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On August 2nd, Yang Xueliang, Senior Vice President of Geely Holding Group, announced on Weibo that Geely Automobile Group has established Geely Automobile Group Sales Corporation to further strengthen the synergy of marketing resources across its brands. He stated that this is also a concrete implementation of the "One Geely" strategy within the marketing system.South Korea issued a heatwave emergency on August 2nd as the entire country experienced scorching heat, with the southeastern city of Yangsan reporting its highest temperature on record. "All departments should utilize all available channels, including public broadcasts, emergency text messages, electronic information boards, and village broadcasts, to promptly inform the public about the heatwave situation," South Korean Prime Minister Han Sung-sook said in a statement released Sunday. The Korea Meteorological Administration issued a severe heatwave warning for the southern region at 1 p.m. local time. According to Yonhap News Agency, the temperature in Yangsan soared to 42.5 degrees Celsius (108.5 degrees Fahrenheit), the highest recorded since records began in 1904. The Ministry of the Interior plans to dispatch bureau-level officials to the Seoul metropolitan area, Gyeongsangnam-do, and other southern regions to oversee operations, assess local heatwave response measures, and identify areas requiring additional support.Israel Defense Forces: Two Hamas commanders killed in Gaza over the weekend.The European-Mediterranean Seismological Centre reports that a 4.2-magnitude earthquake struck Michoacán, Mexico, at a depth of 64.3 kilometers.August 2nd - The 2026 China-ASEAN Construction Ministers Roundtable Meeting was held in Ipoh, Malaysia on August 1st. Minister of Housing and Urban-Rural Development Ni Hong led the Chinese delegation to the meeting, delivering the opening address and a keynote speech. She introduced Chinas experiences and practices in housing and urban-rural development during the 15th Five-Year Plan period, the "Good Housing" initiative, and urban renewal. Ni Hong pointed out that promoting high-quality urban development is a common goal of China and ASEAN. China is willing to continue upholding the principles of good neighborliness, security, prosperity, amity, sincerity, mutual benefit, and inclusiveness, and a shared future, further strengthening cooperation in the fields of housing and urban construction, and working together to create a more distinctive and prosperous urban civilization with Asia-Pacific characteristics.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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