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On September 4th, Tencent Cloud announced the launch of its AI-powered autonomous penetration testing product, "Wujing," delivered as a SaaS platform and ready to use out of the box. Wujing primarily targets four scenarios: pre-deployment detection, routine continuous penetration testing, pre-attack and defense drills, and business logic vulnerability testing. Enterprises can simply input the authorized targets and asset scope to obtain a reproducible vulnerability evidence report with a single click. The product is now available for enterprise trial.September 4th - Due to rainfall, the water level at the Jian Hydrological Station in the middle reaches of the Ganjiang River in Jiangxi Province reached the warning level (50.50 meters) at 5:05 AM on September 4th. According to the regulations for numbering floods in major rivers, this flood is designated as "Ganjiang River Flood No. 1 of 2026".Cathay Pacific (00293.HK): We will continue to review the resumption time of cargo flights to Dubai and Riyadh.On September 4th, Wang Wenjun, Deputy Director of the National Healthcare Security Administration, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that in the first seven months of this year, the maternity insurance fund expenditure reached 78.42 billion yuan, benefiting 25.56 million people, including 60.78 billion yuan in maternity allowance expenditure, which was fully realized through direct payment to individuals. During the 15th Five-Year Plan period, efforts will be made to promote the simultaneous participation of flexible employment personnel, migrant workers, and new employment forms in maternity insurance while participating in employee medical insurance, reasonably improve the level of prenatal examination protection, promote the basic realization of "no out-of-pocket expenses" for inpatient delivery within the policy scope, and further expand the scope of direct settlement of maternity medical expenses in different regions.On September 4th, Reserve Bank of New Zealand (RBNZ) Assistant Governor Silk stated that the RBNZ is more likely to wait until December to raise interest rates again. The RBNZ raised the official cash rate for the second consecutive meeting this week, with Governor Brehman indicating that further rate hikes may be needed, but policymakers want time to assess the impact of the rate increases so far. The statement signaled that investors have lowered their expectations for a rate hike at the next meeting in October, while heavily betting on a December hike. "We have made it very clear that, based on the economic outlook, we do believe that further rate hikes may be necessary in the future," Silk said in an interview on Friday. "Whether it will be in October or December is still uncertain, but based on the current interest rate path, the latter is more likely." Investors share this view. Swap data shows that the market currently expects only a 31% probability of a 25 basis point rate hike to 3% in October, and a 100% probability of a 3% rate hike in December. Silk reiterated that the RBNZ does not have a predetermined rate hike path.

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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