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On December 13th, Chery Automobile (09973.HK) issued a statement expressing its firm support for the "Guidelines on Price Behavior Compliance in the Automotive Industry" and its commitment to promoting high-quality development. Chery Automobile consistently upholds a long-term perspective, opposes price wars and "involutionary" competition, and will actively respond to the spirit of the "Guidelines," comprehensively reviewing price behavior across the entire supply chain and continuously strengthening compliance management and system construction. Chery Automobile pledges to ensure transparent pricing, oppose any form of price fraud and manipulation, return competition to its core value creation principles, oppose any malicious competition that disrupts the healthy ecosystem of the industry, deepen cooperation through compliance, and encourage partners to implement the spirit of the "Guidelines" to jointly maintain a healthy market ecosystem.On December 13, the head of the Zaporizhia region appointed by Russia, Baritsky, stated that two external power transmission lines simultaneously disconnected in the early hours of the day, causing the Zaporizhia nuclear power plant to lose its external power supply. During this time, backup diesel generators automatically started, and all systems were operating normally. No incidents were recorded that could compromise the safe operation of the nuclear power plant. Baritsky stated that the external power supply to the Zaporizhia nuclear power plant has now been fully restored. The backup diesel generators have entered standby mode, all safety systems are operating normally, and radiation levels are within normal ranges. Relevant departments are investigating the cause of the external power line disconnection.According to Belarusian state media, U.S. envoy Kohler stated that he discussed the issues of Ukraine and Venezuela with Belarusian President Lukashenko.On December 13, the Russian Ministry of Defense stated, "In response to last nights terrorist attacks on civilian targets within Russia by Ukraine, the Russian Armed Forces launched a large-scale strike early this morning against facilities of the Ukrainian military-industrial complex and the energy facilities that support their operation." The Russian Armed Forces used land-based and sea-based precision-guided weapons in the attack, including Kinzhal missiles and drones. Energy and industrial facilities in Odessa were damaged. Much of Odessa is experiencing power outages, water shortages, and heating disruptions. An explosion was also reported in Podolsk, Odessa Oblast. Ukraines DTEK Energy Company stated that 20 substations in the region were damaged.Russian Ministry of Defense: Troops from the Eastern Military District are advancing in a special military operations zone.

0.8450 is being reached by EUR/GBP as the prospect of a UK recession looms

Daniel Rogers

Aug 05, 2022 14:46

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Following a huge upward rise from 0.8360 on Thursday, the EUR/GBP pair has subsequently turned sideways around 0.8430 in the Tokyo session. After the Bank of England (BOE) hiked interest rates by 50 basis points, the cross displayed a significant upward rise (bps) (bps). The BOE lifted interest rates by 50 basis points in succession, bringing them to 1.75 percent.

 

The investing community is aware that UK household earnings have been unsteady during the preceding few months. In addition, the economy's inflation rate is fast expanding. The inflation rate was 9.4 percent prior. The recent statement by BOE Governor Andrew Bailey that price increases might exceed 13 percent has sent shockwaves across the market.

 

The runaway inflation is now escalating, leaving the BOE with very little flexibility to tighten its monetary policy. The BOE is in poor shape as a result of the dismal economic data and the continuing political upheaval following the departure of UK Prime Minister Boris Johnson. A recession in the UK economy is extremely probable in the case that the inflation rate is close to 13 percent.

 

German manufacturing order numbers for the Eurozone have decreased by 0.4 percent against an anticipated 0.8 percent decline and a prior monthly contraction of 0.2 percent. Falling orders from factories indicate sluggish demand in Germany as a whole. It is vital to remember that Germany is a key element of the European Union (EU), and that economic data from Germany has a huge effect on people who favor the common currency.


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