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On March 12, UBTECH Robotics Corp. Ltd. (09880.HK) announced that all conditions precedent to the payment of the first installment of the share transfer agreement have been fulfilled, including the Shenzhen Stock Exchanges issuance of a Confirmation Letter for the Transfer of Shares on March 10, 2026. Furthermore, on March 11, 2026, China Securities Depository and Clearing Corporation Limited (CSDC) has registered all the sale shares to the Companys A-share securities account, and on March 12, 2026, it has provided the Company with a Confirmation Letter for Securities Transfer Registration. Therefore, as of the date of this announcement, the Group holds 29.99% of the equity interest in the target company and has become its controlling shareholder (taking into account the sellers waiver of voting rights related to the pre-accepted shares as detailed in the circular).On March 12, President Xi Jinping signed Presidential Decrees No. 70, 71, 72, and 73. Decree No. 70 states that the "Ecological and Environmental Law of the Peoples Republic of China," adopted at the Fourth Session of the 14th National Peoples Congress on March 12, 2026, is hereby promulgated and will come into effect on August 15, 2026. Decree No. 71 states that the "Law of the Peoples Republic of China on Promoting National Unity and Progress," adopted at the Fourth Session of the 14th National Peoples Congress on March 12, 2026, is hereby promulgated and will come into effect on July 1, 2026. Decree No. 72 states that the "Law of the Peoples Republic of China on National Development Planning," adopted at the Fourth Session of the 14th National Peoples Congress on March 12, 2026, is hereby promulgated and will come into effect on the date of promulgation. Presidential Decree No. 73 states that, in accordance with the "Decision of the Fourth Session of the Fourteenth National Peoples Congress on Approving the Report of the Standing Committee of the National Peoples Congress on the Work of Legal Review and the Handling of Relevant Laws and Decisions," adopted on March 12, 2026, the "Law of the Peoples Republic of China on Industrial Enterprises Owned by the Whole People" is repealed and is hereby promulgated.Norwegian Prime Minister: Europe is discussing setting a cap on natural gas prices; this approach is unwise.European Commission spokesperson: The implementation of the US-EU trade agreement should continue.A spokesperson for the European Commission stated that they remain prepared to engage in constructive dialogue with the United States.

GBP/USD falls to around 1.2370 as the BoE considers taking swift action ahead of UK inflation and US purchasing managers' indices

Alina Haynes

Apr 17, 2023 13:53

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On Monday morning, the GBP/USD currency pair retested an intraday low of 1.2390 after extending Sunday's decline from a 10-month high. To provoke adverse after breaking a four-week uptrend, the Cable pair explains the most recent concerns emanating from the United Kingdom (UK) and the optimism surrounding the Federal Reserve (Fed).

 

According to the Financial Times (FT), "The Bank of England is considering a major overhaul of its deposit guarantee scheme, including increasing the amount covered for businesses and compelling banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses."  The revelation fuels banking concerns in the United Kingdom and places pressure on the Cable duo.

 

UK Chancellor Jeremy Hunt's concerns about US subsidies may also be exerting downward pressure on the GBP/USD exchange rate as British firms rush to claim benefits before leaving the country. According to the news, "Chancellor Jeremy Hunt warned Sky News that Britain should be wary of any new subsidies, warning that they could undermine the economy and possibly even spark a protectionist trade war."

 

A larger-than-expected decline in US retail sales was unable to offset positive data from US industrial production and the University of Michigan's (UoM) consumer confidence index from the previous day. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Notably, Fed officials have recently appeared more hawkish than their BoE counterparts, which has exerted additional pressure on the GBP/USD exchange rate.

 

In this environment, the S&P 500 Futures exhibit modest gains following Wall Street's pessimistic close, while bond yields remain unchanged following weekly increases.

 

Moving forward, the current week is crucial for GBP/USD speculators as it contains a variety of high-quality inflation, employment, and UK PMI data. These data may be used to support the Bank of England's (BoE) officials' waning hawkish inclination and may keep bears in play. However, the US PMIs and Fed discussions should not be disregarded when looking for clear guidelines.

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