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Hong Kong-listed AI application stocks rose, with DeepTech (01384.HK) up over 21%, MyFT (02556.HK) up over 13%, Pony.ai-W (02026.HK) up over 10%, and Kingdee International (00268.HK) and Baidu (09888.HK) up 6.8%.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the first quarter often serves as a bellwether for the years economic growth. The economy achieved a good start in the first quarter, demonstrating the characteristics of my countrys stable economic foundation, numerous advantages, strong resilience, and great potential. However, it should also be noted that the international environment may become more complex and volatile in the next stage, with increased uncertainties and unpredictable factors, and the domestic economy will also face some difficulties and challenges. Nevertheless, overall, opportunities outweigh challenges, and solutions outweigh difficulties. We have strong institutional advantages, and over the years we have accumulated long-term industrial, market, and talent advantages, making us fully capable of achieving stable economic operation and high-quality development throughout the year.On April 16, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that oil accounts for less than 20% of my countrys total energy consumption, while coal plays a stronger role in providing a safety net, accounting for more than 50%. In recent years, new energy sources such as wind and solar power have developed rapidly, and the proportion of non-fossil energy consumption has risen to about 20%. Overall, fluctuations in the international crude oil market have a relatively small impact on us.On April 16th, the FIFA president stated on Wednesday that "Iran will definitely come" to this summers World Cup in the United States. He said, "We certainly hope that the situation will be peaceful by then. As I said, that will certainly help. But Iran must be involved." Peace talks between Iran and the United States have not yet resumed, and the ceasefire agreement expires next week. Trump has stated that Irans participation in this summers World Cup is "inappropriate," as it could jeopardize the "lives" of the players. It remains unclear whether Iran will withdraw from the tournament.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that my countrys total fixed asset investment has exceeded 49 trillion yuan by 2025. Therefore, while the public is concerned about the scale and speed of fixed asset investment, they should also pay attention to its structure, efficiency, quality, and sustainability. my country needs to make more effective investments to promote the improvement of peoples livelihoods, the growth of new productive forces, and high-quality economic and social development.

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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