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Citadel Securities predicts that new debt financing for artificial intelligence chips will exceed $500 billion by 2028.On August 3rd, Luckin Coffee released its second-quarter financial report, achieving revenue of RMB 15.89 billion, a year-on-year increase of 28.5%, and opening over 5,000 new stores in the first half of the year. The report shows that Luckin Coffees performance growth was mainly driven by the increase in stores and the growth in the number of monthly transacting customers. Luckin Coffees average monthly transacting customers in the second quarter reached 112.7 million, a year-on-year increase of 22.9%. However, affected by the high base from last years food delivery war, the same-store sales growth rate of Luckins self-operated stores in the second quarter was -5.3%, compared to 13.8% in the same period of 2025. But as the market returns to rationality, Luckins operating profit from self-operated stores in the second quarter was RMB 2.47 billion, a year-on-year increase of 25.9%, with the store operating profit margin remaining flat compared to the previous year. In response to analyst questions, Guo Jinyi believes that the Chinese coffee market is still in a rapid growth phase with continuously increasing penetration and steadily rising consumption frequency, and the ceiling for coffee store expansion is still very high. As coffee penetration and consumption frequency increase, this ceiling continues to rise, and Luckin Coffee will continue to maintain its store opening pace to increase its market share.On August 3, Windward Maritime Analysis, a UK-based company, released ship tracking data showing that six Saudi Arabian oil tankers are heading towards the Cape of Good Hope, bypassing the Bab el-Mandeb Strait and the Red Sea to avoid security risks posed by the Houthi rebels in Yemen to Saudi-related vessels. The companys analysis indicates that for some tankers bound for the United States, the route around the Cape of Good Hope will add approximately six to seven days to the journey compared to the direct route via the Suez Canal and the Bab el-Mandeb Strait. Windward believes that the fact that all six tankers chose to detour during empty segments suggests a broader Saudi operational policy to avoid its vessels entering the relevant waters, rather than a temporary measure targeting specific cargo risks.Iranian Foreign Minister Araghchi: We come here once a year (to Najaf, Iraq) to draw energy and then leave.BNP Paribas raises its price target for Western Digital (WDC.O) from $1,050 to $1,275.

As investors forecast Eurozone GDP, the EUR/GBP exchange rate fluctuates around 0.8370

Daniel Rogers

Jul 29, 2022 10:59

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The EUR/GBP pair is fluctuating in a narrow range between 0.8366 and 0.8380 in the early Tokyo session. The asset saw a robust buying response on Friday after hitting a fresh three-month low of 0.8346 on Thursday. A buying response often indicates that traders perceived the asset as a value bet and built up sizeable long holdings. On the downside, the cross is displaying indications of fatigue, and a rebound is anticipated close to the round-number resistance level of 0.8400.

 

During today's session, investors will pay close attention to data on the Gross Domestic Product (GDP) of the Eurozone. The market believes that annual economic estimates may drop from 5.4 percent to 3.4 percent. While the quarterly GDP will drop from 0.6 percent in the prior report to 0.2 percent. The shared currency's bullish indication can be destroyed by a repetition of the same event.

 

Consumer attitudes are negatively impacted by growing fears of an energy catastrophe in the eurozone. Natural gas consumption will undoubtedly rise as Winter draws near, which is marked by a rise in energy demand. The eurozone administration is looking for candidates who can fulfill the region's high energy demand, but the search will take some time.

 

Investor focus will shift to the Bank of England's interest rate announcement on the British front (BOE). Interest rates are anticipated to climb further under Governor Andrew Bailey of the Bank of England given that the inflation rate has reached 9.4% and doesn't appear to be nearing its peak. Pricing pressures in the UK are constantly increasing and may soon hit double digits.


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