging materials, 14 pieces of counterfeit manufacturing equipment, and 41 large storage tanks were seized. As of now, the amount involved has been determined to be 260 million yuan. The public security organs have summoned 22 people, taken coercive measures against 11, and transferred 2 for prosecution.

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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