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On August 11th, the China Passenger Car Association (CPCA) projected that the passenger car market in August 2026 would exhibit a trend of "weak overall recovery and strong structural differentiation." With 21 working days for production and sales coinciding with the off-season due to high temperatures, the recovery in the terminal market was slow. Multiple macroeconomic and industry factors intertwined to shape the market landscape. Affected by the disruption to navigation in the Strait of Hormuz, international oil prices fluctuated upwards in July, leading to two rounds of cumulative increases in domestic refined oil prices of nearly 985 yuan/ton. This significantly raised the cost of using and maintaining gasoline-powered vehicles, continuously suppressing consumers willingness to purchase them. The continued weakening demand for traditional gasoline-powered vehicles became a core external positive factor for the counter-trend growth of new energy vehicles, continuously expanding the growth space for new energy vehicle models in both domestic and overseas markets.On August 11th, it was reported that in July, the retail penetration rate of new energy vehicles (NEVs) in the overall passenger vehicle market in China reached 65.1%, an increase of 11.6 percentage points year-on-year and 2.1 percentage points month-on-month. In July, the NEV penetration rate among domestic brands was 83.8%; among luxury brands, it was 30.9%; while among mainstream joint venture brands, it only rose to 13.7%. Looking at the monthly domestic retail market share of NEVs, in July, domestic brands held a 64.6% share, a year-on-year decrease of 5.3 percentage points; mainstream joint venture brands held a 4.5% share, a year-on-year increase of 0.9 percentage points; and emerging electric vehicle (EV) brands held a 26.8% share, with brands such as Leapmotor and NIO contributing a 5.4 percentage point year-on-year increase in their market share.The China Passenger Car Association (CPCA) reported that the wholesale penetration rate of new energy vehicles (NEVs) reached 64.2% in July, an increase of 11 percentage points compared to July 2025. In July, the penetration rate of NEVs among domestic brands was 73.6%; among luxury cars, it was 57.1%; and among mainstream joint venture brands, it rose to 17.1%.Lebanons Ministry of Health: An Israeli drone strike in Nabatieh injured two people.August 11th - Data from the China Passenger Car Association (CPCA) shows that in July, the production of new energy passenger vehicles reached 1.449 million units, a year-on-year increase of 25.6% and a month-on-month increase of 0.2%. From January to July, the cumulative production of new energy passenger vehicles reached 8.214 million units, a year-on-year increase of 7.9%. Wholesale sales of new energy passenger vehicles reached 1.446 million units in July, a year-on-year increase of 21.3% and a month-on-month decrease of 2.8%; from January to July, wholesale sales of new energy passenger vehicles reached 8.248 million units, a year-on-year increase of 7.6%. Wholesale sales of conventional fuel-powered passenger vehicles reached 810,000 units in July, a year-on-year decrease of 24% and a month-on-month decrease of 8%.

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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