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July 29 - According to Iranian reports, a senior Iranian military official responded strongly to the latest remarks by the Saudi Defense Minister, categorically denying Irans involvement in launching projectiles at targets within Saudi territory. The official warned that blaming Iran for any actions in the region targeting US interests is a serious strategic miscalculation and exposes a lack of understanding of the complex regional situation.On July 29th, SK Hynix (SKHY.O) released its financial report on Wednesday, showing a 557% surge in operating profit to 60.5 trillion won (approximately US$41.62 billion) in the second quarter, a record high, driven by strong demand for advanced memory chips fueled by increased investment in AI data centers by tech giants. This figure was compared to 9.2 trillion won in the same period last year. However, this figure fell short of market expectations of 64 trillion won, mainly because its high-end memory chips (HBM) accounted for a higher proportion of its product mix compared to competitors, thus failing to fully benefit from the current strong price increase cycle in conventional memory chips. This exacerbates concerns that the AI boom driving the semiconductor industry may be slowing down. SK Hynixs revenue also missed expectations, with the report showing second-quarter revenue of 79 trillion won, compared to market expectations of 84 trillion won. Following a 9% drop in its earnings report, SK Hynix shares fell another 9% in after-hours trading after closing down 9% on Tuesday. SanDisk (SNDK.O) and Micron Technology (MU.O) also fell by more than 4%, wiping out the boost from Seagate Technologys (STX.O) earnings report.The Federal Aviation Administration (FAA) has issued a grounding order for all American Airlines Group (AAL.O) flights across the United States due to an information technology problem.SK Hynix (SKHY.O): is evaluating additional shareholder return measures to enhance the scale and sustainability of returns.SK Hynix (SKHY.O): Long-term agreements will enhance medium- to long-term demand visibility.

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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