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Futures News on May 6: During the May Day holiday, due to the significant increase in production by OPEC+, the market was concerned about oversupply, which led to a weak decline in oil prices. In addition, the market is more concerned about the subsequent third quarter, because some countries that have reduced production have not complied with the production reduction regulations, which will prompt Saudi Arabia and other countries to continue to increase production, which will increase the decline in oil prices. Zhuochuang Information predicts that the next meeting will be in early June. Before that, it is necessary to pay attention to changes in inventory levels and maintain a weak market in the short term. After all, after the increase in production, the market lacks positive factors.Indonesia expects trade deal negotiations with the European Union to be completed in the first half of the year.Hong Kong-listed local consumer stocks continued to rise during the session, with Chow Tai Fook (01929.HK) up more than 6%, Chow Sang Sang (00116.HK) up 2.7%, Prada (01913.HK) up more than 2%, and Sa Sa International (00178.HK) up 1.6%.Shanjin International: The company is currently promoting the resumption of production at Huasheng Gold Mine. If the information disclosure standards are met, the company will make a timely announcement.On May 6, Tokyo Central Auction (01939.HK) announced that its 74.99% equity changed hands, and the stock price once rose 1.12 times to 3.18 yuan when it resumed trading this morning. The counterparty Ruihe Digital Intelligence (03680.HK) once rose by more than 50%. On the news front, Tokyo Central Auction announced that ESSA FINANCIAL GROUP LTD, Ruihe Digital Intelligence and two buyers purchased a total of approximately 74.99% of the companys equity from the chairman of the board and controlling shareholder Ando Xianggui for approximately 165 million yuan. Among them, the offeror ESSA, as usual, made a mandatory unconditional cash offer at an offer price of 0.44 yuan per share, a substantial discount of 70.67% from the 1.5 yuan offer before the suspension. The value of the share offer is approximately HK$55.01 million. The only director of the offeror ESSA is Huang Shikun, who acquired approximately 65.99% of Tokyo Central Auctions equity, Ruihe Digital Intelligence acquired 3%, and Li Jiefeng and Zheng Haoran also acquired 3% each. Huang Shikun is the chairman of Shenzhen Jin Yafu Holding Group, which is mainly engaged in the gold and jewelry industry chain.

GBP/USD continues to trade below 1.2000 as risk aversion increases, with the US ISM PMI in focus

Alina Haynes

Jan 04, 2023 14:53

GBP:USD.png 

 

In the early Asian session, the GBP/USD pair has moved below the psychological support of 1.2000. Due to a risk-averse market mentality, the pound has been unable to surpass 1.2000. A dramatic fall in investors' risk appetite prior to the release of the United States ISM Manufacturing PMI data and the Federal Reserve's (FedDecember) monetary policy minutes boosted the United States Dollar.

 

The S&P 500 remained on a downward trajectory on Tuesday, showing the market participants' continued aversion to risk. The US Dollar Index (DXY) achieved a two-week high of roughly 104.40 after recovering strongly from 103.

 

Investors are afraid that the Federal Reserve (Fed) may be compelled to adopt additional policy tightening in order to confront persistent inflation. Bill Dudley, a Bloomberg analyst, identified three focal points for the Fed in CY2023. The labor market's tight conditions and low unemployment rate are the primary driver of wage inflation. Second is the underinvestment in the oil and gas sector, which could worsen inflation given Russia's ability to weaponize its control over major oil supplies. The third aspect is the performance of the budget deficit, which is projected to reach approximately 5% of Gross Domestic Product (GDP) in 2023.

 

In the meantime, investors await the release of the US ISM Manufacturing PMI, which is expected to be lower at 48.5 compared to the previous release of 49.0. While the New Orders Index is expected to be higher at 48.1, compared to the previous release's 47.2, the data is expected to be down at 47.2.

 

The diminishing appetite for corporate debt raises red flags for the United Kingdom's economic outlook. 70% of UK CFOs believe credit to be "expensive" in light of the Bank of England's (BoE) most severe tightening policies in more than three decades, according to a quarterly poll conducted by Deloitte CFP and cited by Reuters. In the meantime, the British government has withdrawn the obligation for Chinese newcomers to undergo Covid testing.


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