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Berenberg: Lowers Mercedes-Benz target price from 63 euros to 58 euros.On May 2, a federal judge in the United States ruled on May 1 that the Trump administrations invocation of 18th-century wartime laws to deport Venezuelan immigrants it identified as criminals was "illegal." Fernando Rodriguez, a federal judge in Texas, wrote in his ruling that the Trump administrations invocation of the 1798 Foreign Enemies Act to deport immigrants on the grounds that the United States was being invaded by Venezuelan gangs "went beyond the scope of the statute" and was therefore "illegal." The ruling pointed out that according to the usual meaning of the wording of the law, "invasion" refers to an attack by "military force," which is inconsistent with US President Trumps accusation of the activities of the Venezuelan gang "Aragua Train" in his executive order invoking the Foreign Enemies Act.Danske Bank: Although the risk of a potential recession in the United States has attracted attention, the impact on economic growth in Europe, including the Nordic countries, is expected to be mild.On May 2, Stephanie Brinley, deputy director of the automotive intelligence department and chief automotive analyst at S&P Global Automotive, said that the uncertainty caused by the US governments tariff policy is seriously affecting manufacturers long-term planning and will cause consumers to bear more costs. S&P Global predicts that due to the tariff policy, US light vehicle sales will decrease by more than 640,000 units in 2025. For manufacturers, the practical difficulty of adjusting the industrial chain cannot be ignored. Whether it is factory relocation or parts replacement, it is not a task that can be completed in one year. The so-called "industry return to the United States" is by no means easy.Kia Motors sold 274,437 vehicles worldwide in April, up 5% year-on-year.

AUDNZD recovers over 1.0900 as bets on RBA hawkishness surge

Alina Haynes

Nov 08, 2022 16:27

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After dipping below 1.0884 in the early Asian session, the AUDNZD pair has received renewed interest. The asset has reclaimed the round-level barrier of 1.0900 as wagers on the Reserve Bank of Australia's (RBA) continued rate hike soared. In the absence of a substantial stimulus that could move the cross in a certain direction, the cross is predominantly trading in a sideways fashion.

 

In the meantime, Goldman Sachs analysts have offered a pessimistic prognosis for future RBA interest rate decisions. We were stunned by the RBA's October decision to suspend the pace of rate hikes, especially before the policy rate had reached the lower bound of their estimate for the nominal 'neutral rate,' which is between 3.00 and 4.50%.

 

Concerning forward guidance, the investment banking industry asserts that RBA's more frequent board meetings provide RBA Governor Philip Lowe with a possible opportunity to synchronize with the worldwide policy tightening pace.

 

Last week, the RBA's monetary policy statement issued gloomy forecasts for Gross Domestic Product (GDP). In addition, short-term inflation expectations remained elevated, hovering around 8%, as inflationary pressures in the Australian region showed no signs of abating.

 

On the front of New Zealand, investors anticipate the release of Business NZ PMI data on Thursday. The expected economic data is 52.7, up from 52.0 in the previous release. Nonetheless, inflation forecasts for the following two years will be constantly reviewed beforehand. In CY2023, it is anticipated that rising service and commodity prices will continue to exert considerable price pressures worldwide. A rise in inflation projections over the long run could exacerbate market volatility.


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