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On November 20th, a CLSA research report indicated that Kingsoft Corporation (03888.HK) reported lower-than-expected revenue in the third quarter, dragged down by its gaming business. Gaming revenue declined by 47% year-on-year, 8% lower than the reports forecast, due to pressure from the exceptionally high base of major titles last year. Office software revenue growth accelerated, rising 26% year-on-year, driven by progress in government IT application innovation and WPS 365. Individual paying user growth remained solid, and average revenue per user stabilized. The report believes the gaming business will continue to face pressure in the coming quarters, but the office software business may maintain strong momentum. The report lowered its 2025 and 2026 revenue forecasts by 3% and 4% respectively, and its net profit forecasts by 15% and 18% respectively. The target price was lowered from HK$37.8 to HK$35.5, while maintaining an "Outperform" rating.On November 20th, Nomura reported that Pinduoduos (PDD.O) overseas business may have recovered. Following the US governments termination of small-amount exemptions in May, Pinduoduos Temu platform changed its strategy and increased its recruitment efforts for US sellers. Temu is also rapidly expanding in markets outside the US. These moves have helped Temus business recover. Nomura maintains a neutral rating on Pinduoduo ADR with a target price of $136.On November 20th, Bernstein analysts stated in a report that the current upward cycle in memory chips is expected to squeeze camera budgets for low-end Android smartphones next year, but will have minimal impact on flagship Android models and Apples supply chain. After two consecutive years of growth, the Android phone market may level off next year. Smartphone manufacturers need to find a balance between product specifications, sales volume, and their own and their suppliers profitability. For low-end models, manufacturers are renegotiating prices, and camera specification upgrades may be delayed. However, a trend of industry-wide configuration reductions similar to that of 2022 is not expected.November 20th, Futures.com analysts latest view: Spot gold prices rose during the session, benefiting from the continuation of the main bullish trend, and its movement is along the short-term support secondary trendline, indicating that spot gold is attempting to break through the negative pressure from the EMA50 again. Previously, the EMA50 had hindered the price recovery.November 20th, Futures.com analysts latest view: WTI crude oil futures prices rose slightly, attempting to recover some of the previous losses, mainly benefiting from its attempt to correct the clearly oversold state on the Relative Strength Index (RSI). In particular, positive overlapping signals supporting price movements appeared in the short term, providing support for prices. This intraday rebound indicates that prices are in a brief respite after the previous wave of declines.

Before UK Employment And Japan GDP Data, GBP/JPY Recovers Above 158.50

Daniel Rogers

Feb 13, 2023 14:37

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In the early hours of Tokyo, GBP/JPY surpassed 158.50. After Friday's significant swings, it is anticipated that the cross's volatility will decrease. As the likelihood of scholar Kazuo Ueda being appointed the next Governor of the Bank of Japan (BoJ) grew, the Japanese Yen witnessed extreme volatility.

 

According to the Nikkei Asian Review, the Japanese Cabinet is anticipated to appoint Kazuo Ueda as the next Governor of the Bank of Japan (BoJ) when Haruhiko Kuroda steps down in April. According to sources, the Japanese government would appoint former FSA Chief Himino and BoJ Executive Director Shinichi Uchida as Deputy BoJ Governor.

 

The announcement prompted the Japanese Yen to climb perpendicularly, but Kazuo Ueda's assertion that the current monetary policy was appropriate halted the increase. Prime Minister Fumio Kishida of Japan reaffirmed that the administration will consider ending the decade-long expansionary approach under the new leadership of the Bank of Japan. Kazuo Ueda's divergent position on monetary policy diminished the likelihood of a withdrawal from accommodative monetary policy.

 

Investors are awaiting the Japan GDP (Q4) report on Tuesday. The growth of economic data is 2% annually and 0.5% quarterly.

 

British investors await employment data to determine the direction of the Pound. The three-month unemployment rate stays unchanged at 3.7%. Without incentives, average earnings are expected to increase by 6.5%. The Bank of England (BoE), which is battling inflation, may confront additional obstacles.

 

If we achieve our goal of halving inflation this year, we will have some of the best growth prospects in Europe, according to the British minister of finance, Jeremy Hunt.

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