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Hong Kong stocks rose in the short term, with the Hang Seng Index turning positive and the Hang Seng Tech Index narrowing its losses to 1.1%. Tencent Holdings (00700.HK) surged in the short term and is currently up nearly 1%.On August 19th, it was reported that Gaianixx, a Japanese chip materials startup spun off from the University of Tokyo, is accelerating its capacity expansion, betting on increased demand for chip materials driven by the AI boom. Gaianixx co-founder and CEO Kento Nakao stated that the company plans to expand capacity at its technology center in Yamanashi Prefecture, southwest of Tokyo, which currently processes 15,000 8-inch wafers annually. In an interview with Nikkei Asia, Nakao said, "The most advanced projects could enter the pilot production phase by the end of this year." He revealed that a Japanese customer and an overseas customer have committed to using Gaianixx materials to develop devices. This expansion comes at a time when chipmakers are increasingly seeking to improve performance through advanced materials. As the traditional path of upgrading by shrinking transistor size faces bottlenecks, Gaianixx believes this trend presents an opportunity for Japan.Shell (SHEL.N) is investing in a new supply chain in Queensland, Australia, with its QGC project set to begin supplying gas in 2027.On August 19th, Unitree Robotics officially listed on the STAR Market, opening with a 629.44% surge to 1100 yuan per share, giving it a total market capitalization of 444.9 billion yuan. Based on the issue price of 150.80 yuan per share, a single winning bid could yield a profit of 474,600 yuan. As one of the "Six Little Dragons of Hangzhou," Unitree Robotics boasts a star-studded shareholder base. Analysis reveals that Asstrend IV, an affiliate of Shunwei Capital founded by Lei Jun, holds 16.106 million shares, with a potential unrealized profit exceeding 15.2 billion yuan.Faraday Future (FFIE.O): We support AIxC’s comprehensive strategic transformation, focusing on physical AI and robot sharing and rental operations; RoboShare has completed its first paid commercial order, with an initial robot fleet of more than 80 robots.

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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