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On September 5th, the U.S. State Department issued a statement on the 4th, saying it had approved the sale of military equipment to Saudi Arabia and Oman, with estimated sales of $5.75 billion and $188 million respectively. The statement said the arms sale to Saudi Arabia includes 5,004 500-pound bombs, 5,000 2,000-pound bombs, and corresponding guidance systems, estimated at $5 billion; and 60 engines for Abrams main battle tanks, estimated at $750 million. The State Department also approved the sale of F-16 fighter jet support services and related equipment to Oman. According to U.S. media reports, these foreign military sales still require approval from the U.S. Congress.Sources say the White House has begun reviewing candidates to succeed the U.S. Deputy Secretary of Defense.On September 5th, it was announced that Hong Kong Chief Executive John Lee will release the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)" on September 16th, followed by a new Policy Address. He emphasized that the "First Five-Year Plan for Hong Kong" will formulate macro-strategies, clarify development directions, and align with the national "15th Five-Year Plan"; the Policy Address will focus on specific measures. The two are interconnected and mutually reinforcing. Lee pointed out that in the past few years, under the formulation and implementation of the measures outlined in the Policy Address, continuous efforts have been made in various aspects such as finance, innovation and technology, and education. These efforts have ensured the effective operation of the Central Gold Clearing System, built a commodity trading ecosystem, continuously attracted leading global companies to the Lok Ma Chau Loop Hong Kong Industrial Park, and constructed the North City University Town, bringing new momentum and opportunities to Hong Kong.On September 5, the Russian Foreign Ministry issued a statement on its official website on September 4, lodging a strong protest against Ukraines navigational notice claiming that "Russian airspace is no longer safe," which it deemed a distortion of facts and misleading to users of Russian airspace. The Russian side stated that Ukraines remarks posed a direct threat to civil aviation, and relevant Russian departments are in contact with the International Civil Aviation Organization (ICAO) and have issued an urgent appeal to the ICAO Secretary General. The statement reiterated Russias unwavering commitment to ensuring the safety of civil aviation.September 5th - According to the Fujian Provincial Flood Control and Drought Relief Headquarters, rainfall in Fujian Province has weakened. At 5:00 AM today, Typhoon Krowang was approximately 240 kilometers northwest of Naha City in the Ryukyu Islands, with maximum sustained winds near its center reaching level 9. It is expected that Krowang will move southward at a speed of 15-20 kilometers per hour, passing near the fishing grounds outside Fujian during the day with little change in intensity. The Fujian Provincial Flood Control and Drought Relief Headquarters terminated its flood control emergency response at 9:00 AM on September 5th but maintained a Level IV typhoon emergency response.

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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