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OpenAI will lend funds obtained from Nvidia (NVDA.O) and Amazon (AMZN.O) revolving financing to SoftBank.On March 6th, Gong Zheng, Deputy Secretary of the Shanghai Municipal Party Committee and Mayor of Shanghai, stated that Shanghai must focus on promoting high-quality development, be pragmatic and diligent, and ensure a good start to the 15th Five-Year Plan. First, it is crucial to expand domestic demand, which is the strategic support for Shanghais high-quality development. Shanghai must strengthen the leading role of domestic demand, strive to achieve effective qualitative improvement and reasonable quantitative growth in the economy, and play a leading role in national development. Consumption is a lasting driving force for economic growth. Shanghai must thoroughly implement special actions to boost consumption, accelerate the construction of an international consumption center city, accelerate the expansion and upgrading of commodity consumption, actively create new service consumption scenarios, and continuously amplify the integration effect of culture, commerce, tourism, sports, and exhibitions. Expanding effective investment is an important means to stabilize growth and promote development. Shanghai must promote the high-quality development of key infrastructure projects, further stimulate private investment, and direct investment towards technological innovation, industrial upgrading, urban renewal, and peoples livelihood.According to Iranian media, a missile attack struck two military bases near the city of Khomeini.On March 6th, Phil Flynn, senior analyst at Price Futures Group, stated that the U.S. Treasury Department may be looking to utilize the oil futures market to address soaring oil prices. This is a novel and innovative move, abandoning the traditional approach of using physical crude oil to alleviate market concerns. Instead, it utilizes futures instruments to sell near-month crude oil futures contracts and purchase forward futures contracts. The Treasury Departments traditional functions primarily involve fiscal policy, debt management, and occasional intervention in the currency market through mechanisms such as the Exchange Stabilization Fund, but not intervention in commodities such as oil.Fitch upgraded Hutchison Whampoas rating to "A"; outlook stable.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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