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The European Council has approved Hungarys new Recovery and Resilience Plan (RRP). The EU states that this new plan will allow for €10 billion in funding to Hungary, including approximately €6.5 billion in grants and €3.5 billion in loans.On July 10th, Andrew Hitz, Global Head of Fixed Income Research at Morgan Stanley, stated that the bank is closely monitoring three major obstacles that could cause a summer setback for the stock market; historically, summer is typically the strongest season for stock market performance. The first major risk is a resurgence of the conflict with Iran. Hitz stated, "The US Strategic Petroleum Reserve has fallen to a historic low, and if the conflict escalates again, this could weaken its ability to withstand shocks." The second major risk is a Federal Reserve interest rate hike. Hitz pointed out that the expectation that the Fed will keep interest rates unchanged until the end of the year is one of the key pillars supporting the current stock market bull run. "The risk is that this assumption may be wrong, and that mistake could soon become apparent. Of course, there is the view that if the Fed is concerned about inflation, it should not delay its actions." The third is a weakening outlook for AI capital expenditures. Hitz said, "The risk is that second-quarter earnings reports may show a more cautious approach to spending, perhaps due to the recent poor performance of some companies that have heavily invested in AI. Given the current high correlation between growth and earnings prospects and AI, and investors strong preference for AI-related stocks, this situation poses a risk."The UK government stated that this designation, which involves cloud services, aims to minimize the impact of cloud service disruptions.On July 10th, Q Technology (01478.HK) announced that, in June 2026, the sales volume of the company and its joint venture, Q India, for its main products was as follows: Mobile phone camera modules: 39.715 million units, a decrease of 12.0% month-on-month and an increase of 21.6% year-on-year; among which, camera modules with less than 32 megapixels: 25.006 million units, a decrease of 9.8% month-on-month and an increase of 56.0% year-on-year; Camera modules with 32 megapixels and above: 14.709 million units, a decrease of 15.5% month-on-month and a decrease of 11.5% year-on-year. Other camera modules and LiDAR: 1.785 million units, a decrease of 23.9% month-on-month and an increase of 5.0% year-on-year. The total sales volume of camera modules and LiDAR: 41.5 million units, a decrease of 12.6% month-on-month and an increase of 20.8% year-on-year. Biometric modules: 11.961 million units, a decrease of 13.4% month-on-month and a decrease of 13.9% year-on-year. From January to June 2026, a total of 239 million mobile phone camera modules were produced, along with 12.314 million camera modules and LiDAR modules in other fields, and 86.948 million biometric modules. In June, QTech of India produced 10.08 million camera modules, a 6.3% increase month-over-month and a 261.0% increase year-over-year; and 1.28 million biometric modules, a 25.3% decrease month-over-month and a 36.6% decrease year-over-year.Sources revealed that Philippine Airlines will order 15 Boeing (BA.N) 787-10s and 9 Airbus A350-1000 jets.

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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