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On July 5th, at the 2026 Global Digital Economy Conference Results Release Conference, Lu Ya, Vice President of the Beijing Academy of Social Sciences, released the "Beijing Digital Economy Development Report (2025-2026)" blue book. The report shows that in 2025, Beijings digital economy added value exceeded 2.4 trillion yuan, a year-on-year increase of 8.7%, accounting for 46.4% of GDP. It ranked second in the global digital economy benchmark city index evaluation, with a development index value of 0.770, firmly maintaining its position as a "global leading city." Lu Ya introduced that Beijings status as the "No. 1 city for artificial intelligence" continues to be consolidated. In 2025, the core artificial intelligence industry scale reached approximately 450 billion yuan, attracting over 2,500 related enterprises. As of April 2026, 225 large-scale models had been registered. Innovation and industry application of large-scale models are accelerating in both directions, rapidly empowering industrial upgrading, technological innovation, and public services. The market-oriented reform of data elements is being deepened, and breakthroughs have been achieved in the construction of "one zone and three centers." The on-exchange transaction volume of the Beijing International Big Data Exchange increased by 150% year-on-year, and the circulation of trusted data space is deepening around key areas such as healthcare and audiovisual media.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.2 occurred near Mianzhu City, Deyang City, Sichuan Province at 14:00 on July 5th. The final result is subject to the official rapid report.July 5 – The Russian Ministry of Defense announced on July 5 that Russian air defense systems intercepted and destroyed 71 Ukrainian drones over multiple locations in Russia overnight. The statement said: “Overnight, from 20:00 Moscow time on July 4 to 7:00 on July 5, on-duty air defense systems intercepted and destroyed 71 Ukrainian fixed-wing drones over Belgorod Oblast, Bryansk Oblast, Rostov Oblast, the Republic of Crimea, and the Black Sea.”July 5th - According to the Financial Times, Uber has suspended most of its European food delivery expansion plans as it continues its efforts to acquire its biggest competitor in Europe. Two sources familiar with the matter revealed that the company no longer plans to launch services in five of the seven countries it planned to expand into this year, including Austria, Norway, and Greece. This adjustment comes just five months after Uber announced its European food delivery expansion plans, which included entering markets such as the Czech Republic and Romania, and aiming to add $1 billion in total bookings over the next three years. However, Uber is still pursuing the acquisition of Berlin-based food delivery platform Delivery Hero. Its €10 billion takeover offer was rejected by Delivery Hero in May.According to the Financial Times, Frances efforts to exclude Britain from EU defense spending will backfire.

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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