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The market currently expects a 100% probability that the European Central Bank will raise interest rates twice by 25 basis points each time before the end of the year.July 23 – One of the worlds most attractive arbitrage opportunities will remain unattainable. The Korea Depository & Clearing Corporation (KDS) announced that SK Hynix has capped the conversion of its Korean-listed shares into American Depositary Receipts (ADRs) traded in the United States at 2.5% of its total share capital. This has been a key issue closely watched by investors since the companys ADRs were listed. The KDS CEO stated that the $26.5 billion in ADRs issued by SK Hynix on July 10 have exhausted the conversion limit. This means that unless existing ADR holders first convert their U.S.-traded ADRs back to Korean shares, thus freeing up conversion space, investors cannot convert their Seoul-listed shares into ADRs. SK Hynix ADRs are currently trading at a 51% premium to its Korean-listed shares.JPMorgan Chase lowered its price target for Tesla (TSLA.O) from $475 to $445.On July 23, Meng Huating, Director-General of the Department of Foreign Investment Administration of the Ministry of Commerce, responded to questions regarding the progress of the establishment of the China-US Trade Council and Investment Council at a press conference held by the State Council Information Office. She stated that the trade teams of both sides are currently maintaining close communication on the specific arrangements for the Trade Councils structure, functions, and operating model, and are exploring the implementation of a reciprocal tariff reduction framework of $30 billion each. China is widely soliciting opinions from domestic enterprises, business associations, local governments, and US-invested enterprises and business associations on relevant tariff reduction arrangements. The US is also soliciting public comments on the Trade Council and the reciprocal tariff reduction arrangements. Both sides will maintain close communication, finalize specific product tariff reduction arrangements as soon as possible, and promote their implementation to further expand bilateral trade.On July 23, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to negative remarks made by a senior U.S. official regarding Chinas artificial intelligence, Lin Jian stated that China has consistently opposed the politicization and instrumentalization of science and technology trade issues. Such actions will only disrupt the global development of artificial intelligence and are not in the interest of any party.

As risk aversion grows as measured by the DXY and as attention turns to the US NFP, USD/CHF goes closer to 0.9600

Alina Haynes

Aug 03, 2022 14:51

 截屏2022-08-03 上午9.47.05.png

 

In reaction to the dismal market environment, the US dollar index (DXY) has gained, and the USD/CHF pair is swiftly approaching the key level of 0.9600. After defending Monday's low around 0.9480, the pair had a greater reverse on Tuesday, as the risk-aversion theme strengthened the attraction of the DXY.

 

Following US House Speaker Nancy Pelosi's travel to Taiwan to support Taiwan's local government despite China's wishes, tensions between the US and China have increased. In reaction to the death threats made against Pelosi during her private travel to Taiwan, the US is anticipated to adopt sanctions against China, which encouraged the gloomy market sentiment.

 

In the meanwhile, the DXY has achieved a three-day high of 106.55, although the gain may wane ahead of Friday's US Nonfarm Payrolls (NFP) data. According to market expectations, the U.S. economy added 250,000 jobs to the labor force in July.

 

During a brief period, a number of significant IT companies in the United States abandoned the hiring process, resulting in payroll statistics that multiplied. If the same thing occurs, the Federal Reserve (Fed) will be compelled to speak less about policy rates.

 

On the Swiss franc front, investors anticipate the release of the Consumer Price Index (CPI) numbers. An early estimate of the annual inflation rate places it at 3.5%, little higher than the prior estimate of 3.4%. As a result, the Swiss National Bank (SNB) will be compelled to boost interest rates.


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