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April 29th - IDCs latest report, "China Automotive Cloud Market (H2 2025) Tracker," shows that the Chinese automotive public cloud IaaS market will continue its rapid growth in the second half of 2025, reaching a market size of 6.8 billion RMB. Alibaba Cloud maintains its leading position with a 42% market share. Since 2021, Alibaba Cloud has been the top-ranked automotive public cloud IaaS provider in China for five consecutive years. According to IDCs estimates, public cloud has become the future trend for cloud infrastructure in the automotive industry, accounting for 87% of the market.On April 29th, Hong Kong Exchanges and Clearing Limited (00388.HK) announced that its revenue and other income for the first quarter of 2026 were HK$8.203 billion, an increase of 20% compared to the first quarter of 2025 (and 12% compared to the fourth quarter of 2025). Revenue from its main business increased by 22% compared to the first quarter of 2025, reflecting increased trading and settlement fees due to higher trading volumes in the spot and commodity markets. Profit attributable to shareholders was HK$5.188 billion, an increase of 27% compared to the first quarter of 2025 (and 20% compared to the fourth quarter of 2025).On April 29, the State Taxation Administration held a press conference in Chongqing to release the "Country-Specific Implementation Guidelines for the Global Minimum Tax Rule," which for the first time released the country-specific implementation guidelines for Denmark, Ireland, and the United Arab Emirates. This marks a further upgrade to the "Tax Road" cross-border tax knowledge product system.On April 29th, Geely Automobile (00175.HK) announced that in the first quarter of 2026, the Group continued its steady growth momentum, recording total sales of 709,358 vehicles, representing a year-on-year increase of 1%. Benefiting from strong export sales and an increased proportion of high-value product sales, the Groups revenue increased by 15% year-on-year, with revenue growth exceeding sales growth. In the first quarter of 2026, profit attributable to owners of the parent company was RMB 4.17 billion, a year-on-year decrease of 27%, mainly due to the different impact of foreign exchange fluctuations compared to the same period last year.On April 29th, TSMC (TSM.N) announced in a company filing that it had sold its remaining stake in Arm (ARM.O). The filing shows that TSMC Partners sold 1.11 million Arm shares at $207.65 per share between April 28th and 29th, for a total of approximately $231 million. This sale had a $174 million impact on retained earnings. Following the transaction, TSMC no longer holds any Arm shares. TSMC, along with several strategic investors, invested approximately $100 million in Arm during its 2023 IPO at $51 per share. Subsequently, TSMC gradually reduced its holdings, selling 850,000 shares at $119.47 per share in 2024, realizing approximately $102 million.

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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