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The Spanish Association of Automobile Manufacturers reported that Tesla (TSLA.O) new car registrations in Spain increased by 19.8% year-on-year from January to July, while overall electric vehicle registrations increased by 34.9%.The Spanish Association of Automobile Manufacturers (SAAM) reported that Tesla (TSLA.O) saw a 81.3% year-on-year decline in new car registrations in Spain in July, down to 131 vehicles.On August 3, AMEC announced that it expects its revenue for the first half of 2026 to be approximately RMB 6.691 billion, representing a year-on-year increase of approximately 34.89%; net profit attributable to owners of the parent company is expected to be between RMB 2.7 billion and RMB 2.9 billion, representing a year-on-year increase of 282.48% to 310.81%; and net profit excluding non-recurring gains and losses is expected to be between RMB 1 billion and RMB 1.2 billion, representing a year-on-year increase of 85.61% to 122.73%. In the same period last year, revenue was RMB 4.961 billion, net profit attributable to owners of the parent company was RMB 706 million, and net profit excluding non-recurring gains and losses was RMB 539 million.On August 3rd, Federal Reserve Chairman Williams stated that he remains optimistic that inflationary pressures will gradually ease, but if this does not happen, the Fed will not hesitate to raise interest rates to ensure that price pressures return to the target level. In an interview with Reuters last Friday, Williams said that if energy prices and trade tariffs have peaked and the economy continues its robust momentum, "I think some of the major factors that have driven up inflation over the past year and a half will no longer play such a significant role, and some of the downward pressures we have previously observed should reappear." He added, "I am watching the core inflation data very carefully over the next few months to see if it aligns with the trend of inflation moving towards and continuing to decline toward 2%, thus ensuring that we can achieve our long-term stable 2% inflation target by 2028." He also stated, "I personally predict that inflation will decline somewhat in the second half of this year and further decline next year." Williams reiterated that the current interest rate policy stance is "in a favorable position" to bring inflation back to the target level. However, he pointed out, "If we are not on track to bring inflation down to 2%... then taking action to get us back on the 2% inflation track is entirely appropriate."GameStop (GME.N) fell 3.1% in pre-market trading after the company announced it would conduct a private placement of $1.4 billion in convertible notes in exchange for shares.

As Investors Anticipate a 25 Basis Point Fed Rate Hike, USD/CAD Corrects To Near 1.3700

Daniel Rogers

Mar 22, 2023 15:17

USD:CAD.png 

 

The USD/CAD pair is evidencing a corrective movement after failing to sustain a recovery above 1.3740 during the Asian session. Following a decline in Canada's inflation data, the Canadian dollar rebounded strongly from Monday's level of 1.3660. The falling Canadian Consumer Price Index (CPI) data confirmed that the Bank of Canada (BoC) could maintain its current policy stance.

 

Governor Tiff Macklem of the Bank of Canada maintains the status quo because he believes that the monetary policy is sufficiently restrictive to achieve price stability. However, BoC Macklem has left the door open for additional increases if the plan for reducing inflation fails.

 

Statistics Canada reported that the monthly inflation rate has increased by 0.4%, which is less than both the consensus estimate of 0.6% and the previous release of 0.5%. The headline CPI declined from 5.4% (consensus) and 5.8% to 5.2%. (previous release). The annual core CPI, which excludes the costs of fuel and food, decreased to 4.7% from 5.0%, but remained above the 4.4% forecast. The Bank of Canada, which has already increased interest rates to 4.5%, found the overall decline in inflation to be quite impressive.

 

In the interim, S&P500 futures are performing unfavorably after two days of intense buying. The odds favor the Federal Reserve increasing interest rates by 25 basis points (bps) for the second consecutive meeting. (Fed). As concerns of banking sector turmoil persist, the US Dollar Index (DXY) struggles to maintain its position above 103.20. In addition, analysts from UBS believe that tighter credit standards, economic contraction, and falling inflation could prompt the Fed to reduce interest rates this year.


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