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JPMorgan Chase raised its price target for UnitedHealth Group (UNH.N) from $466 to $516.On July 21, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan," introducing the relevant situation regarding accelerating the construction of a strong transportation nation and improving the modern comprehensive transportation system. Xu Chengguang, Vice Minister of Transport, stated at the conference that the overall goal for the 15th Five-Year Plan period is to basically complete the construction of a modern comprehensive transportation system. Regarding optimizing the transportation structure, the focus is on promoting the upgrading and digital transformation of transportation infrastructure. By 2030, approximately 80,000 kilometers of infrastructure will be upgraded, a new round of rural road improvement will be implemented, and 500,000 kilometers of rural roads will be newly built or renovated. In terms of strengthening system integration, the focus is on improving the comprehensive transportation system of modern metropolitan areas, implementing a project to improve intercity commuting efficiency in metropolitan areas, accelerating the construction of 20 international and 80 national comprehensive transportation hub cities, implementing a multimodal transport initiative, and removing bottlenecks and obstacles. The goal is to promote the improvement of multimodal transport functions at 1,000 major freight nodes within approximately five years.Huahong Grace Semiconductors A-shares and H-shares both rose, with A-shares up over 10% and H-shares up over 7%.July 21 - According to a press conference held by Shanghai Customs, Shanghais foreign trade imports and exports reached 2.55 trillion yuan in the first half of this year, a year-on-year increase of 18.6%, of which exports reached 1.14 trillion yuan, an increase of 20.1%; and imports reached 1.41 trillion yuan, an increase of 17.4%.July 21 - According to Iranian sources on the 21st local time, in response to the US attack on Iran, Iranian ground forces used surface-to-surface missiles to strike the US HIMARS high-mobility rocket system at the Arifjan base in Kuwait.

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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