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On May 7, at the Lenovo Innovation Technology Conference 2025 held today, Lenovo Group Chairman and CEO Yang Yuanqing announced the launch of the epoch-making "super-intelligent body" technology, and systematically elaborated its three core functional features for the first time: perception and interaction, cognition and decision-making, autonomy and evolution. This technology is defined as a "cognitive operating system" for individuals and enterprises, marking the leapfrog evolution of artificial intelligence from a tool-based assistant to a full-scenario intelligent partner and "artificial intelligence twins". At the same time, it also means that Lenovo has made a key breakthrough in the implementation of hybrid artificial intelligence.On May 7, the reporter learned today that Dingdong Maicai and Hong Kong DFI Retail Group recently announced a strategic cooperation. The two parties will integrate the core advantages of supply chain and retail terminals, jointly build a digital cross-border supply chain system, and provide Hong Kong consumers with diversified, high-quality and cost-effective products through DFIs Wellcome supermarkets. The two parties set a sales target of HK$100 million in the first year of cooperation. The first batch of 6 Dingdong Maicai selected vegetables have recently been launched in nearly 280 Wellcome supermarkets in Hong Kong, and simultaneously landed on Wellcome online stores and food panda takeaway platforms.On May 7, Pop Mart (09992.HK) once again reduced its holdings in a pre-market block trade. An investor sold about 3.86 million shares of Pop Mart at HK$190.20 per share, involving about HK$734 million. Public information shows that Pop Mart had been reduced by investors twice in a row in the previous week, involving about HK$1.5 billion. The reporter learned from an insider close to Pop Mart that this continuous reduction was not a reduction by the companys management. Judging from the rhythm of the reduction, it is likely to be a natural reduction due to the expiration of the fund, which has nothing to do with the companys fundamentals. The reporter checked the equity information of Pop Mart and found that the three reductions in the past week were 4.05 million shares, 4 million shares, and 3.86 million shares, totaling 11.91 million shares, accounting for about 0.9% of the companys shares. Comparing the equity information, this reduction is most likely the expiration of all Pop Mart shares held by Fengqiao Capital Fund.Hong Kong-listed auto dealer stocks continued to strengthen, with Zhongsheng Holdings (00881.HK) rising nearly 7.5%, Yongda Automobile (03669.HK) rising nearly 2.5%, and Harmony Auto (03836.HK), Tuhuo (09690.HK) and others following suit.Li Yunze, director of the State Financial Regulatory Administration, said at a press conference held by the State Council Information Office on May 7 that mergers and acquisitions loans for technology companies are being carried out in an orderly manner and the "first orders" have been placed in 18 cities.

AUD/USD has maintained a multi-day bottom under 0.6700 as Q2 GDP is mixed and focus switches to Fedspeak

Daniel Rogers

Sep 07, 2022 16:47

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In the wake of contradictory Aussie data and a risk-averse atmosphere during Wednesday's Asian session, the AUD/USD strengthened its bearish bias towards the 0.6700 level and dropped to its lowest level since July 14. Risk barometer pair ignores Australia's efforts to tame inflation-driven economic woes ahead of next month's annual budget presentation.

 

Australian GDP for Q2 slowed to 0.9% from 1.0% expected and 0.8% in the previous quarter. Compared to the market consensus of 3.5% and prior readings of 3.3%, the year-over-year numbers imply a growth rate of 3.6%. The AiG Performance of Services Index for Australia topped 53.3 in August, up from 51.7 earlier in the day.

 

The government of Australia plans to cut the cost of pharmaceuticals and provide assistance to seniors in light of rising inflation. In anticipation of next month's federal budget, Prime Minister Anthony Albanese announced that legislation would be introduced to reduce the maximum co-payment on Australia's pharmaceutical benefits scheme from A$42.50 ($20) per prescription to A$30 ($20). It was also reported that pensioners will receive financial incentives from the government to help them sell their larger homes and move into smaller ones, thus lowering the strain on their retirement savings.

 

However, mounting fears of economic slowdown due to the energy crisis and China's covid troubles, combined with stronger US data and hawkish Fed bets, have supported the US dollar. Despite this, the US Dollar Index (DXY) is currently trading near its 20-year highs, with intraday advances of 0.22 percent near 110.50. CME's FedWatch Tool recently predicted a 50 bps rate hike in September, up from 57 bps the day before.

 

The 10-year US Treasury rate soared to its highest level since mid-June as Wall Street ended in the red, mirroring the general mood. Commodity prices, including oil and gold, continued under pressure, suggesting risk aversion and adding pressure to the AUD/USD exchange rate, which contributed to a decline in S&P 500 Futures of 0.50%.

 

Before the Fed's statement, the AUD/USD will be affected by China's August trade numbers. Reserve Bank of Australia (RBA) Governor Philip Lowe and Federal Reserve Chair Jerome Powell will both speak on Thursday, and their remarks will be widely studied for signs of policy shifts.

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