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June 28th - According to Saudi media outlet Alhadath: The Iraqi and Iranian foreign ministers held a press conference in Baghdad. The Iraqi Foreign Minister stated that the Iranian Foreign Ministers visit was of great significance. Iran is an important neighbor of Iraq. Iraq has played a crucial role in communication between the US and Iran. He discussed many issues with Araghzi, including bilateral relations and the US-Iran memorandum of understanding. He emphasized the importance of opening the Strait of Hormuz and lifting the maritime blockade. The war and the blockade of the Strait of Hormuz have negatively impacted our economic situation. The closure of the Strait of Hormuz has disrupted Iraqs oil supply. Iraq does not support escalating the war, nor does it support aggression against Iran. The continuation of the war will lead to regional destruction. The region must protect itself.June 28 (Xinhua) -- According to sources in Manama, Bahrain, the Bahraini Defense Forces Command issued a statement on the 28th saying that Bahrains air defense system successfully intercepted and destroyed missiles and drones originating from Iran. The statement said that Iran continues to take hostile actions, launching missile and drone attacks against Bahraini civilians. All operational units and forces of the Bahraini Defense Forces are on high alert and fully prepared for defense. The Bahraini Ministry of the Interior issued a statement that day saying that the Iranian attack damaged a residential building in Muharraq province, but caused no deaths. Relevant departments are taking necessary measures on the scene.On June 28, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted research in Sichuan Province from June 25 to 28. He Lifeng pointed out the need to strengthen research on key core technologies, accelerate the construction of a modern industrial system, and continuously enhance the driving force of economic development. He stressed the importance of further tapping the potential of foreign trade, fully leveraging the role of the China-Europe Railway Express and the Western Land-Sea New Corridor, better serving the construction of inland open highlands, and promoting high-quality development of foreign trade. He also emphasized the need to coordinate development and security, continuously monitor and effectively prevent and resolve risks in key areas, and effectively safeguard the local economic and financial ecosystem. He Lifeng demanded that relevant departments thoroughly analyze the common situations and practical problems reflected by local governments and enterprises, conduct in-depth analysis to address specific cases and address broader issues, promptly study and reserve relevant policies and measures, and strive to promote sustained and stable economic growth.June 28 – According to the Korea Times, the South Korean presidential office announced on Sunday that Samsung Electronics and SK Hynix will announce major investment plans at a meeting chaired by President Lee Jae-myung on Monday. The investments will be announced at a briefing held at the Blue House at 2 PM KST (1 PM Beijing time) on Monday, which will introduce the governments "three mega-projects" aimed at achieving balanced regional development. A spokesperson added that the plan is jointly promoted by the trade, technology, transportation, and energy sectors. Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won will attend the event and participate in discussions with other attendees. Industry observers predict that the two chipmakers will invest more than 1,000 trillion won (approximately US$650 billion) over the next 10 years, potentially including the development of a chip industry cluster in the southwestern Honam region. Lee Jae-myung called the investment a "historic achievement" and a policy move that could change the fate of South Korea on Saturday.Kuwaits imports in the first quarter amounted to 2.73 billion dinars, while its exports totaled 4.5 billion dinars.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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