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June 22 – Ingenic Semiconductor (03696.HK) announced on the Hong Kong Stock Exchange that its board of directors is pleased to announce that Ingenic Semiconductor has entered into a research and development collaboration with SK Biopharmaceuticals to discover innovative AI-driven drug candidates for neuroimmunological diseases of the central nervous system. Under the terms of the agreement, Ingenic Semiconductor will be eligible to receive an upfront payment of up to US$18 million and near-term milestone payments. The potential total transaction value of this collaboration exceeds US$2.5 billion, covering development, regulatory, and commercialization milestone payments, as well as a single-digit percentage of sales revenue based on net sales after product commercialization.June 22 - Hans Aite (03378.HK) announced on the Hong Kong Stock Exchange that its board of directors is pleased to announce that, in accordance with the results of FTSE Russells quarterly review of the FTSE Global Equity Index Series, Hans Aite has been included in the FTSE Global Micro Cap Index. This inclusion will officially take effect after the market closes on June 19, 2026.On June 22nd, South Korean chipmaker SK Hynix briefly surpassed its peer Samsung Electronics to become the largest company by market capitalization in South Korea. SK Hynixs stock price rose 5.7%, bringing its total market capitalization to 2082.5 trillion won (equivalent to US$1.35 trillion); during the same period, Samsung Electronics stock price rose only 0.4%, with a total market capitalization of 2081.3 trillion won. Samsung Electronics had held the top spot in South Koreas market capitalization since 2000, but this time it was briefly dethroned by SK Hynix. Driven by the rush of US tech giants to build artificial intelligence data centers, demand for memory chips surged, supply tightened, and product prices rose, resulting in record profits for both of South Koreas major chip companies. This year alone, SK Hynixs stock price has risen by over 340%, significantly outperforming Samsung Electronics 200% increase.Jefferies: Raises its price target for Tesla (TSLA.O) from $350 to $375.On June 22, the National Bureau of Statistics released unemployment data for May 2026 by age group. In May, the national urban surveyed unemployment rate was 5.1%, the unemployment rate for the urban labor force aged 16-24 was 15.6%, the unemployment rate for the urban labor force aged 25-29 was 7.2%, and the unemployment rate for the urban labor force aged 30-59 was 4.1%.

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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