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U.S. Secretary of State Rubio: We want to ensure that any decisions made in this agreement take into account the interests of our allies.On June 25th, the Hurun Research Institute released the "2026 Global Unicorn List" in Guangzhou. The top three unicorns all focus on large-scale modeling businesses: Anthropic, the parent company of Claude, became the worlds most valuable unicorn, valued at RMB 6.6 trillion, with a single-year increase of RMB 6.1 trillion, setting a record on the Hurun Unicorn List; OpenAI, the parent company of ChatGPT, ranked second with a value of RMB 5.8 trillion; and ByteDance, the parent company of Doubao, ranked third with a value of RMB 3.3 trillion. DeepSeek topped the list of 308 newly minted unicorn companies globally and ranked among the top 15 global unicorn companies with a value of RMB 340 billion. The second-ranked newly minted unicorn company is Project Prometheus, a physical artificial intelligence company co-founded by Jeff Bezos (valued at RMB 258 billion), and the third-ranked company is Kalshi, a US-based compliant prediction market (valued at RMB 150 billion).On June 25th, C-Zhenbao stated on its interactive platform that the companys main products are silicon, quartz, silicon carbide, and alumina ceramic semiconductor equipment components. These products are widely used in integrated circuit plasma etching and thin-film deposition equipment, and are compatible with advanced manufacturing lines for memory and logic chips. Regarding overseas customer expansion, the company has achieved stable batch supply to foreign wafer manufacturers such as SK Hynix; it has also established business partnerships with well-known international manufacturers such as Micron Semiconductor, although large-scale sales have not yet been achieved.UBS Group: Palladium prices are expected to fall to $1,100 per ounce in the coming months.June 25th - According to US media reports, SK Hynix is expected to issue American Depositary Receipts (ADRs) on Nasdaq on July 10th. The IPO plans to raise nearly $30 billion, potentially becoming one of the largest ADR offerings in history. The market generally believes this move will significantly expand its global investor base and could drive a valuation reassessment. Several asset management firms predict a 30% upside potential in the next year if its valuation converges with Microns. One fund manager pointed out that SK Hynix should at least trade at a valuation level comparable to Microns, as demand for memory chips is likely to continue to exceed supply for years to come. This IPO comes during a rare boom in the memory chip industry. Shares of Micron, SK Hynix, and Samsung Electronics have all risen more than 200% this year, marking their best annual performance in decades. The demand for HBM (Hardware-Based Memory) in AI servers is widely seen as a driver of a structural "memory supercycle."

USD/CAD declines to 1.3500 on firmer Oil prices, BoC concerns over US inflation, and Fed Minutes

Daniel Rogers

Apr 10, 2023 14:35

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The USD/CAD maintains losses close to 1.3500, shattering a four-day winning trend, as traders brace for key Easter Monday data/events on major bourses. However, the recent decline in the Loonie-U.S. dollar exchange rate may be due to the increase in the price of WTI petroleum oil, Canada's primary export. In contrast to the recent increase in ardent Fed forecasts, the Bank of Canada's (BoC) dovish bias poses a challenge to pair sellers.

 

After increasing for three consecutive weeks, WTI crude oil prices gain 0.61 percent intraday near $80.00. Recent increases in the price of black gold may be due to geopolitical concerns surrounding China and Taiwan. In addition to the supply cut by OPEC+ and the faltering US dollar, the energy benchmark is sustained by the supply cut by OPEC+ and the weakening US dollar.

 

However, the US Dollar Index (DXY) has fallen for three consecutive weeks and is under pressure near 102,000.

 

Fears of higher Fed rates versus inaction from the Bank of Canada (BoC) grew after the upbeat US Jobs report versus the lack of significant positives in the March Canadian jobs report.

 

As a result, the CME's FedWatch Tool indicates a 69% chance of a 0.25 basis point rate hike in May, up from 55% prior to the US employment report.

 

Canada's headline Net Change in Employment increased to 34.7K in March from 21.8K in February, compared to the market consensus of 12K, while the Unemployment Rate came in at 5% versus the analysts' estimate of 5.0%. During the specified month, the Participation Rate decreased to 65.6% from the expected and previous rate of 65.7%. In addition, the average hourly wage fell 5.2% year-over-year in March, down from 5.5% in February.

 

In contrast, the US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 236K in March, the lowest increase since January 2021 (considering revisions), compared to the expected 240K and the previous 330,000. Additionally, the unemployment rate fell from 3.6% to 3.5%, while the labor force participation rate rose from 62.6% to 62.6%. The annual wage inflation rate decreased from 4.6% to 4.2%, below market expectations of 4.3%.

 

Futures on US equities ended higher, but yields remain under pressure ahead of the crucial BoC monetary policy meeting, US inflation, and Fed Minutes. Given the dovish concerns from the Bank of Canada (BoC) and the likely hawkish comments in the FOMC Minutes, the USD/CAD may see additional gains, barring any unexpected developments.


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