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On April 4th, it was reported that on April 2nd, Xiaomi Group (01810.HK) shares hit a new low since 2025, closing below HK$31 per share, a 50% drop from its mid-year high last year. Wang Wen (Weibo name: Gu Dao Re Chang Ye), founder and chairman of the billion-dollar private equity firm Ridou Investment, publicly expressed his doubts about Xiaomi on Weibo on April 1st and 2nd. He pointed out that Xiaomi has ventured into multiple industries, but rarely ranks among the top three in any of them; before refining and strengthening its existing businesses, it has turned to popular sectors such as AI and robotics, raising suspicions that Xiaomi lacks a clear long-term plan and has a tendency to chase trends. He emphasized that companies need to build core competitiveness, otherwise long-term development will lack support. In the early hours of April 4th, Wang Wen responded urgently via his personal Weibo account, providing supplementary explanations to his views: "I often talk nonsense, dont take it seriously. Xiaomi is an excellent company! However, focusing on one area and one profit, not concentrating on the main business, is not my cup of tea!"April 4th - April 4th marked the first day of the Qingming Festival holiday, with peak periods for mass tomb-sweeping activities across the country. According to statistics from the Ministry of Civil Affairs, on April 4th, a total of 66,300 funeral service institutions nationwide provided on-site tomb-sweeping services, with 377,600 staff members participating in service support. Throughout the day, they received 19,289,300 visitors and 4,572,200 vehicles. Among them, 12,099,600 people chose green and low-carbon tomb-sweeping methods, accounting for 62.73% of the total on-site visitors. 857 online tomb-sweeping platforms served 266,200 online visitors.Authorities say Russia attacked a market in Nikopol, a frontline city in Ukraine, killing five people and injuring 19.Israel Defense Forces: A missile launched from Iran has been detected heading towards Israeli territory. Defense systems are operational to intercept the threat.On April 4, local time, the Ukrainian Presidential Press Office announced that President Zelenskyy had signed a presidential decree to implement the decision of the National Security and Defense Council regarding sanctions against relevant Russian entities and individuals. The sanctions targeting the Russian military-industrial complex include 26 individuals and 31 legal entities. The sanctions list also covers core enterprises involved in the production and maintenance of various weapons and equipment. Furthermore, the sanctions specifically target the aviation manufacturing sector.

GBP/USD falls from a five-month high to 1.2200 as traders await NFP data from the United States

Alina Haynes

Dec 02, 2022 15:47

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GBP/USD reverses direction from yesterday's strongest levels since late June, as markets stabilise in front of Friday's critical US employment report for November. As of press time, despite this, the intraday low for the Cable pair is approaching 1.2230.

 

In addition to pre-NFP anxiety, the recent decline in the quote may also be ascribed to the market's modest pessimism and poorer UK statistics.

 

S&P 500 Futures decline 0.30 percent intraday to 4,070, mirroring market mood as US 10-year Treasury yields bounce from a 10-week low to 3.53 percent as of press time.

 

Potentially responsible are worries about the decline of the Initial Public Offering (IPO) markets. According to industry experts presenting at the Reuters NEXT conference, "a global slowdown in initial public offerings due to heightened market volatility and a regulatory cloud over fresh listings from China has created pent-up demand that might lead to an IPO boom in 2023."

 

The Business Times of Singapore stated that the United Kingdom's house prices dropped 1.4% in November, which was greater than the 0.2% reduction that had been forecast. In contrast, record-high fresh food inflation and a rise in the UK's final S&P Global/CIPS Manufacturing PMI statistics for November appear to pose a challenge to GBP/USD bears.

 

The Bank of England's (BOE) hawkish forecasts and the Federal Reserve's (Fed) recent dovish forecasts for its next move are on the same path. Moreover, weak US inflation and economic activity figures weigh on the US Dollar, keeping GBP/USD bulls bullish.

 

The November US jobs report will be crucial for GBP/USD buyers in light of negative data forecasts and fears of additional Greenback losses. As a result, the headline Nonfarm Payrolls (NFP) number is expected to decline from 261K to 200K, while the unemployment rate may remain unchanged at 3.7%. It should be noted that a likely decline in Average Hourly Earnings for the relevant month could potentially weigh on the DXY.

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