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iQiyi (IQ.O) fell 2% in early trading after releasing its fourth-quarter earnings report.On February 26, a senior Iranian official stated that if the United States could distinguish between "nuclear and non-nuclear issues," then the US and Iran might be able to reach a framework agreement. He also noted that remaining differences needed to be resolved during the third round of negotiations in Geneva. The official stated, "The negotiation process was very tense and serious."According to CBS: The U.S. Department of Defense issued a final offer to Anthropic on Wednesday evening local time regarding the use of artificial intelligence.Sources indicate that Syngenta Group plans to launch its initial public offering (IPO) in Hong Kong in the fourth quarter. The group plans to file an IPO prospectus for up to US$10 billion in the second quarter.February 26th - CK Hutchison Holdings Limited (00001.HK) announced that following its voluntary announcement on February 4th, 2026, the Panamanian Government Gazette published on February 23rd, 2026, a ruling by the Supreme Court of Panama regarding Law No. 5 of January 16th, 1997, originally scheduled for publication on January 29th, 2026, and an administrative decree requiring the Panamanian government to seize all movable property of the Companys subsidiary, Panama Ports Corporation. Representatives of the Panamanian government forcibly entered the terminals operated by PPC in the Ports of Balboa and Cristóbal and forcibly took over administrative and operational control of the terminals. As the Company understands, the concession was deemed terminated on February 23rd, 2026, and PPC ceased all operations at the terminals in both ports on the same day. PPC has received feedback that the ruling, the administrative decree, and the corresponding actions taken by the Panamanian government regarding PPCs terminal operations in the two ports are inconsistent with the relevant legal framework and the law that approved the concession agreement. The Board strongly opposes the ruling, the administrative decree, and the corresponding actions taken by Panama. The Group, together with its legal counsel, reserves all its rights and intends to take all appropriate and feasible legal measures to protect its interests, including pursuing further domestic and international legal proceedings in this matter.

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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