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On December 30th, Cao Cao Mobility (02643.HK) announced that its consolidated affiliated entity, Hangzhou Youxing, entered into an equity acquisition agreement with Zhejiang Jidi and an equity acquisition agreement with Mercedes-Benz Mobility and Geely Holding. According to these agreements, Hangzhou Youxing agreed to acquire 50% equity interests in Weixing Technology from both Zhejiang Jidi and Mercedes-Benz Mobility for a total cash consideration of RMB225 million. Upon completion of the acquisitions, Weixing Technology will become a wholly-owned subsidiary of Hangzhou Youxing.On December 30th, the National Medical Products Administration (NMPA) held a meeting in Beijing to advance the pilot program for deepening medical device vigilance. The meeting heard reports from the first batch of pilot provinces and discussed specific measures to further deepen the pilot program. Xu Jinghe, member of the Party Leadership Group and Deputy Director of the NMPA, attended and addressed the meeting. The meeting emphasized the need to thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and its subsequent plenary sessions, deeply understanding the significance of deepening the pilot program for medical device vigilance; to clarify the responsibilities of all parties, implement pilot tasks, and strengthen the construction of systems and operational mechanisms; to improve platforms and systems, promote the "one body, two wings" construction, and enhance vigilance capabilities; and to fully utilize technologies such as AI to strengthen technological empowerment, quickly identify risk signals, and effectively handle risks.Airbus: Airbus is expected to make the necessary modifications to the selected aircraft.Airbus: The Spanish Ministry of Defense awarded an 18-month research project.As of 8:30 PM Beijing time, WTI crude oil futures rose 0.43%, and US natural gas futures rose 1.15%.

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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