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Indias final composite PMI for April was 59.7, compared with 60 in the previous month.Indias final services PMI for April was 58.7, in line with expectations of 58.5 and the previous value of 59.1.On May 6, CICC published a report predicting that Xiaomis (01810.HK) first-quarter revenue may hit a new high, and is optimistic about the long-term growth potential of artificial intelligence in new car launches and devices, maintaining its outperform rating. CICC expects Xiaomis first-quarter revenue to grow 44.85% year-on-year to RMB 109.37 billion, and adjusted net profit to grow 53.03% year-on-year to RMB 9.93 billion (including a loss of RMB 340 million in the automotive and innovation businesses). Due to the strong performance of the Internet of Things and automotive businesses, CICC raised Xiaomis adjusted net profit forecasts for 2025 and 2026 by 4.6% and 3.8% to RMB 40.2 billion and RMB 54.74 billion.News on May 6th, recently, FOF issuance has once again seen a "small hit". Including the previous two cases, there have been three "small hits" of FOF since April. There are both channel boosting factors and market recovery factors. In the first quarter, the number of newly issued FOFs increased by 166.67% month-on-month, and the scale of fundraising increased by 1346.12% month-on-month. As of the end of the first quarter, the total scale of individual pension Y share funds exceeded the "10 billion" mark for the first time. From what the reporter has learned recently, the personal pension business of some financial institutions has operational flaws in terms of handling procedures and information systems, and there have been situations such as "no information on retirees can be found, and retirees cannot withdraw the balance of their personal pension accounts". This means that the quality of work of relevant institutions in exchanging personal pension data needs to be improved.On May 6, market research firm Counterpoint Research estimated that global XR headset screen shipments will increase by 6% year-on-year in 2025, among which AR glasses shipments will increase significantly by 42%, far exceeding VR devices (2.5%), becoming the fastest growing segment.

The USD/CHF exchange rate surges above 1.0060 as the risk-off sentiment regains dominance

Alina Haynes

Oct 20, 2022 15:21

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The USD/CHF pair reversed its minor decline from 1.0063 at the start of the Asian session and resumed its climb. Prior to the risk-on profile losing momentum, the asset exhibited a juggernaut rally to approximately 1.0063.

 

After two consecutive days of gains, a slight dip in the S&P 500 diminished investors' appetite for risk and drove demand for safe-haven assets. The US dollar index (DXY) oscillates slightly below the immediate barrier of 113.00 and appears on the verge of breaking through. In addition, 10-year US Treasury rates have reached a 14-year high of 4.14 percent as bets on a greater rate hike by the Federal Reserve have increased (Fed).

 

Regarding the Swiss franc, investors anticipate the release of the Trade Balance data. It is projected that the economic statistics will climb to 3,558M from 3,425M in the previous report.

 

The road map presented by James Bullard, president of the St. Louis Fed Bank, suggests that the central bank would maintain its hawkish stance for an extended length of time. Fed policymakers expect the central bank to raise interest rates by an additional 75 basis points (bps) when it meets on November 1 and 2, with a second 50 or 75 bps increase likely in December. Before relying on statistics, he highlighted that the Fed must first identify the proper rate level.

 

Despite some signs of slowing in certain areas, the Fed's Beige Book reported that price rises remained elevated. Therefore, price pressures remain a cause of concern. While the price of fuel and transportation has reduced, the cost of inputs for businesses has climbed. Labor demand is low due to firms' unwillingness to raise payrolls in expectation of an economic recession.

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