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Hong Kong-listed AI stocks fluctuated higher, with Zhipu (02513.HK) rising over 12%, Bilibili (09626.HK), GDS Holdings (09698.HK), and Alibaba (09988.HK) rising over 4%, and JD.com (09618.HK) and Kuaishou (01024.HK) rising over 3%.On January 9th, the highest 7-day annualized yield for Tencent Wealth Managements "Current Account +" was 1.2750%, and the lowest was 0.8900%. The highest 7-day annualized yield for WeChat Pays "Lingqiantong" was 1.2320%, and the lowest was 1.0490%. The highest 7-day annualized yield for Alipays "Yuebao" was 1.1760%, and the lowest was 1.0090%.Hong Kong-listed oil stocks surged across the board, with Shanghai Petrochemical (00338.HK) rising over 3%, PetroChina (00857.HK) rising over 2%, and CNOOC (00883.HK) and Sinopec (00386.HK) rising over 1%.On January 9th, the Ministry of Industry and Information Technology and four other departments issued a notice on the "Guidelines for the Construction and Application of Industrial Green Microgrids (2026-2030)". Industrial green microgrids mainly include facilities or systems such as renewable energy power generation, industrial waste energy utilization, clean and low-carbon hydrogen production and utilization, new energy storage applications, power conversion and flexible interconnection, and digital energy and carbon management. The proportion of newly built solar, wind, and other renewable energy power generation by industrial enterprises and industrial parks that is consumed locally each year should generally not be less than 60%. In areas where the electricity spot market is continuously operating, distributed photovoltaic power can be connected to the user-side grid through aggregation or through dedicated power lines with users, participating in the spot market using a self-consumption and surplus power grid connection model, with the grid-connected electricity accounting for no more than 20% of the total available power generation. The grid connection capacity and regulation capabilities of renewable energy power generation facilities will be continuously improved to achieve "observable, measurable, adjustable, and controllable" grid connection.The Peoples Bank of China (PBOC) announced today that it conducted 34 billion yuan of 7-day reverse repurchase operations, with a bid volume of 34 billion yuan and a winning bid volume of 34 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.

The USD/CAD exchange rate moves above 1.3560 in advance of US/Canadian employment data, as oil prices consolidate

Alina Haynes

Jan 06, 2023 11:15

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In the early Asian session, the USD/CAD pair is bouncing within a narrow range of 1.3560-1.3580. The Canadian dollar has retreated to a sideways pattern following a rise from the psychological support level of 1.3500. After the upbeat United States Automatic Statistics Processing (ADP) Employment Change data prompted a trend of risk aversion, market participants demonstrated higher demand for the US Dollar.

 

Rising expectations of a long-term aggressive monetary policy by the Federal Reserve (Fed) enhanced the appeal of the safe-haven currency, which pushed the US Dollar Index (DXY) to the important resistance level of 105.00. Additionally, it boosted 10-year US Treasury yields above 3.72 percent. In the interim, after a fall on Thursday, demand for S&P500 futures has increased, indicating a minor improvement in investors' risk appetite.

 

Compared to the predicted 150K, the US economy has created 235K jobs for job seekers, according to the US ADP. Stronger labor demand is undoubtedly indicative of a healthy economy, but in times of soaring inflation, it provides the Fed with a solid reason to delay a rate cut in the near future.

 

Investors will keenly examine Friday's release of US Nonfarm Payrolls (NFP) data in order to obtain deeper insight into the status of the US labor market.

 

Likewise, the Canadian Dollar will respond to the release of Employment data. Compared to the earlier estimate of 10k, the net increase in payrolls for December is expected to be 8k. The jobless rate may increase slightly to 5.2%.

 

Before the release of the official US Employment report, the price of oil exhibits rangebound behavior. Since the Covid-19 scenario may reach its culmination more quickly, the black gold may gain strength. Notably, Canada is the United States' leading oil exporter, and higher oil prices strengthen the Canadian Dollar.

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