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On May 23, local time, the Iranian military issued a statement emphasizing its readiness to launch a resolute and comprehensive counterattack against any invasion by the enemy.According to the Financial Times, Uber (UBER.N) and its rival Doordash are both in talks to acquire stakes in European delivery company Delivery Hero.On May 23, Ukrainian President Volodymyr Zelensky signed a presidential decree imposing sanctions on the Russian "shadow fleet" and Russian personnel involved in the missile attacks on Ukrainian territory. The package of sanctions was adopted by the Ukrainian National Security and Defense Council. One resolution targets the Russian "shadow fleet," involving 29 civilian merchant ships that provide supplies and troop deployments to the Russian military. Most of these ships are already under sanctions by the US, EU, and UK, and are considered by many international parties to be part of Russias military logistical support capacity. Western countries accuse Russia of using commercial vessels such as oil tankers to evade Western sanctions, referring to these vessels as the "shadow fleet." Another sanctions resolution involves 127 Russian personnel who were directly involved in the missile attacks against Ukraine, targeting key infrastructure and civilian facilities within Ukraine, causing serious damage to local livelihoods, social order, and the safety of peoples lives and property.On May 23, the joint China-Nepalese scientific expedition team successfully summited Mount Everest from the Nepalese side and conducted scientific sampling work, including ice core drilling, completing the first-ever drilling of a complete ice core sample from the summit of Mount Everest. Currently, all expedition members have safely descended to the Everest South Base Camp, having collected ice and snow core samples at multiple altitudes during the descent. The samples will be transported to the laboratory according to cryogenic preservation requirements for research on climate and environmental changes, cryosphere changes, and high-altitude atmospheric environmental records in the worlds highest region.On May 23, Changqiao Securities issued further clarification regarding recent regulatory matters concerning cross-border securities business in China. Changqiao Securities stated that the Hong Kong Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC), among other mainland regulatory authorities, have recently issued new regulatory requirements for cross-border securities business, establishing unified industry-wide standards for related services to mainland investors. These regulatory rules apply to all overseas financial institutions. Changqiao is actively responding to the regulatory guidelines from both regions and will strictly adhere to the relevant requirements to steadily advance its compliance work. Changqiao Securities stated that the scope of accounts targeted for this regulatory cleanup is limited and clearly defined, primarily targeting two types of accounts: investment accounts opened using suspicious or forged documents, and investment accounts with zero balances and no activity. Normal, compliant client accounts with genuine assets and holdings are not within the scope of this cleanup. Changqiao firmly supports the regulators zero-tolerance attitude towards fraudulent account openings and will strictly handle such cases in accordance with regulatory requirements.

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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