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July 22 – Morningstar DBRS analyst Julia Specht noted in a report that the UKs public finances remain strained, and its credit quality hinges on the governments ability to implement credible economic and fiscal plans within limited fiscal space. In June, net borrowing by the UK public sector fell 33.1% year-on-year to £16 billion ($21.4 billion), but cumulative borrowing for the first few months of the fiscal year ending in June was still £2.7 billion higher than the Office for Budget Responsibilitys forecast. Specht stated, "The key to the credit assessment lies in whether new Prime Minister Burnham can advance his policy objectives without damaging fiscal credibility."Chinas year-to-date installed power generation capacity rose 10.8% in June, up from 11% previously.On July 22, at a press conference held by the Ministry of Finance, officials stated that the Ministry is making every effort to strengthen the guarantee of disaster prevention, mitigation, and relief resources, including funds, personnel, and materials. Xing Zhaohong, Deputy Director of the Department of Natural Resources and Ecological Environment of the Ministry of Finance, said: "In 2026, the central government has set aside 20 billion yuan for natural disaster relief. Since the beginning of the flood season, the central government has activated the rapid fund allocation mechanism eight times, disbursing a total of 1.19 billion yuan to disaster areas. At the same time, the central government has allocated 14.5 billion yuan through channels such as agricultural production disaster prevention and mitigation and water conservancy disaster relief funds, key transportation projects, and central budgetary investment."The yield on Japans two-year government bonds rose 4 basis points to 1.475%, the highest level since May 1995.According to Iranian state television, if the United States takes action on Iranian soil, Iran will retaliate with all its might.

European Open: The DAX is on track for its first bearish week in five

Steven Zhao

Aug 22, 2022 15:13

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The weakest major currencies overnight were the JPY and CHF, while the US dollar continued to gain ground overnight, albeit more slowly than during the US session. The BOJ is unlikely to take action considering that the inflation rate in Japan reached its highest point in 7.5% of the year and is predicted to peak in Q4. This served as the perfect impetus for additional USD/JPY support overnight.

 

DAX 4-hour chart: As we approach the final trading day of the week, the DAX is on track to form a 2-bar bearish reversal pattern on the weekly chart at present levels. As it would be forming close below trend resistance, projected from its record high, the pattern could possibly have some significance. It remains to be seen if it represents a meaningful swing high, but at the very least, we favor a deeper pullback from current levels.

 

Although prices are stabilizing in the bottom part of this week's range following a sharp decline from the highs, the 4-hour chart is still above trend support, and the bias is for a negative break. When the 13,605 support is broken, it is assumed that the bearish trend will continue and the 14,440 - 13,500 support zone comes into focus. If that zone is also broken, a run for the 13,330 support zone is then made possible.

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