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August 27 - At the invitation of Zhao Leji, Chairman of the Standing Committee of the National Peoples Congress, Austrian National Council Speaker Rosenkrantz will lead a delegation to China from August 29 to September 4.On August 27th, the Shanghai Securities Regulatory Bureau, the Asset Management Association of China, and other relevant departments held a training course on private equity compliance and policy interpretation in Shanghai for 2026. The training covered topics including: interpretation of the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures and Fund Operations"; interpretation of the "Guiding Opinions of the General Office of the State Council on Strengthening Supervision, Preventing Risks, and Promoting High-Quality Development of Private Equity Investment Funds"; a brief analysis of illegal and irregular activities in the Shanghai jurisdiction and compliance requirements; common issues and warnings in self-regulatory inspections; key points of securities and futures arbitration rulings; and analysis of private equity fund cases.On August 27th, it was reported that in July 2026, power trading institutions nationwide completed 740.4 billion kWh of electricity transactions, a year-on-year increase of 18.5%. In terms of transaction scope, intra-provincial transactions totaled 549.1 billion kWh, a year-on-year increase of 19.0%; inter-provincial and inter-regional transactions totaled 191.3 billion kWh, a year-on-year increase of 17.2%. In terms of transaction types, medium- and long-term transactions totaled 678.6 billion kWh; spot transactions totaled 61.8 billion kWh. Green electricity transactions totaled 27.7 billion kWh, a year-on-year increase of 2.7%. Power grid companies purchased 87.2 billion kWh through market-based agency services.The main fuel oil futures contract rose by 2.00% intraday, currently trading at 3749.00 yuan/ton.Gold prices rose slightly on Thursday, August 27th, as concerns about currency devaluation persisted and market attention turned to Federal Reserve Chairman Warshs highly anticipated speech this week. Kelvin Wong, senior market analyst at OANDA, stated that the narrative of a depreciating dollar, coupled with concerns about the US budget deficit, continues to support gold in the medium term. The US Treasurys announcement of expanding its purchases of older, long-term bonds triggered dollar devaluation concerns, causing gold prices to rise by more than 5% last week. Wong added, "The market is waiting for Warshs speech to gain a clearer understanding of how the Fed will respond to the current economic situation. If he doesnt provide specific forward-looking monetary policy guidance, then the markets current pricing in interest rate hikes is likely to remain largely unchanged." Geopolitically, the Qatari Prime Minister will visit Tehran to resume diplomatic mediation. The US and Iran have previously exchanged accusations, with the focus of the dispute being Washingtons commitment to increase economic pressure on Tehran through sanctions against Irans trading partners.

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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