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On February 24, Wang Chuang, Director of the Second Civil Division of the Supreme Peoples Court, stated at a press conference that in 2026, the civil and commercial trial departments of courts nationwide will continue to fully leverage their judicial functions. The next step will be to expedite the issuance of supporting judicial interpretations for the new Company Law and strengthen judicial research and trial guidance for various market entity disputes.Apple (AAPL.O) announced on February 24th that it will move some of its Mac Mini desktop computer production from Asia to the United States, the latest step in its efforts to relocate parts of its vast supply chain back to the US. Apple Chief Operating Officer Sabih Khan stated that the new production plan will begin later this year at a Foxconn factory north of Houston. The factory comprises two main buildings, one currently used by Foxconn to assemble Apples AI servers, and the other currently a large warehouse, which will be converted into a 220,000-square-foot Mac Mini production facility. This measure is part of a commitment Apple (AAPL.O) made last August to invest $600 billion in the US over four years. The Mac Mini is a niche product for Apple; according to Consumer Intelligence Research Partners, it accounted for less than 5% of Apples total global Mac sales last year, and less than 1% of its total sales.On February 24th, according to Qichacha APP, Wuhan Weilai Battery Asset Co., Ltd. recently underwent industrial and commercial registration changes, adding Hefei Jiantou Emerging Industry Equity Investment Fund Partnership (Limited Partnership) and Hefei Haiheng Emerging Industry Equity Investment Fund Partnership (Limited Partnership) as shareholders. Simultaneously, its registered capital increased from approximately RMB 2.239 billion to approximately RMB 2.637 billion. Qichacha information shows that the company was established in 2020, and its business scope includes: operation of electric vehicle charging infrastructure, battery leasing, and development of artificial intelligence application software.Japanese Economy, Trade and Industry Minister Ryomasa Akazawa: If the United States imposes a new 10% tariff, Japan may face additional tariff costs on some goods that exceed the previously agreed 15% rate.February 24th - The Russia-Ukraine conflict has entered its fifth year, and the trilateral peace talks between Ukraine, Russia, and the United States have yet to achieve a breakthrough. Zelenskyy stated that security guarantees remain a thorny issue. Zelenskyy said he has been repeatedly told that Russia will never launch another conflict. "I cannot accept this answer. Im sorry," he said. "These security guarantees certainly have their merits," he said, referring to the commitments currently on the table, "but I want a very concrete answer: if Putin attacks again, what actions are our partners prepared to take? Thats what the Ukrainian people want to hear." Addressing another thorny issue, Zelenskyy stated that Ukraine is willing to freeze the conflict at the current front. However, he also indicated that Ukrainian troops will not withdraw from the eastern Donetsk region, which they still control. "Russia just wants us to withdraw... We cant be that stupid. We are not children. We have gone through so many years of conflict; we cannot simply hand over our country to them," he said.

As Oil Bulls Relax And US Inflation Is Monitored, USD/CAD Recovers Around 1.3350

Daniel Rogers

Feb 13, 2023 14:42

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The USD/CAD rebounds from a five-week low. After a solid employment report and an increase in oil prices, Loonie bears joined the market. Before the release of the US CPI, aggressive Fed comments and good US data test sellers.

 

After falling the most in five weeks the previous day, the USD/CAD is fluctuating around the middle of the 1.3300s in the early Asian session on Monday. Ahead of US Consumer Price Index (CPI) data, the Loonie/U.S. dollar pair exhibits market consolidation amid mixed US signals.

 

After a strong Canadian employment report and a rise in WTI crude oil prices, the Loonie pair dropped the most since the beginning of January.

 

WTI crude oil reached a new monthly high of $80.48 the day before, despite market rumors that Russia may reduce oil production by 500,000 barrels in March to counter European penalties.

 

The Net Change in Employment for January in Canada increased to 150K from 15K expected and 69.2K revised. The unemployment rate was 5.0%, not 5.1%.

 

As evidenced by BoC Governor Tiff Macklem's dovish comments, the stronger Canadian employment report makes it tougher for the Bank of Canada to pause its rate hike trajectory, benefiting USD/CAD bears.

 

Nevertheless, preliminary US University of Michigan (UoM) Consumer Sentiment for February increased to 66.4 from 65.0 anticipated and 64.9 previously. This month, the UoM announced that inflation forecasts for the coming year jumped to 4.2% from 3.9% in January and 4.4% in December. UoM said that long-term inflation estimates (5-year) stayed at 2.9% for the third consecutive month and remained within a narrow band of 2.9% to 3.1% for 18 of the last 19 months. Friday, the US Bureau of Labor Statistics adjusted the December Consumer Price Index (CPI) from -0.1% to 0.1% based on revised seasonal adjustment variables.

 

Recent contradicting statements from Richmond Federal Reserve (Fed) President Thomas Barkin and the US-China dispute over "unidentified objects" appear to challenge sentiment and boost the USD due to its safe-haven status.

 

S&P 500 Futures decrease as interest rates on US Treasury bonds increase, benefiting the US Dollar and USD/CAD buyers ahead of critical US inflation data.

 

Due to reports of a Fed policy shift, USD/CAD traders should monitor risk catalysts before to the January US Consumer Price Index (CPI) release on Tuesday.