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On November 18th, Barclays economists stated in their quarterly outlook that the yen is likely to remain under pressure given Japanese Prime Minister Sanae Takaichis policy stance leaning towards "Abenomics." Given the yens high sensitivity to fiscal risks, further fiscal expansion is expected to keep USD/JPY at higher levels. Barclays recommends investors continue to hold long positions in USD/JPY.On November 18th, a CLSA research report indicated that PetroChinas (00857.HK) share price recently hit a new high, approaching the HK$9 mark, a level not seen during the past three years of declining oil prices. The report believes that the companys solid third-quarter results suggest that even if oil prices remain around US$60 per barrel for the remainder of the year, it is still likely to exceed market expectations for the full year. Despite the recent share price increase, the full-year dividend yield is expected to reach 6%, providing investors with a defensive option. Furthermore, the companys guidance for capital expenditure in 2025 is RMB 262 billion, a 5% year-on-year decrease, the first year-on-year decline in three years. Coupled with a low net debt ratio, the report believes the company has room to increase its full-year dividend payout ratio, which was 52% last year. The report raises PetroChinas H-share target price from HK$8.8 to HK$10, maintaining an "Outperform" rating.Jefferies: Raises its price target for Ford Motor (FN) from $12 to $15; raises its price target for General Motors (GM.N) from $55 to $75.Jefferies raised its price target for Ctrip (TCOM.O) from $85 to $88.On November 18th, CICC issued a research report initiating coverage of Guoquan (02517.HK) with an "Outperform" rating and a target price of HK$4.9. Guoquans retail-oriented strategy caters to consumers needs for home-cooked meals by offering a variety of delicious and affordable family-friendly dining products. CICC projects the companys earnings per share to be RMB 0.16 and RMB 0.2 for this year and next year, respectively, implying a CAGR of over 35% from 2024 to 2026.

EUR/USD Is Anticipated To Fall Below 1.0950 Due To Market Optimism Regarding US Economic Prospects

Daniel Rogers

Apr 20, 2023 13:54

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The EUR/USD pair is expected to decline drastically below the near-term support level of 1.0950 during the Asian session. The major currency pair is attracting bids as the US Dollar Index (DXY) has shown a recovery move and surpassed the 102.00 level of resistance.

 

S&P500 futures have extended their losses during the Asian session in anticipation of the Federal Reserve's (Fed) decision to raise interest rates, which could undermine revenue guidance.

 

According to the Federal Reserve's (Fed) Beige Book minutes, economic activity is stable in the majority of districts. However, loans and advances to businesses and consumers have decreased due to stringent credit conditions imposed by commercial banks in the United States in order to prevent uncertainty in an unstable environment.

 

In the interim, Fed policymakers remain optimistic regarding the economic prognosis due to the labor market's tightness. As reported by Reuters, the president of the Federal Reserve Bank of St. Louis, James Bullard, advocated for the continuation of the central bank's policy tightening in view of the continued strength of labor market data. A Fed official added that the demand for labor has not yet diminished and that a robust labor market results in robust consumer spending.

 

Citi Group forecasts a fourth-quarter recession in the US economy due to the constrained US labor market. Previously, it was anticipated that the United States would enter a recession during the third quarter of 2023.

 

Investors are anticipating the release of Eurozone Consumer Confidence data. Preliminary Consumer Confidence (April) data is anticipated to improve from -19.2 to -18.5. This may be the result of persistently declining inflation in the Eurozone, which reduces the burden on households.


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