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February 6th - Counterpoint analyst Jeongku Choi stated in a report that soaring memory chip prices could dampen consumer demand for electronic devices. According to Counterpoint data, memory prices have surged 80%-90% quarter-on-quarter since the beginning of the first quarter, driven by a sharp increase in the price of dynamic random-access memory (DRAM) used in general-purpose servers. "This is a double blow for equipment manufacturers," the analyst said, adding that rising component costs and weakening consumer purchasing power could slow demand. He pointed out that equipment manufacturers should change their procurement patterns or focus on high-end models to pass on cost pressures.On February 6th, Alibabas Qianwen app officially launched a "3 Billion Yuan Free Orders for Chinese New Year" campaign, distributing free milk tea vouchers. Subsequently, the Qianwen app experienced minor system malfunctions in several regions across the country. In response, Alibaba stated, "We are urgently adding resources to ensure smooth operation."The China Earthquake Networks Center officially reported that a magnitude 3.9 earthquake struck Akto County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang, at 10:24 AM on February 6th, with a focal depth of 10 kilometers.February 6th - Today (February 6th), the Hainan Provincial Information Office held a press conference to introduce the "zero tariff" policy for imported goods for consumption by residents within the Hainan Free Trade Port and to answer reporters questions. The press conference announced that the first batch of five duty-free shops for daily consumer goods will be opened in the three prefecture-level cities of Haikou, Sanya, and Danzhou, with each shop scheduled to open on February 11th, the Southern Lunar New Years Eve.Li Auto (02015.HK) rose more than 2% amid volatility. The company’s chairman and CEO, Li Xiang, said that the company will launch a new generation of Li Auto L9 Livis Edition, priced at 559,800 yuan.

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.