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February 10th - Overnight, US stocks rose slightly, while Hong Kong stocks continued their strong performance from yesterday, breaking through the 10-day moving average at the open. The Hang Seng Index opened 175 points higher at 27202, before slightly retreating to 109 points. Subsequently, driven by capital inflows, it surged as much as 370 points to a high of 27397. At the close, the Hang Seng Index rose 0.54% in the morning session, while the Hang Seng Tech Index rose 0.84%. The total turnover of the Hang Seng Index market was HK$133.82 billion. On the sector front, artificial intelligence continued its strong upward momentum, with film, pharmaceutical outsourcing, and biopharmaceutical stocks leading the gains. Semiconductor stocks rose for the second consecutive day. Education, aviation, tourism, and dairy stocks were weak, while mainland property stocks retreated. In terms of individual stocks, Lexin Outdoor (02720.HK) surged over 121.8% on its first day of trading, Zhipu (02513.HK) rose over 21%, and CSPC Pharmaceutical Group (01093.HK) gained over 6%; New Oriental (09901.HK) fell 4.7%, and Meituan (03690.HK) and Haidilao (06862.HK) both dropped 3%.On February 10th, according to Qichacha APP, Guangzhou Xiaopeng Motors Technology Co., Ltd. recently applied for and published a patent for "Humanoid Robot Control Method, Device, and Humanoid Robot". The patent abstract shows that this invention relates to the field of robot control technology, specifically to a humanoid robot control method, device, and humanoid robot. The method involves acquiring upper body posture data corresponding to the operator; this upper body posture data includes pitch, tilt, and yaw data; performing component processing on the upper body posture data to generate target upper body posture data corresponding to the humanoid robot; acquiring the current upper body posture data corresponding to the humanoid robot; and controlling the humanoid robot based on the target upper body posture data and the current upper body posture data. This forms a closed loop of "acquisition-processing-feedback-control", dynamically correcting posture deviations to ensure the robot accurately replicates the operators intentions while also considering motion smoothness and operational stability.February 10th – The first meeting of the China-Cambodia Public-Private Sector Dialogue Mechanism was held on February 9th in Phnom Penh, the capital of Cambodia. Cambodian Deputy Prime Minister Sun Chanthol and other government officials and business representatives from both countries attended the meeting. Sun Chanthol expressed his gratitude to Chinese enterprises for their outstanding contributions to Cambodias economic and social development and hoped that both sides would actively respond to the demands of Chinese enterprises in Cambodia through the dialogue mechanism, creating a favorable environment for Chinese enterprises to expand their investment in Cambodia. Chinese Ambassador to Cambodia Wang Wenbin stated that this meeting has set a good precedent for the smooth operation of the China-Cambodia Public-Private Sector Dialogue Mechanism and hoped that both sides would continue to uphold the spirit of pragmatism, professionalism, and cooperation to safeguard and develop the common interests of China and Cambodia. At the meeting, China and Cambodia exchanged frank and in-depth views on resolving issues faced by Chinese enterprises in Cambodia, including taxation, customs clearance, and labor issues.On February 10th, five departments—the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Ministry of Housing and Urban-Rural Development, the State Administration for Market Regulation, and the State Intellectual Property Office—jointly issued the "Guideline for the Construction of a Standard System for the Science and Technology Service Industry (2025 Edition)." The guideline proposes that by 2027, more than 40 new national and industry standards for the science and technology service industry will be formulated, initially establishing a standard system that meets the high-quality development needs of the service industry, and conducting standard implementation work for more than 1,000 enterprises. By 2030, more than 80 new national and industry standards for the science and technology service industry will be formulated, basically establishing a standard system that meets the high-quality development needs of the service industry, with the effectiveness of standards serving enterprises becoming more prominent.The Federation of Automobile Dealers Associations of India (FADA) predicts that retail car sales will continue to grow steadily over the next three months.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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