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On August 18th, the Ministry of Commerce and eight other departments issued an opinion on further stimulating the vitality of lower-tier markets and boosting consumption in county-level areas. The opinion mentions improving the quality and efficiency of financial services. It guides financial institutions to optimize financial services for the consumption sector in lower-tier markets and strengthens financial support for eligible consumer commercial facilities projects. It supports eligible wholesale, retail, and service enterprises in issuing bonds and listing on the stock exchange. Eligible commercial and trade enterprises that open new chain stores in county-level areas can apply for entrepreneurial guaranteed loans and receive interest subsidies.On August 18th, nine departments, including the Ministry of Commerce, issued an opinion on further stimulating the vitality of lower-tier markets and boosting consumption in county-level areas. The opinion mentions expanding the supply of high-quality, reasonably priced goods. It encourages enterprises to actively introduce high-quality products into county-level markets, simultaneously launching new products in eligible counties, and promoting the sharing of the same quality and products between urban and rural areas. It guides enterprises to develop high-quality products that meet the consumption characteristics of county-level areas and supports commercial and trade enterprises in building flexible supply chains based on "own brands + demand-driven production." It also strongly supports the promotion of new energy vehicles, green and intelligent products, and green building materials in rural areas, and expands the coverage of rural charging facilities.With no substantial progress in the Middle East situation, will crude oil prices continue their slightly bullish trend in the short term? A quick overview of the pre-market crude oil prices (converted between domestic and international markets) in one chart.On August 18th, nine departments, including the Ministry of Commerce, issued an opinion on further stimulating the vitality of lower-tier markets and boosting consumption in county-level areas. The opinion mentions developing emerging business models tailored to local conditions. It encourages qualified regions to develop virtual reality, immersive experiences, and "artificial intelligence + consumption," and promotes green consumption models such as secondhand trading and commodity leasing. It also calls for deepening the implementation of a special action to promote healthy consumption and innovating consumption chains that integrate primary, secondary, and tertiary industries.Weak US consumer data led to a slight rebound in precious metals. A quick chart shows the pre-market prices of gold and silver, converted between domestic and international markets.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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