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September 1st - Data released on Tuesday showed mixed performance for Tesla (TSLA.O) new car registrations in several European markets in August, with significant increases in France and Denmark, but noticeable declines in Norway and Sweden. According to data from the French Association of Automobile Manufacturers and the Danish automotive data website Bilstatistik.dk, Teslas new car registrations in August surged 279% year-on-year in France and increased by 104% in Denmark. Meanwhile, data from the Norwegian Road Transport Information Council and the Swedish Automobile Association Mobility Sweden showed that Teslas new car registrations in Norway and Sweden fell by 79% and 41% year-on-year, respectively. Teslas sales in Europe have rebounded this year after two consecutive years of decline. The sales recovery is partly attributed to a lower base in the same period last year, higher fuel prices, government incentives, and increasing consumer interest in electric vehicles.The review status of Guangdong Chip Semiconductor Technology Co., Ltd. has changed to registration effective.September 1st - According to the latest estimate from Ricky Panesar, founder of the well-known repair firm Correct, replacing the inner screen of an iPhone Ultra if its accidentally dropped and broken will cost as much as $1155, equivalent to approximately 8200 RMB. To understand how outrageous this price is, a comparison will make it clear. The $1155 repair cost not only significantly breaks the record for smartphone repairs but also exceeds the original price of most mainstream flagship models on the market.Switzerlands SVME Purchasing Managers Index (PMI) for August was 57.1, below the expected 54.2 and the previous reading of 53.2.A spokesperson for the Russian Foreign Ministry stated that if any actions are taken against Russia in the Baltic region, Russias response will be devastating.

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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