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March 19th - According to CNBC, industry insiders revealed that European chip importers are facing soaring costs and delivery delays due to disruptions in air transport routes through the Middle East caused by the war in Iran—forcing them to draw on inventory and pay higher freight rates. Since the outbreak of hostilities on February 28th, airports and shipping routes have been frequently attacked, disrupting cargo routes. Data from logistics company DSV shows that global air freight capacity (primarily used for transporting high-value electronic products such as semiconductors) has decreased by approximately 9% compared to pre-war levels. DSVs head of air freight, Kriken, stated, "Inventories will continue to decline in the coming weeks, and everyone is hoping that freight rates will return to normal." He pointed out that European automakers are being impacted, and while many buyers havent drastically reduced imports, they have begun paying premiums to ensure deliveries. An informed source revealed that a European chip company experienced partial delivery delays of several days, air freight costs have increased, and the trend in the coming months is unpredictable.Micron Technology (MU.O) shares fell 4.4% in pre-market trading.Samsung Electronics: Announces strategy to ensure its leading position in the field of artificial intelligence chips.March 19 – On the afternoon of March 19, the Ministry of Commerce held a regular press conference. A reporter asked how China would participate in the 14th Ministerial Conference of the World Trade Organization (WTO), which will be held at the end of this month. In response, Ministry of Commerce spokesperson He Yongqian stated that the 14th WTO Ministerial Conference (MC14) will be held in Yaoundé, the capital of Cameroon, from March 26 to 29, and Minister of Commerce Wang Wentao will lead the Chinese delegation to attend.On March 19th, it was reported that on March 17th, Zhu Hexin, Secretary of the Party Leadership Group and Director of the State Administration of Foreign Exchange (SAFE), chaired an enlarged meeting of the Party Leadership Group. The meeting focused on deepening reform and innovation in the foreign exchange sector. It emphasized improving the facilitation of cross-border trade and actively supporting the stability and structural optimization of foreign trade. The meeting stressed strengthening the supply of foreign exchange policies, focusing on key areas such as technological innovation and intelligent manufacturing, and continuing to focus on the "five major aspects" of financial development. It also emphasized strengthening the assessment of foreign exchange policies and regional foreign exchange ecosystems, conducting timely effectiveness assessments of important foreign exchange policies and key tasks, and striving to achieve closed-loop management throughout the entire process from policy issuance to the "last mile" of impact on enterprises and residents, truly benefiting businesses and the people.

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.

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