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June 22 - According to China Railway Shanghai Group Co., Ltd., during this years Dragon Boat Festival holiday (June 19-21), the Yangtze River Delta railway transported 10.11 million passengers, with an average daily transport of 3.37 million passengers, representing a year-on-year increase of 28.8%. Among them, on June 19, the Dragon Boat Festival, 4.031 million passengers were transported, setting a new record for the highest single-day passenger volume for the Shanghai Railway Group during the Dragon Boat Festival holiday.Malaysian Prime Minister: He met with the Prime Minister of Bangladesh to discuss efforts to strengthen cooperation in various fields, including trade and investment, energy, artificial intelligence (AI), digital economy, education, human resource development, agriculture, halal industry and workforce management.Israel Defense Forces: Israeli forces killed two Hamas terrorists in an airstrike in the Gaza Strip on Saturday.Russian Defense Ministry: Russia shot down 301 drones overnight.On June 22nd, Citigroup released a research report stating that Pop Mart (09992.HK) launched its "THE MONSTERS Retro Barbershop Series" on June 19th, generating considerable market buzz over the weekend. The new series utilizes new velvet materials and technology, emphasizing DIY hairstyle design, and is priced at RMB 159. However, reactions to the designs on social media platforms have been mixed, suggesting the new product may not be a short-term catalyst. Citigroup pointed out that the MOKOKO "Velvet Afternoon" style is currently the most sought-after in the secondary market and commands a premium, followed by "Lazy West Coast" and "Rebellious Diary." The other three standard styles have lower demand, with secondary prices all below the original price. Citigroup maintains its "Buy" rating on Pop Mart with an unchanged target price of HKD 263.

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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