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According to futures news on November 19th, as of the week ending November 15th, Japanese commercial crude oil inventories increased by 24,205 kiloliters from the previous week to 10,403,206 kiloliters. Japanese gasoline inventories decreased by 1,025 kiloliters from the previous week to 1,650,289 kiloliters. Japanese kerosene inventories decreased by 128,388 kiloliters from the previous week to 2,536,518 kiloliters. The average operating rate of Japanese refineries was 89.9%, compared to 90.6% the previous week.According to the Wall Street Journal, U.S. Army Secretary Driscoll plans to meet with Russian officials later in the day.On November 19th, the overnight SHIBOR was 1.4200%, down 10.50 basis points; the 7-day SHIBOR was 1.4870%, down 3.10 basis points; the 14-day SHIBOR was 1.5680%, up 1.80 basis points; the 1-month SHIBOR was 1.5200%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.On November 19th, a Citi research report indicated that Xiaomis (01810.HK) adjusted net profit for the third quarter exceeded both the banks and market expectations, primarily due to in-line non-operating revenue and better-than-expected gross margins in the IoT, internet, and electric vehicle sectors. However, operating expenses were higher than anticipated. Management emphasized that Xiaomi has secured memory supply for 2026 and will prioritize maintaining average selling price and market share given memory price increases. Furthermore, management expects full-year electric vehicle deliveries to exceed 350,000 units, but the vehicle purchase tax subsidy policy will impact next years electric vehicle gross margin. The banks latest forecast projects smartphone shipments of 170 million and 160 million units in 2025 and 2026 respectively, with gross margins of 11.3% and 8.9%; electric vehicle deliveries are expected to remain at 400,000 and 700,000 units, with gross margins of 25.2% and 22.2%. The target price has been lowered to HK$50, while maintaining a buy rating. The bank remains optimistic about the long-term prospects of the IoT and electric vehicle businesses, but memory price increases may put short-term pressure on the share price.On November 19th, a Citi research report indicated that AAC Technologies (02018.HK) has signed an agreement to acquire shares and other equity securities of DispelixOy, an AR diffraction waveguide technology company. The transaction is expected to be completed in the first half of 2026. AAC has been collaborating with Dispelix on a strategic R&D partnership for several years, jointly developing next-generation AR devices with several leading OEM customers and collaborating with major mobile platform suppliers to develop next-generation reference design platforms. The report believes that this acquisition will expand AACs product portfolio and solution capabilities in the XR field, covering acoustics, haptic feedback, microelectromechanical systems (MEMS), camera lenses and lens modules, structural components, and waveguide technology. The report currently gives AAC a target price of HK$56 and a buy rating.

GBP/USD Attempting to keep the price above 1.2000 in the positive

Alina Haynes

Dec 26, 2022 19:23

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GBP/USD recouped losses and flirted with daily highs after a brief slide to a new daily low of 1.2022. As speculative interest continues to examine contradictory macroeconomic data from the United States, the currency is now trading in the region of 1.2040-1.2060. On the one hand, the Personal Consumption Expenditures (PCE) Price Index rose 5.5% year over year in November, down from 6.1% in October, showing a significant reduction in inflationary pressures in the country.

 

In contrast, Durable Goods Orders unexpectedly declined by 2.1% month-over-month in the same month, which was significantly worse than the 0.6% loss that market participants had anticipated. Nonetheless, the key statistic, Nondefense Capital Goods Orders excluding Aircraft, climbed by 0.2%, beating the expected reading of 0.0%.

 

The US Dollar initially rose in response to the news, but has since recovered as a result of weekly highs in Treasury yields. The yield on the 10-year note reached its highest level for the month of December at 3.728%, while the yield on the -year note rose to 4.322%. Prior to the opening of Wall Street, rates sustained their gains, while US indexes are expected to open with moderate gains, mirroring their foreign counterparts.

 

In the meantime, the British Pound remains weak as recent macroeconomic indicators indicate that the United Kingdom will continue in recession well beyond 2023.

 

The GBP/USD exchange rate is reasonably stable on a daily basis as a result of the advent of winter holidays, which reduces trade volumes. As the pair continues to trade beneath a bearish 200-day simple moving average (SMA) after breaking below it on Thursday, technical indicators on the daily chart indicate that further declines are ahead. In the interim, technical indicators evolve inside negative levels, devoid of directionality but displaying no signs of bearish tiredness and well above oversold levels.

 

The weekly low of 1.1991 is the nearest near-term support level leading to 1.1950. A daily close at the latter level may portend a more precipitous decline the following week. At the immediate resistance level of 1.2080, sellers are building short positions, followed by 1.2140.

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