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July 29th - For a long time, the core technologies for high-end motorcycle engines worldwide were monopolized by a few foreign companies. Recently, Chinese automakers have successfully broken this barrier. A high-speed motorcycle test was recently held at the China Communications Construction Company (CCCC) Comprehensive Test Track in Shangrao, Jiangxi Province. After multiple rounds of extreme sprints, a domestically produced motorcycle achieved a test speed of 315.82 kilometers per hour, successfully breaking the speed record for domestically produced motorcycles and shattering the monopoly of Japanese, German, and Italian brands in the high-performance motorcycle engine market. This breakthrough in core motorcycle engine technology is rapidly translating into orders in the global market. In the first half of this year, exports from domestic motorcycle manufacturers increased by 23.99% year-on-year, with overseas markets becoming a significant driver of industry growth. A production manager at one company stated that from January to June this year, the company exported over 20,000 motorcycles, with products reaching Southeast Asia, Europe, and the United States, generating over 200 million yuan in output value, a year-on-year increase of 100%.Deutsche Banks European shares fell 5.9% after the bank released its earnings report.July 29th - The national carbon emissions trading market, launched in July 2021, has seen its cumulative transaction volume exceed 62.9 billion yuan as of July 28th this year. It covers four high-emission industries: power generation, steel, cement, and aluminum smelting, accounting for over 65% of my countrys total carbon dioxide emissions. It is projected that by 2027, the national carbon emissions trading market will essentially cover major emitting industries in the industrial sector, expanding its coverage to high-emission industries such as chemicals, petrochemicals, civil aviation, and papermaking. The carbon market is expected to cover approximately 80% of the nations greenhouse gas emissions.According to Fox News: The U.S. Senate continued to advance the Russia sanctions bill today.July 29th, Futures News – According to foreign media reports, Malaysias Ministry of Plantation Industries and Commodities (KPK) anticipates that increasing the biodiesel blending ratio in Peninsular Malaysia and Sabah from B10 to B12 or B15 will reduce diesel consumption by approximately 334,139 tons (386.73 million liters) annually, equivalent to extending the domestic diesel supply cycle by up to 20 days. 1. Strengthening National Energy Security Resilience: KPK points out that increasing the biodiesel blending ratio in the national transportation sector is a proactive measure in the face of geopolitical uncertainties and the global energy crisis. This move will reduce dependence on fossil fuels and enhance Malaysias overall resilience to global energy market supply disruptions and price fluctuations. 2. Idle Capacity Expected to Be Released: Malaysia currently has 20 biodiesel plants with a total capacity sufficient to support B30 blending demand. However, current actual demand is mainly for B10 at gas stations and B7 in some industrial sectors, with most plants not yet operating at full capacity. Increasing the blending ratio will directly improve this situation. 3. Smooth Transition to End-User Status and Long-Term Planning: B15 biodiesel is blended from 15% palm oil methyl ester (PME) and 85% petrochemical diesel, allowing end-users to directly replace B10 fuel without incurring additional costs. The Malaysian government plans to further advance the blending standards to B20, B30, and even B50 in the future.

Positive China PMI and IMF growth forecasts pressure mid-0.7000s bears

Daniel Rogers

Jan 31, 2023 16:55

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Due to risk-positive data from China and the International Monetary Fund, AUD/USD challenges the two-day downtrend while gaining bids off the intraday low (IMF). Despite this, purchasers appear to be having difficulty regaining control ahead of this week's high-level central bank summit. Despite this, the AUD/USD pair rose to 0.7055 in the early morning hours of Tuesday, following a recent comeback from the intraday low of 0.7038.

 

Recently, the IMF increased its global growth forecasts and predicted that the growth slowdown in developing markets bottomed out in 2022. The global lender also noted a slight improvement in the global GDP forecast for 2023, citing "particularly resilient" demand in the United States and Europe, a reduction in energy prices, and the reopening of China's economy after Beijing abandoned its stringent COVID-19 laws.

 

Prior to that, China's NBS Manufacturing PMI rose to 50.1, compared to 49.7 market expectations and 47.0 previously, while China's Non-Manufacturing PMI rose to 54.4, compared to 51.0 market forecasts and 41.6 previously.

 

The recent risk-on profile may have been bolstered by the declaration that the administration of US President Joe Biden is prepared to withdraw the Covid-led emergencies beginning on May 11. Monday, Reuters reported that China's Center for Disease Control and Prevention (CDC) claimed, "China's current wave of COVID-19 infections is nearing a conclusion, and there was no significant increase in cases during the Lunar New Year holiday."

 

Earlier in the day, the AUD/USD exchange rate was impacted by dismal Australian Retail Sales for December and a cautious stance ahead of the Federal Open Market Committee (FOMC) monetary policy meeting. The fact that Australian Retail Sales declined 3.9% in December, as opposed to the projected -0.3% decline and the previous figure of 1.9%, is noteworthy.

 

S&P 500 Futures exhibit small increases despite Wall Street's lackluster performance, while 10-year Treasury yields decline to 3.54% after three consecutive days of gains.

 

The US Employment Cost Index (ECI) for the fourth quarter (Q4) and the Conference Board's Consumer Confidence index for January will be widely monitored for direction in the near future. According to the market consensus, the US Consumer Mood Index may rise, but a forecast lower print of the US ECI, to 1.1% from 1.2%, might bolster the Fed's dovish stance and bring back AUD/USD buyers.


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