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On September 10, the Hong Kong Securities and Futures Commission (SFC) has instructed the Hong Kong Stock Exchange (HKEX) to suspend trading in the shares of Kangshiyun-B (02592.HK) from 9:00 a.m. on September 10, 2026, pursuant to Rule 8(1) of the Securities and Futures (Listing on Securities Markets) Rules (the Listing Rules). The SFC expresses serious concern that the initial public offering (IPO) of Kangshiyun may have been manipulated to create the illusion of demand for Kangshiyun shares. Therefore, the SFC considers that suspending trading in the relevant shares while the investigation continues is necessary or appropriate to maintain an orderly and fair market for Kangshiyun shares and to protect the interests of the investing public. As the investigation is ongoing, the SFC will not comment further.On September 10, Lu Lei, Vice Governor of the Peoples Bank of China, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that overseas entities currently hold more than 11 trillion yuan of RMB financial assets in China, and central banks or monetary authorities of more than 80 countries and regions have included RMB in their foreign exchange reserves; Panda bonds have been issued for more than 1.3 trillion yuan, with issuers covering 26 countries and regions across five continents.Enterprise Singapore: For the week ending September 9, Singapores light distillate fuel oil inventories increased by 1.196 million barrels to 11.874 million barrels, a one-month high; middle distillate fuel oil inventories increased by 326,000 barrels to 8.237 million barrels, a two-week high; and fuel oil inventories decreased by 98,000 barrels to 20.355 million barrels, a two-week low.The Hang Seng Index closed down 320.49 points, or 1.27%, at 24,954.47 on Thursday, September 10; the Hang Seng Tech Index closed down 90.3 points, or 2.04%, at 4,330.49; the H-share Index closed down 94.27 points, or 1.13%, at 8,274.78; and the Red Chip Index closed down 59.99 points, or 1.41%, at 4,203.42.On September 10, at a press conference held by the State Council Information Office, Cong Lin, Deputy Director of the State Financial Regulatory Commission, stated that the government will promote the optimization of financial resource supply in the technology sector, improve policies on early, small, long-term, and hard-tech investments such as insurance funds, support the development of emerging and future industries, expand loan issuance to the manufacturing sector, vigorously serve the transformation and upgrading of traditional enterprises, and promote the construction of a modern industrial system.

USD/TRY reestablishes its annual high on route to 17.00, notwithstanding Erdogan's expectation of future inflation moderation

Alina Haynes

Jun 06, 2022 15:25

 截屏2022-06-06 下午3.23.52.png

 

In spite of Turkish currency (TRY) traders' inflation worries and President Erdogan's efforts to appease TRY purchasers, the USD/TRY continues to trade near $16.36, the highest level since 2022. The pair's upward momentum is influenced by Friday's high Turkish inflation data for May, as well as the US dollar's comeback over the last week, not to mention expectations of the Fed's faster/more aggressive rate rises.

 

According to Reuters, "Turkish President Tayyip Erdogan stated on Sunday that inflation numbers from the month of May, when annual consumer prices soared to a 24-year high, indicate that inflation is now on the down." It is noteworthy that the May inflation rate for Turkey increased to 73.5 percent in the most recent report.

 

Reuters also reported that the lira fell by 44 percent last year and has been the poorest performer in emerging markets for several consecutive years, mostly owing to economic and monetary policy worries under the administration of President Tayyip Erdogan.

 

In contrast, the odds supporting a 0.50 percent rate hike by the Federal Reserve in September have lately increased to 75 percent from 35 percent a week earlier, which emphasizes this week's US Consumer Price Index (CPI) data and favors US dollar purchasers. In spite of this, the US Dollar Index (DXY) reversed a two-week downward trend at Friday's close, trading down 0.14 percent intraday near 102.000 as of press time.

 

US Nonfarm Payrolls (NFP) for May came in at 390K, above expectations of 325K but falling short of the upwardly revised prior readings of 428K. In addition, the unemployment rate stayed constant at 3.6% against predictions of a minor reduction to 3.5%. In addition, the US ISM Services PMI dropped to 55.9 in May, compared to the market estimate of 56.4 and the flash reading of 57.1 in April. Following the release of the statistics, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated that the Fed's only worry is inflation. The officials underlined that the likelihood of a recession has increased.

 

Wall Street benchmarks finished in the negative and US 10-year Treasury rates saw their first weekly increase in three weeks to reflect the risk-averse sentiment of the previous day. However, S&P 500 Futures increased by 0.5 percent to 4,126 and US 10-year Treasury rates fell by 1.3 basis points (bps) to 2.942 percent as per the most recent data available.

 

Amid a pre-Fed blackout for Fed officials and in anticipation of Friday's US CPI, USD/TRY traders should pay attention to risk drivers moving forward.

Technical Evaluation

A successful breach of the prior resistance line from early January, about 16.45 at the time of publication, would lead USD/TRY values toward the $17.00 mark before testing the late 2021 top at $18.36.


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