EUR/USD 1.13871
0.005%
Gold 4068.25
-0.080%
Oil 69.712
0.470%
USD/JPY 161.776
0.015%
GBP/USD 1.32022
0.032%
GBP/JPY 213.585
0.048%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 29th – The first China-Shanghai Cooperation Organisation (SCO) Science and Technology Innovation Cooperation Conference was held in Qingdao, Shandong Province on June 29th. The conference, themed "Smart SCO, Shared Future – Building a New Ecosystem of Open and Inclusive International Science and Technology Cooperation," brought together government officials, renowned scientists, technology business leaders, and young science and technology pioneers from SCO member states to conduct in-depth and multi-dimensional dialogues and industry matchmaking on key topics such as artificial intelligence applications, cutting-edge technology transfer, and innovation resource sharing. During the conference, a series of activities were held, including the release of 100 scientific and technological achievements and 100 technological needs between China and SCO member states, the signing of SCO member states science and technology innovation cooperation projects, and the SCO Member States Youth Innovation and Entrepreneurship Competition.The China Earthquake Networks Center officially measured a 3.1-magnitude earthquake at 10:20 a.m. on June 29 in Haixi Prefecture, Qinghai Province (37.81 degrees north latitude, 95.55 degrees east longitude), with a focal depth of 10 kilometers.June 29th - According to reports, Apple is considering using a 1.4nm process in its flagship smartphone SoC as early as 2028, which means that the lifespan of flagship chips manufactured using a 2nm process may only be about two years.On June 29, Nomura Securities issued a report maintaining its "Buy" rating on Lenovo Group (00992.HK). Based on a 20x multiple of its 2027 fiscal year earnings per share forecast, the target price was significantly raised from HK$16 to HK$35, implying a 46% upside. In its previous report on Lenovo published in May, Nomura emphasized that the momentum of its general-purpose server business might far exceed expectations. Although Lenovos share price has risen by more than 100% since May, Nomura believes this outperformance may continue because it believes that: (1) the market has not yet fully reflected the potential of Lenovos server business; (2) Nomuras earnings forecast for fiscal year 2027/28 is now about 10% higher than the market consensus; and (3) Lenovo is currently in the process of revaluation, with its main peer Dell (DELL.N) trading at a 30x one-year forward P/E ratio, which Nomura believes creates room for Lenovos revaluation. The bank raised its 2027/28 fiscal year earnings forecast for Lenovo Group by 12%.The Japanese governments economic policy blueprint shows that its goal is to ensure annual real economic growth of more than 1%.

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

 GBP:USD.png

 

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.


Suggestion