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On August 14th, Liu Liehong, member of the Party Leadership Group of the National Development and Reform Commission and Director of the National Data Administration, stated at a State Council Information Office press conference that this year the National Data Administration plans to deploy a number of pilot data industry clusters as a starting point to continuously optimize the industrial layout and accelerate the formation of an industrial ecosystem and scale advantages. Going forward, the National Data Administration will continue to optimize the development environment for the data industry, cultivate diversified business entities, and provide stronger support for developing new quality productivity and shaping new momentum and new advantages.Lenovos CEO stated that tariffs have a limited immediate impact on the business. While theres still uncertainty about Trumps 100% chip tariffs, the company will not be disadvantaged. Confidence in the fiscal 2026 outlook has strengthened compared to the previous quarter. Despite geopolitical uncertainty, AI PC shipments remain on track.The Hang Seng Index in Hong Kong opened up 152.95 points, or 0.6%, at 25,766.62 points on August 14 (Thursday); the Hang Seng Tech Index in Hong Kong opened up 38.69 points, or 0.69%, at 5,669.47 points on August 14 (Thursday); the CSI 300 Index opened up 62.98 points, or 0.69%, at 9,213.03 points on August 14 (Thursday); and the H-share Index opened up 9.95 points, or 0.23%, at 4,389.59 points on August 14 (Thursday).Japans Topix index fell 1%.On August 14, Brazilian President Lula approved the launch of the "Brazil Sovereignty Plan," which will implement various measures to counter the impact of increased US tariffs and encourage investment in strategic sectors to safeguard Brazils economic development. According to an announcement released by the Brazilian presidential palace that same day, the Brazilian government will provide preferential loans to businesses affected by US tariffs through various guarantee funds, with financing also available to small and medium-sized enterprises. The government will allow severely impacted businesses to defer federal tax payments and extend tax rebates for companies planning to export to the US, encouraging sales to other countries. Furthermore, the government will modernize the export guarantee system and increase support for mid- and high-tech, green economy exporters.

GBP/USD perceives barriers below 1.1980 as Fed hawks strengthen risk-averse sentiment

Daniel Rogers

Nov 29, 2022 15:13

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The GBP/USD pair has faced selling pressure around 1.1976 during the Tokyo session. The brief Cable recovery from the 1.1940 support level has terminated as hawkish remarks from Federal Reserve (Fed) policymakers have strengthened the risk aversion theme.

 

The US Dollar Index (DXY) has resumed its advance after a retracement to approximately 106.60. Futures on the S&P500 have rebounded marginally during the Asian session, although a reversal is still quite distant. In the interim, rates on 10-year US Treasury securities have rebounded to approximately 3.69 percent.

 

As investors feel the slowing in the interest rate hike is not indicative of a suspension in policy tightening, US Treasury bonds have regained its alpha. Policymakers at the Federal Reserve (Fed) expended much effort to reach an inflation rate of 2%, yet the headline inflation rate in the United States is 7.7%.

 

Thomas Barkin, president of the Richmond Fed Bank, remarked on Monday, as reported by Reuters, that he favors fewer future interest rate hikes as the central bank works to decrease overly high inflation.

 

According to Financial Times, Loretta Mester, president of the Cleveland Fed Bank, believes the Federal Reserve is not close to stopping its rate hikes. She highlighted that additional favorable inflation statistics and indications of moderation are required prior to establishing a plan to halt rate hikes.

 

In the future, the US Gross Domestic Product (GDP) numbers will be closely scrutinized. The third quarter GDP estimate is anticipated to remain unchanged at 2.6%. As the Fed is devoted to achieving price stability, it is strongly recommended to reduce the growth rate. A period of rising growth rates will continue to keep inflation in check, as a robust GDP indicates robust demand from individuals, which does not translate to a decline in price rise.

 

Economists at Danske Bank have concluded that the United Kingdom has officially entered a recession. Expectations are for four consecutive quarters of negative GDP growth, with growth not resuming until the fourth quarter of CY2023.


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