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On May 14, Hang Seng Bank (00011.HK) reportedly carried out a more extensive layoff operation since the bonus was distributed in late March. The reduction in individual departments of Hang Seng is about 10% to 50%, and the layoff operation is expected to be completed by the end of June. According to reports, Hang Seng Bank has laid off employees in many departments since March. At this stage, it mainly involves the logistics support department, including the strategy and corporate development department. In addition, the layoff departments also include the information technology department, corporate communications department and Hang Seng Index Company. According to reports, even if employees in the affected departments have not been fired, they have to reapply for the position and compete with internal and external applicants. However, even if you apply for a position in the original department, the title may have changed due to the reorganization. Currently, Hang Seng is recruiting more than 100 positions, and the relevant employees can apply for any position at will.Samsonite (01910.HK) fell nearly 10% after the results. The companys adjusted EBITDA in the first quarter decreased by 20.9% to US$128 million.Smoore International (06969.HK) rose more than 7%, and its share price once reached HK$17 during the session, setting a new high since August 2022.The rupiah fell as much as 0.45% to 16,585 against the dollar, its lowest level since May 2.On May 14, Goldman Sachs said that after an internal analysis of Trumps social media posts on oil prices, it was found that Trump seemed to prefer to maintain WTI oil prices between $40 and $50 per barrel. Analysts such as Daan Struyven said: "Trump has always been very concerned about oil and US energy dominance. He has posted nearly 900 related tweets. Through analysis, we infer that his preference for WTI oil prices is around $40 to $50, which is also the range in which he talks about oil prices the least frequently." The prices of US and Brent crude oil are often affected by Trumps social media remarks. His comments range from OPECs production policy, US gasoline prices to sanctions on countries such as Iran. The report pointed out: "When WTI prices are above $50, Trump usually calls for price cuts (or welcomes the drop in oil prices); when oil prices are very low (below $30), he calls for higher oil prices, usually to support domestic oil and gas production in the United States."

DAX, CAC, and FTSE 100: Futures Point to a Bullish Session

Florala Chen

Mar 06, 2023 17:24

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The Majors

It was a bullish Friday session, with the CAC and DAX seeing gains of 0.88% and 1.64%, respectively. However, the FTSE 100 trailed the front-runners, rising by just 0.04%, with a stronger GBP/USD pegging the 100 back from a more meaningful move.


Early in the day, private sector PMI numbers from China and the euro area were positive. Following impressive Caixin Manufacturing PMI numbers from China, the Caixin Services PMI was also positive, with the PMI rising from 52.9 to 55.0.


Later in the session, the Fed talk of ‘slow and steady’ resonated, with a solid ISM Non-Manufacturing PMI survey also bullish.


The NASDAQ Composite Index and the S&P 500 responded to the stats and shift in Fed sentiment, rising by 1.97% and 1.61%, respectively. The Dow gained 1.17%.

The Stats

German trade data drew interest ahead of service and composite PMIs. The German trade surplus widened from €9.7 billion to €10.8 billion in January, suggesting a less gloomy macroeconomic environment.


For the Euro area, the Services PMI increased from 50.8 to 52.7, down from a prelim 53.0. The Composite PMI rose from 50.3 to 52.0, down from a prelim 52.3.

According to the Finalized Composite Survey,


The Eurozone economy expanded at its most marked pace since June 2022.


Incoming new business increased for the first time since May 2022, though new export sales fell for a twelfth consecutive month.


Business confidence rose to a 12-month high but sat below pre-Ukraine war levels.


Firms continued to hire across the private sector, with the pace of hiring above the series average.

Across the manufacturing sector, input price inflation slowed, while service sector companies reported a sharp increase in operating costs because of wage pressures.


By member state, Spain ranked first, with the Composite PMI hitting a nine-month high of 55.7. German sat at the bottom of the table, with an eight-month high of 50.7.

From the US

The US economic calendar drew plenty of interest, with the all-important ISM Non-Manufacturing PMI survey in focus.


In February, the ISM Non-Manufacturing PMI slipped from 55.2 to 55.1, signaling a positive service sector outlook. Significantly, the ISM Non-Manufacturing Employment Index jumped from 50.0 to 54.0, suggesting that firms have yet to reach the top side of hiring.


While the stats supported a hawkish Fed, a shift in sentiment toward the Fed policy outlook delivered support for riskier assets. FOMC Member Bostic broke from the recent hawkish rhetoric, favoring a ‘slow and steady’ hand and a 25-basis point rate hike. The comments resonated on Friday.