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According to Futures News on August 3, as of 09:30 Beijing time, WTI crude oil futures fell 7.37%, while US natural gas futures rose 0.76%.On Monday, August 3, the Hong Kong Hang Seng Index opened 102.88 points higher, or 0.4%, at 25,987.31; the Hang Seng Tech Index opened 32.7 points higher, or 0.68%, at 4,861.92; the H-share Index opened 46.97 points higher, or 0.55%, at 8,659.12; and the Red Chip Index opened 3.68 points higher, or 0.09%, at 4,196.8.The Peoples Bank of China (PBOC) conducted 63 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 63 billion yuan. The interest rate for the operation was 1.40%.On August 3rd, Cao Cao Mobility and Xiangzhou District of Zhuhai City officially signed a strategic cooperation agreement to jointly promote the implementation of the "integrated air-ground-space" smart mobility demonstration project in Zhuhai. Cao Cao Mobilitys first batch of autonomous driving test vehicles will soon enter designated sections of Xiangzhou District for on-site verification, and the autonomous driving fleet will be expanded in an orderly manner subsequently. Simultaneously, a smart operation and maintenance hub, the "Green Smart Access Island," integrating automatic battery swapping, intelligent quality inspection, and remote dispatching, is planned and constructed, with reserved space for the take-off and landing of low-altitude aircraft.August 3rd - Due to continuous heavy rainfall and weather warnings, 92 trains operated by China Railway Chengdu Bureau were suspended today (August 3rd). Of these, 31 were suspended at Chengdu Station, 38 at Chongqing Station, and 23 at Guiyang Station. The suspensions cover multiple major lines, including the Shanghai-Kunming Railway, Xian-Chengdu High-Speed Railway, and Lanzhou-Chongqing Railway, affecting routes from Chengdu to Beijing, Shanghai, Shenzhen, Shenyang, Lanzhou, and Urumqi; from Chongqing to Beijing, Kunming, Urumqi, Fuzhou, and Lanzhou; and from Guiyang to Kunming, Xining, and Hohhot. Simultaneously, due to rainfall warnings, all trains on the Beijing Suburban Railway Huairou-Miyun Line and S2 Line were suspended today.

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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