EUR/USD 1.17036

USD/JPY 158.601

GBP/USD 1.36587

GBP/JPY 216.633

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Citigroup raised its price target for Marvell Technology (MRVL.O) from $225 to $275.Wells Fargo lowered its price target for Walmart (WMT.N) to $120 from $140.Barclays raised its price target for Estée Lauder (EL.N) from $80 to $97.On August 21, Toyota Motor (China) Investment Co., Ltd. filed a recall plan with the State Administration for Market Regulation in accordance with the "Regulations on the Recall of Defective Automobile Products" and the "Implementation Measures for the Regulations on the Recall of Defective Automobile Products." The recall, number S2026M0090V, involves 18 imported TOYOTA SUPRA 2.0T vehicles manufactured between September 6, 2022, and February 28, 2023. Due to a manufacturing defect in the starter motor, these vehicles may experience abnormal wear after repeated starts, leading to difficulty starting the vehicle. In extreme cases, this could cause a short circuit within the starter motor, resulting in localized overheating and a fire risk.On August 21, it was reported that Zhaoqing Xiaopeng New Energy Investment Co., Ltd. has filed a recall plan with the State Administration for Market Regulation in accordance with the "Regulations on the Recall of Defective Automobile Products" and the "Implementation Measures for the Regulations on the Recall of Defective Automobile Products." The recall, number S2026M0101V, involves the recall of 134,588 Xiaopeng G6 vehicles produced between April 7, 2023 and December 22, 2025; 94,688 Xiaopeng P7+ vehicles produced between July 23, 2024 and December 10, 2025; and 35,566 Xiaopeng X9 vehicles produced between August 8, 2023 and September 26, 2025. The vehicles within this recall scope have an emergency mechanical grab handle that is difficult to identify and operate due to its color being similar to the interior trim. In extreme situations such as a severe collision causing the vehicles low-voltage system to fail, it may affect the ability of passengers to quickly open the doors and escape, posing a safety hazard. Zhaoqing Xiaopeng New Energy Investment Co., Ltd. will affix warning labels free of charge to the emergency mechanical handles inside the recalled vehicles to reduce this safety risk.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.