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The Hang Seng Tech Index fell by more than 1%, with star tech stocks leading the decline. Baidu (09888.HK) and Kuaishou (01024.HK) both fell by more than 4%.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report stated that Shanghai will intensify its efforts to implement policies supporting enterprises in stabilizing and expanding employment, and promoting entrepreneurship to drive job creation. It will also strengthen employment assistance for key groups such as college graduates and those facing employment difficulties, aiming to create over 600,000 new urban jobs. The report also outlines the exploration of a mechanism to assess and address the impact of artificial intelligence technology applications on employment.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report revealed that Shanghai will optimize its fertility support policies and incentive measures this year. A new round of child-friendly city construction initiatives will be launched, the overall quality of kindergartens will be improved, and inclusive childcare and integrated childcare services will be vigorously developed.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will advance the strategy of driving development through major cultural industry projects, improve the mechanism for cultivating cultural enterprises, refine support policies for the construction of cultural and creative parks and the integration of culture and technology, continuously enhance the capabilities of cultural industries such as film and television production, performing arts, creative design, and ultra-high-definition media, and cultivate and expand new cultural formats such as micro-dramas and metaverse.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report indicated that this year, the city will further implement urban renewal initiatives. Efforts will be made to accelerate, expand, and improve the efficiency of urban village renovation projects, fully launch overall renovation projects, and make every effort to ensure the resettlement of village residents. 200,000 square meters of old housing will be renovated into complete apartments.

The ECB-BOJ policy is in the spotlight as the EUR/JPY shows a minor rebound from 140.00

Alina Haynes

Jul 19, 2022 12:03

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From the psychological support level of 140.00, the EUR/JPY pair has shown a less likely rebound. Following a brief recovery, the cross has found resistance at about 140.0. The asset is expected to undergo large price swings in the near term as investors shift their focus to this week's monetary policy statements by the European Central Bank (ECB) and the Bank of Japan (BOJ).

 

The ECB is expected to announce a rate rise in response to market speculation, ending its 11-year streak of maintaining the status quo. Households are experiencing price pressures as a result of a significant reduction in their real income, which has significantly affected their patterns of savings and consumption.

 

The European Central Bank (ECB) has already made the announcement that the Asset Purchase Program (APP) would come to an end in order to reduce the galloping inflation. The focus will now shift to an increase in interest rates in the quest for readily available cheap money on the market.

 

The most significant event of the week will be the publication of the eurozone consumer confidence index, aside from that. The initial estimate for the Consumer Confidence statistics for the eurozone is -24.5, down from the prior estimate of -23.6.

 

When announcing its interest rate decision, the Bank of Japan (BOJ) is likely to keep things the same. Given that the Bank of Japan (BOJ) would likely boost global economic demand, it is expected that its governor, Haruhiko Kuroda, will take a dovish stance. The BOJ is concerned with keeping the inflation rate at 2%, and in order to do so, it must also raise labor expenses.


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