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Sources indicate that Nissan halted development of its electric Qashqai SUV early last year. Even if the project is restarted, the model is not expected to launch until the next decade.Japanese chip stocks continued their decline, with Kioxia shares falling 14% and SoftBank Group shares dropping nearly 10%.Hong Kong stocks extended their losses in the afternoon, with the Hang Seng Tech Index falling more than 3% and the Hang Seng Index down 1.7%.Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $73.94 per barrel and $76.91 per barrel, respectively.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The Ministry of Commerce, together with relevant departments, will ensure the implementation of the measures outlined in this document, working in conjunction with the pilot reforms of automotive circulation and consumption, and promptly addressing difficulties and demands raised by local governments and enterprises. All regions should improve their working mechanisms, earnestly ensure the implementation of relevant measures, strengthen guidance and resource guarantees for relevant pilot cities, make good use of existing fiscal channels, support the cultivation and development of automotive aftermarket service consumption scenarios, and encourage pilot cities of new consumption formats, models, and scenarios to include eligible consumption scenarios in their support scope, ensuring the smooth progress and effectiveness of all work. Relevant pilot cities for automotive circulation and consumption reform should, in accordance with the requirements of this notice, focus on key areas, implement pilot tasks according to local conditions, and quickly develop a number of replicable and scalable best practices to continuously cultivate and expand automotive aftermarket consumption.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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