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January 9th - European energy stocks rallied overnight as geopolitical risks pushed up oil prices. British oil giants Shell and BP rose 1.7% and 1.55% respectively, while Frances Total Energy gained 1.7%. Norwegian energy company Equinor rose 2.3%, while Spains Repsol saw a smaller increase of 0.7%. Portugals Galp Energia rose 1.4%. Overnight, benchmark crude oil closed up more than 3% after President Trump issued another warning to Iran and a bill in the US Congress to further sanction Russian oil made progress. Meanwhile, Citigroup analyst Alastair Syme wrote in a report that merger talks between Galp and Spains Moeve sent a positive signal for the value of Iberian energy companies.Eurozone November retail sales figures will be released in ten minutes.January 9th - HSBC analyst James Steel stated, "We estimate a double-digit decline in jewelry demand in 2025, and we speculate that the market recovery in 2026 and 2027 will at best be modest. Demand has further declined as gold prices have exceeded $4,000 per ounce. Even a significant price drop may not be enough to stimulate substantial demand growth, as consumers may continue to shift towards lighter products or purchase platinum jewelry."Russia has stated that the United States has released the two Russian crew members previously detained on the oil tanker and expressed its gratitude to President Trump.On January 9th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated that in December, the national passenger car market retail sales reached 2.261 million units, a year-on-year decrease of 14.0% and a month-on-month increase of 1.6%. Cumulative retail sales this year reached 23.744 million units, a year-on-year increase of 3.8%. Passenger car exports in December reached 588,000 units, a year-on-year increase of 46.2% and a month-on-month decrease of 2%. From January to December, passenger car manufacturers exported 5.739 million units, a year-on-year increase of 19.7%. Passenger car production in December reached 2.791 million units, a year-on-year decrease of 4.6% and a month-on-month decrease of 10.1%. From January to December, passenger car production reached 29.633 million units, a cumulative year-on-year increase of 10.4%. Decembers passenger car production was 135,000 units less than the 2.926 million units projected for December 2024, indicating a significant reduction in production.

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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