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August 11th - According to meteorological forecasts and assessments by the Geological Disaster Technical Guidance Center of the Ministry of Natural Resources, affected by the remnants of Typhoon Dolphin (No. 13), parts of Beijing will experience heavy rainfall over the next three days, with a high risk of geological disasters in parts of southwestern and northeastern Beijing. The Ministry of Natural Resources activated a Level IV geological disaster prevention response for Beijing at 3 PM on August 11th.On August 11th, the China Passenger Car Association (CPCA) projected that the passenger car market in August 2026 would exhibit a trend of "weak overall recovery and strong structural differentiation." With 21 working days for production and sales coinciding with the off-season due to high temperatures, the recovery in the terminal market was slow. Multiple macroeconomic and industry factors intertwined to shape the market landscape. Affected by the disruption to navigation in the Strait of Hormuz, international oil prices fluctuated upwards in July, leading to two rounds of cumulative increases in domestic refined oil prices of nearly 985 yuan/ton. This significantly raised the cost of using and maintaining gasoline-powered vehicles, continuously suppressing consumers willingness to purchase them. The continued weakening demand for traditional gasoline-powered vehicles became a core external positive factor for the counter-trend growth of new energy vehicles, continuously expanding the growth space for new energy vehicle models in both domestic and overseas markets.On August 11th, it was reported that in July, the retail penetration rate of new energy vehicles (NEVs) in the overall passenger vehicle market in China reached 65.1%, an increase of 11.6 percentage points year-on-year and 2.1 percentage points month-on-month. In July, the NEV penetration rate among domestic brands was 83.8%; among luxury brands, it was 30.9%; while among mainstream joint venture brands, it only rose to 13.7%. Looking at the monthly domestic retail market share of NEVs, in July, domestic brands held a 64.6% share, a year-on-year decrease of 5.3 percentage points; mainstream joint venture brands held a 4.5% share, a year-on-year increase of 0.9 percentage points; and emerging electric vehicle (EV) brands held a 26.8% share, with brands such as Leapmotor and NIO contributing a 5.4 percentage point year-on-year increase in their market share.The China Passenger Car Association (CPCA) reported that the wholesale penetration rate of new energy vehicles (NEVs) reached 64.2% in July, an increase of 11 percentage points compared to July 2025. In July, the penetration rate of NEVs among domestic brands was 73.6%; among luxury cars, it was 57.1%; and among mainstream joint venture brands, it rose to 17.1%.Lebanons Ministry of Health: An Israeli drone strike in Nabatieh injured two people.

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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