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July 2nd - Three mandatory national standards for the photovoltaic (PV) industry were officially approved and released today. These standards establish rigid energy consumption and efficiency constraints across the entire PV industry chain, from silicon materials and wafers to PV modules and inverters. By standardizing these standards, the green management system of the PV industry chain is improved, providing institutional support for the high-quality development of the new energy industry. The Ministry of Industry and Information Technology, in conjunction with the National Development and Reform Commission and the State Administration for Market Regulation, released three mandatory national standards for PV energy consumption and efficiency: "Energy Consumption Limits per Unit Product of Monocrystalline Silicon," "Energy Efficiency Limits and Energy Efficiency Grades for Crystalline Silicon PV Modules and Inverters," and "Energy Consumption Limits per Unit Product of Polycrystalline Silicon and Germanium." These standards cover key links in the PV industry chain, including polycrystalline silicon, wafers, modules, and inverters. They set energy consumption and efficiency indicators for relevant products at different levels, strictly controlling high-energy-consuming and inefficient production capacity at each stage. For modules, the standards innovatively incorporate the coupling environment stress attenuation rate evaluation index. Next, relevant industry organizations will accelerate the dissemination, interpretation, and implementation of these standards to solidify my countrys global competitiveness in the PV industry and support the green and low-carbon transformation of energy and the achievement of "dual-carbon" goals.July 2nd - Tencent Wealth Managements current account + 7-day annualized yield ranges from a high of 1.0630% to a low of 0.7850%, WeChat Pays 7-day annualized yield ranges from a high of 1.0070% to a low of 0.9750%, and Alipays Yuebaos 7-day annualized yield ranges from a high of 1.0220% to a low of 1.0010%.Crude oil futures (2608 contract) fell 5.06% intraday, last trading at 437.1 yuan/barrel, with open interest increasing by nearly 2,700 lots, indicating increased volatility in the market.SK Hynix CEO: The company will put its new packaging plant P&T7 into operation by the end of 2027.July 2nd - The revised "Detailed Rules for the Review of Production Licenses for Infant and Toddler Complementary Foods (Draft for Public Comment)" has been released for public comment. The new regulations further tighten licensing requirements and improve product quality. Infant and toddler complementary foods refer to cereal-based complementary foods, canned complementary foods, and nutritional supplements for infants and toddlers aged 6 to 36 months. The revised draft imposes stricter control requirements on the raw materials and ingredients of infant and toddler complementary foods.

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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