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On Tuesday, August 4, the Hang Seng Index closed down 156.48 points, or 0.6%, at 25,852.92; the Hang Seng Tech Index closed up 10.0 points, or 0.21%, at 4,885.61; the H-share Index closed down 77.89 points, or 0.9%, at 8,574.26; and the Red Chip Index closed down 30.55 points, or 0.73%, at 4,145.41.Snap (SNAP.N) rose 8% in pre-market trading after the company reported second-quarter revenue that beat expectations.US chip stocks rose in pre-market trading, with Micron Technology (MU.O), SanDisk (SNDK.O), and Intel (INTC.O) all up more than 3%, while SK Hynix (SKHY.O) and Western Digital (WDC.O) rose more than 2%.On August 4th, Saudi Aramco CEO Amin Nasser stated that last months attacks on its assets did not have a material impact on its operations, and that the company is working to expand its oil export capacity due to the ongoing impact of the war with Iran on the Strait of Hormuz. This comes after the Saudi energy giant reported that its critical infrastructure was targeted in the July attacks. This is the companys first acknowledgment of the attacks since the incidents began. Oil traders had been closely examining footage from last month showing suspected oil tank fires and flare burning across Saudi Arabia. "Some of the companys facilities were attacked, but the impact on operations or finances was not significant," Nasser said. "The same was true in July. Even with the July attacks, there was no material impact on our capabilities."Abu Dhabi National Oil Company (ADNOC) said the new deployment allows engineers to oversee up to three times the number of drilling rigs and helps avoid up to two days of downtime.

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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