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On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.On May 30, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Canadian Foreign Minister Anand in Ottawa on May 29. Wang Yi stated that China is willing to work with Canada to maintain the correct direction of bilateral relations. He emphasized deepening cooperation in areas such as energy, finance, and law enforcement, and welcomed Canadas participation as the guest of honor at the China International Import Expo. He also stressed the importance of vigorously promoting cultural and local exchanges to solidify the public opinion foundation of bilateral relations. Finally, he called for strengthening multilateral communication and coordination to jointly reform and improve global governance.The Central Bank of the Philippines predicts that the annual inflation rate in May is likely to be between 7.1% and 7.9%.U.S. Defense Secretary Hergsays said the bold move was out of strategic necessity.

As risk appetite grows and interest rates reach 3.30 percent, the US Dollar Index is likely to fall below 104.70

Daniel Rogers

Jun 16, 2022 11:37

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The US dollar index (DXY) has had a significant dip from opening flat and is expected to extend its losses after going below Wednesday's low of 104.66. As a result of the Federal Reserve's (Fed) announcement of a 75 basis point rate hike, the DXY became very volatile (bps). Although the long-term assumption was 50 basis points, last week's announcement of a stronger US inflation data of 8.6% boosted the chances of a big rate hike. Sharply declining US Treasury rates imposed intense selling pressure on the asset. On Wednesday, yields on 10-year US Treasuries plummeted 5.50 percent. The benchmark yield at the time of writing is 3.29 percent. After nearly 28 years, the Fed has issued a 75-basis-point rate increase.

 

Powell's press conference following the announcement of monetary policy It was noticed that Fed chair Jerome Powell was thankful of the solid and well-positioned economic development, which has enabled the Fed to mandate a huge rate increase. In addition, persistent employment growth in the US economy has prompted the Fed to take a firm position on interest rates. The excessive policy tightening of an economy affects growth predictions. The Federal Reserve considers it a success if inflation rates fall to roughly 2 percent and the unemployment rate remains at 4.1%.

 

Wednesday's publication of US Retail Sales data was eclipsed by the Fed's interest rate announcement. The monthly Retail Sales were negative, coming in at -0.3 percent, which was much lower than both estimates and the prior reading of 0.2% and 0.7%, respectively. In contrast, the Retail Sales Control group was recorded at 0%, which was below both expectations and the prior reading of 0.5%.

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