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Japans Topix index fell 2%.The yield on 30-year Japanese government bonds rose 5.5 basis points to 3.310%.On November 18th, a Citi research report indicated that Leapmotor (09863.HK) reported a net profit of RMB 150 million in the third quarter, in line with expectations. This was mainly due to approximately RMB 250 million in carbon credit revenue, a significant improvement compared to the net loss of RMB 690 million in the same period last year, and similar to the net profit level of the second quarter. Furthermore, the R&D expense ratio decreased by 1.5 percentage points quarter-on-quarter to 6.2%, and the administrative expense ratio also decreased by 0.4 percentage points quarter-on-quarter to 8.1%, keeping the net profit margin stable at 0.8% in the third quarter. Free cash flow reached RMB 3.84 billion during the period, a significant increase compared to RMB 1.2 billion in the previous quarter and RMB 1.3 billion in the same period last year. The company maintained its sales target of 1 million vehicles by 2026. The bank maintained its "Buy" rating with a target price of HKD 100.Hong Kong-listed apparel stocks surged, with Fast Retailing (06288.HK) rising over 5.8%, Luen Thai Holdings (00311.HK) rising over 11%, and Shanshan Brands (01749.HK) and others following suit.On November 18th, JPMorgan Chase issued a report stating that Geely Automobile (00175.HK) outperformed expectations in its third-quarter results, with core net profit exceeding the banks forecast by 4%. Net profit per vehicle rose 15% quarter-on-quarter to RMB 5,200. The bank stated that its third-quarter results were solid, mainly driven by economies of scale, a better product mix, and expanded export contributions. The bank believes that Geelys share price increase year-to-date is more driven by improved profitability than by expansion multiples of its target. During the earnings conference, management emphasized plans for new models next year, autonomous driving (AD) technology, and export strategies. The bank welcomes this and expects stronger growth momentum in the final quarter of this year and next year. The bank maintains its "Overweight" rating with a target price of HKD 24.

EUR/GBP increases from 0.8620 prior to German Retail Sales

Alina Haynes

Dec 01, 2022 15:16

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After falling to roughly 0.8620 during the Asian session, the EUR/GBP pair has attracted buyers. In spite of a decline in the Eurozone Harmonized Index of Consumer Prices, the asset has traded in a tight range between 0.8620 and 0.8660 during the past three days. A cross recovery maneuver is presently weak and requires further filters to become stronger.

 

The headline Eurozone HICP was released on Wednesday with a value of 10.0%, which was below the predicted value of 10.4% and the prior figure of 10.6%. As a result of a reduction in energy prices following electrification initiatives, inflationary pressures in the Eurozone economy have slowed, while food prices have remained steady. As a result of supply chain bottlenecks, the core HICP remained steady at 5%.

 

In the meantime, policymakers at the European Central Bank (ECB) are concerned about wage increases. When inflationary forces stabilize, greater salaries will persist, which could destabilize long-term inflation expectations.

 

Commerzbank thinks that a decline in the preliminary November inflation estimate has resulted in a 50 basis point reduction in the rate hike extent.

 

In addition, a bad German unemployment data reduces the likelihood that the ECB would raise interest rates at its December monetary policy meeting.

 

In the future, investors will closely monitor German Retail Sales data. The economic report is expected to increase the annual contraction rate from 0.8% to 2.8%. In addition, monthly figures are expected to fall by 0.6% compared to 0.9% growth. ECB policymakers will delight at a decline in retail demand.

 

On the United Kingdom front, the British Retail Consortium (BRC) stated in November that food inflation reached a 45-year high of 12.4%, lowering household morale as they will be unable to reconcile increasing food prices with decreasing salaries.

 

As reported by the Financial Times, Helen Dickinson, chief executive officer of the British Retail Consortium, responded to the statistics by remarking, "Winter looks increasingly bleak if price pressures continue." This may impact the British Pound in the future.

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