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S&P 500 E-Mini futures rose 0.33%, Nasdaq 100 futures rose 0.52%, and Dow Jones futures rose 0.15%.On May 8th, it was learned from the company that Dingdong Maicai has officially upgraded its own brand strategy, and will focus its resources on developing its own brands such as Dingdong V5. In the future, it will concentrate resources on product development, supply chain, quality control, digitalization and operations to create high-quality own brands for family food consumption scenarios.European Central Bank President Christine Lagarde: The legislative process for a digital euro should be completed by the end of 2026.May 8th - Wells Fargo economists stated that the U.S. labor market remains in a state of low employment and low hiring that has persisted for the past two years. With little change in demand for labor, labor supply has become the more significant factor determining the pace of job growth. Last month, employment increased by 178,000, but even considering the approximately 30,000 additional jobs gained after the strikes ended, this figure is unsustainable because factors such as immigration and demographics limit labor force growth. We expect total employment to increase by 70,000 in April, with 75,000 of those increases in the private sector.According to preliminary statistics from the China Passenger Car Association (CPCA), from April 1st to 30th, the national passenger car market retail sales reached 1.406 million units, a 20% decrease year-on-year and a 15% decrease month-on-month. Year-to-date, cumulative retail sales reached 5.628 million units, a 18% decrease year-on-year. From April 1st to 30th, national passenger car manufacturers wholesaled 2.13 million units, a 3% decrease year-on-year and a 10% decrease month-on-month. Year-to-date, cumulative wholesale sales reached 7.997 million units, a 6% decrease year-on-year. From April 1st to 30th, the national new energy passenger car market retail sales reached 883,000 units, a 5% decrease year-on-year and a 4% increase month-on-month. Year-to-date, cumulative retail sales reached 2.792 million units, a 17% decrease year-on-year. From April 1st to 30th, national passenger car manufacturers wholesaled 1.22 million new energy passenger cars, a 7% increase year-on-year and a 7% increase month-on-month. Year-to-date, cumulative wholesale sales reached 3.949 million units, a 1% decrease year-on-year.

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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