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On August 18th, the Ministry of Commerce and eight other departments issued an opinion on further stimulating the vitality of lower-tier markets and boosting consumption in county-level areas. The opinion mentions improving the quality and efficiency of financial services. It guides financial institutions to optimize financial services for the consumption sector in lower-tier markets and strengthens financial support for eligible consumer commercial facilities projects. It supports eligible wholesale, retail, and service enterprises in issuing bonds and listing on the stock exchange. Eligible commercial and trade enterprises that open new chain stores in county-level areas can apply for entrepreneurial guaranteed loans and receive interest subsidies.On August 18th, nine departments, including the Ministry of Commerce, issued an opinion on further stimulating the vitality of lower-tier markets and boosting consumption in county-level areas. The opinion mentions expanding the supply of high-quality, reasonably priced goods. It encourages enterprises to actively introduce high-quality products into county-level markets, simultaneously launching new products in eligible counties, and promoting the sharing of the same quality and products between urban and rural areas. It guides enterprises to develop high-quality products that meet the consumption characteristics of county-level areas and supports commercial and trade enterprises in building flexible supply chains based on "own brands + demand-driven production." It also strongly supports the promotion of new energy vehicles, green and intelligent products, and green building materials in rural areas, and expands the coverage of rural charging facilities.With no substantial progress in the Middle East situation, will crude oil prices continue their slightly bullish trend in the short term? A quick overview of the pre-market crude oil prices (converted between domestic and international markets) in one chart.On August 18th, nine departments, including the Ministry of Commerce, issued an opinion on further stimulating the vitality of lower-tier markets and boosting consumption in county-level areas. The opinion mentions developing emerging business models tailored to local conditions. It encourages qualified regions to develop virtual reality, immersive experiences, and "artificial intelligence + consumption," and promotes green consumption models such as secondhand trading and commodity leasing. It also calls for deepening the implementation of a special action to promote healthy consumption and innovating consumption chains that integrate primary, secondary, and tertiary industries.Weak US consumer data led to a slight rebound in precious metals. A quick chart shows the pre-market prices of gold and silver, converted between domestic and international markets.

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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