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On September 15th, data from the National Bureau of Statistics showed that in August, the year-on-year decline in new residential property prices in first-tier cities was 0.9%, a decrease of 0.2 percentage points compared to the previous month. Specifically, prices in Beijing, Guangzhou, and Shenzhen fell by 2.3%, 1.9%, and 2.3% respectively, while Shanghai saw an increase of 3.0%. In second- and third-tier cities, the year-on-year declines in new residential property prices were 2.7% and 4.1% respectively, both narrowing by 0.1 percentage points. In August, the year-on-year decline in existing residential property prices in first-tier cities was 2.7%, a decrease of 1.0 percentage point compared to the previous month. Specifically, prices in Beijing, Shanghai, Guangzhou, and Shenzhen fell by 3.5%, 0.8%, 3.8%, and 2.7% respectively. In second- and third-tier cities, the year-on-year declines in existing residential property prices were 4.9% and 5.6% respectively, both narrowing by 0.2 percentage points.New Residential Housing Prices: 1. Beijing: August new residential housing prices -0.2% month-on-month (previous value -0.3%), -2.3% year-on-year (previous value -2.3%). 2. Shanghai: August new residential housing prices +0.4% month-on-month (previous value +0.2%), +3.0% year-on-year (previous value +3.0%). 3. Guangzhou: August new residential housing prices +0.1% month-on-month (previous value +0.1%), -1.9% year-on-year (previous value -2.2%). 4. Shenzhen: August new residential housing prices +0.2% month-on-month (previous value +0.2%), -2.3% year-on-year (previous value -2.9%). Second-hand Residential Housing Prices: 1. Beijing: August second-hand residential housing prices -0.1% month-on-month (previous value 0.0%), -3.5% year-on-year (previous value -4.5%). 2. Shanghais existing home prices in August increased by 0.3% month-on-month (previous value +0.3%) and decreased by 0.8% year-on-year (previous value -2.0%). 3. Guangzhous existing home prices in August remained unchanged month-on-month (previous value +0.4%) and decreased by 3.8% year-on-year (previous value -4.7%). 4. Shenzhens existing home prices in August increased by 0.1% month-on-month (previous value +0.2%) and decreased by 2.7% year-on-year (previous value -3.6%).National Bureau of Statistics: Beijings second-hand housing prices in August decreased by 0.1% month-on-month (previous value +0%) and decreased by 3.5% year-on-year (previous value -4.5%).According to the National Bureau of Statistics, the price of second-hand residential properties in Shenzhen rose 0.1% month-on-month in August (up 0.2% in the previous month) and fell 2.7% year-on-year (down 3.6% in the previous month).September 15th - The 2026 China Carbon Market Conference was held in Wuhan, Hubei Province this morning, and the "National Carbon Market Development Report (2026)" was released at the conference. Reporters learned that as of the end of August, the national carbon emission trading market had accumulated transactions exceeding 900 million tons, with a transaction value exceeding 60 billion yuan. The national carbon market has grown from nothing to a significant stage, playing a crucial role in promoting the achievement of carbon peaking and carbon neutrality goals.

The EURGBP sustains modest gains over the mid-0.8700s, but lacks bullish conviction

Daniel Rogers

Nov 14, 2022 18:48

The EURGBP cross advances for a second day in a row on Monday and continues its modest intraday gains into the start of the European session. The cross is currently located above the middle of 0.87, but lacks bullish conviction and follow-through buying.

 

The common currency continues to receive some support from wagers on an aggressive policy tightening by the European Central Bank (ECB). In contrast, the negative economic projection for the United Kingdom devalues the British Pound. In reality, the National Institute of Economic and Social Research (NIESR) projects that the United Kingdom's fourth-quarter GDP growth would be flat and the likelihood of a recession remains high. It is thought that this will strengthen the EURGBP cross.

 

However, the chance that the Bank of England will increase interest rates further operates as a tailwind for the British pound. Aside from this, a slight US Dollar recovery from a near three-month low exerts some pressure on the Euro and, at least for the time being, limits any meaningful gain for the EURGBP cross. Ahead of this week's crucial UK macro data - the monthly jobs report on Tuesday and the CPI report on Wednesday - traders remain reluctant to place risky wagers.

 

The Monetary Policy Report Hearings at the Bank of England on Wednesday and the Autumn Statement by Chancellor Jeremy Hunt on Thursday will provide markets with extra advice. This will play a vital role in shaping the near-term GBP sentiment and the next leg of the EURGBP cross's directional move. In the lack of market-moving economic data from either the Eurozone or the United Kingdom, it is anticipated that spot prices would stabilize within a range.

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