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Hong Kong-listed tech stocks rallied, with Tencent Holdings (00700.HK), Kuaishou (01024.HK), and Alibaba Health (00241.HK) all rising over 5%, Meituan (03690.HK) up 3.5%, Alibaba (09988.HK) and Bilibili (09626.HK) up 2.8%, and JD.com (09618.HK) up over 2%.July 6th - Meituan officially open-sourced its trillion-parameter large-scale model, LongCat-2.0. LongCat-2.0 has a total of 1.6T parameters and an average activation of approximately 48B. It features deep collaborative optimization in model architecture, chip adaptation, and deployment strategies, specifically designed for domestically produced computing chips with limited GPU memory and bandwidth.Hong Kong-listed AI stocks declined, with Zhipu (02513.HK) falling 10%, UBTECH (09880.HK) and Qunhe Technology (00068.HK) falling over 7%, and MINIMAX-W (00100.HK) falling over 6%.July 6th – The World Internet Conference held a press conference on the 6th to introduce the basic information, overall preparation progress, and highlights of the 2026 World Internet Conference Digital Silk Road Development Forum. The forum will be held in Xian from July 21st to 22nd, with the theme "Smart Silk Road, Digital New Beginning – Building a Community with a Shared Future in Cyberspace." In addition to the opening ceremony, the forum will also feature five thematic forums focusing on cooperation and development in "Silk Road e-commerce," collaborative innovation in intelligent systems, cultural heritage protection and inheritance in the digital age, artificial intelligence empowering the low-altitude economy, and digital health. These forums aim to promote consensus and cooperation among countries participating in the Belt and Road Initiative, and jointly seize new opportunities for digital development.On July 6, South Korean President Lee Jae-myung instructed officials on Monday to expedite the major chip and artificial intelligence (AI) projects announced last week. He warned that delays in licensing approvals, land acquisition, and securing electricity and water supplies could undermine South Koreas efforts to dominate advanced industries. "In this situation, the outcome seems to depend on who acts faster, who can gain the lead first," Lee said at a government meeting. "Speed is everything." Lee pointed out that the Yongin Industrial Complex, which took six years from site selection to groundbreaking, was already considered relatively fast. He stated that processes that were previously handled sequentially should be streamlined and called for shortening environmental assessments and other approval processes as much as possible. He demanded that electricity and water infrastructure be secured in advance, stating that electricity will be a particularly critical issue for the chip projects. Lee also indicated that despite the continued expansion of renewable energy supply, companies remain concerned about baseload power capacity, and therefore ordered officials to address these issues ahead of schedule.

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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