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On August 20th, CSPC Pharmaceutical Group (01093.HK) announced in Hong Kong that for the first half of 2026, the Group recorded revenue of RMB18.594 billion and reported profit attributable to shareholders of RMB6.094 billion, representing increases of 40.1% and 139.2% respectively compared to the same period last year. Excluding fair value changes of financial assets measured at fair value through profit or loss and share-based employee compensation expenses, the basic profit attributable to shareholders was RMB6.164 billion, an increase of 165.8% compared to the same period last year. Basic earnings per share were RMB0.5345, an increase of 139.8% compared to the same period last year.On August 20th, Zhenro Properties (06158.HK) announced that on August 20, 2026, it had submitted a term sheet containing the proposed terms of an overall offshore debt management plan to several creditors. Key terms of the term sheet include debt cancellation and full release of obligations to related parties, and the pro rata issuance of new company shares to creditors who have approved the scheme. The offshore restructuring plan and scheme are still subject to agreements with creditors and the fulfillment of certain preconditions.Traders: The Reserve Bank of India may be selling dollars to support the rupee.On August 20th, Chery Automobile (09973.HK) announced in Hong Kong that it achieved operating revenue of RMB 143.28 billion in the first half of 2026, a year-on-year increase of 1.2%; net profit attributable to shareholders of the parent company was RMB 8.567 billion, a year-on-year decrease of 11.7%; gross profit was RMB 23.044 billion, with a gross profit margin of 16.1%, a year-on-year increase of 3.1 percentage points. R&D investment during the reporting period was RMB 6.672 billion, a year-on-year increase of 28.3%. The Board of Directors did not declare an interim dividend for the reporting period.On August 20th, AAC Technologies (02018.HK) released its interim results for 2026. The companys revenue reached a new high of RMB 14.51 billion, a year-on-year increase of 8.9%, with the acoustics and electromagnetic drive business, automotive acoustics business, and thermal management business contributing the main growth. The groups gross profit margin was 22.4%, an increase of 1.7 percentage points year-on-year, mainly due to a better product structure and higher operational efficiency. Net profit increased by 2.9% year-on-year to RMB 901 million. Excluding other gains and losses related to fair value gains and losses, the net profit growth rate for the first half of 2026 was 37.4%. In the first half of 2026, revenue from the optical business was RMB 2.05 billion, a year-on-year decrease of 22.7%, mainly due to a decrease in shipments of optical modules and lenses affected by the decline in global smartphone sales.

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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