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On December 30th, the National Bureau of Statistics released the 2024 figures for the added value of the national cultural and related industries, tourism and related industries, and agriculture and related industries as a percentage of GDP. Specifically, the added value of the national cultural and related industries in 2024 was 6,209.4 billion yuan, accounting for 4.61% of GDP, an increase of 0.02 percentage points from the previous year. By sector, in 2024, the added value of cultural services was 4,325.6 billion yuan, accounting for 69.7% of the added value of the cultural and related industries, an increase of 0.5 percentage points from the previous year; the added value of cultural manufacturing was 1,260.7 billion yuan, accounting for 20.3%, a decrease of 0.2 percentage points from the previous year; and the added value of cultural wholesale and retail trade was 623.1 billion yuan, accounting for 10.0%, a decrease of 0.3 percentage points from the previous year.New York silver futures touched $73 per ounce, up 3.60% on the day.On December 30th, the General Office of the Ministry of Industry and Information Technology issued guiding opinions on accelerating the innovative development of national new-type internet exchange centers. The opinions state that, in accordance with regional coordinated development strategies and major regional strategies, support should be given to establishing exchange centers in regions with strong demand, concentrated business, sound infrastructure, and significant regional advantages, achieving a balanced and focused regional layout. Addressing the high-quality requirements of computing infrastructure, the opinions emphasize strengthening the collaborative construction of exchange centers with national hub nodes of the national integrated computing power network, promoting efficient cross-regional, cross-network, and cross-industry computing power flow. Support should be given to exchange centers to extend to other cities within provincial-level administrative regions, while meeting local traffic diversion needs, and the establishment of nodes in neighboring provinces should be encouraged to create regional traffic exchange hubs. The opinions also explore cross-provincial long-distance interconnection of exchange centers, establishing a collaborative scheduling mechanism and settlement system among exchange centers to form a national integrated exchange capability. Finally, the opinions call for coordinated planning between exchange centers and national-level internet backbone direct connection points and other network facilities to promote complementary advantages, achieve local interconnection of various networks, and form a comprehensive, three-dimensional, and high-level inter-network architecture pattern with mutually supportive interconnection entities and coordinated traffic diversion.As of 09:30 Beijing time, WTI crude oil futures fell 0.34%, and US natural gas futures fell 0.98%.On their first day of trading, Hong Kong-listed IPOs saw Insil Intelligent (03696.HK) surge 45.5%, Lin Qingxuan (02657.HK) rose 9.3%, and Mei Lian Shares (02671.HK) jumped 15.6%.

Despite better-than-expected monthly Retail Sales figures, AUD/USD is expected to continue its fall

Daniel Rogers

Sep 28, 2022 14:50

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The AUD/USD pair is expected to fall to about 0.6400 despite the release of weaker-than-expected monthly Retail Sales data. In spite of exceeding predictions of 0.4%, the 0.6% reading for GDP was still below the 1.3% seen in the prior period.

 

The Reserve Bank of Australia (RBA) will be encouraged by growing Retail Sales data when inflationary pressures are high and the bank is routinely tightening monetary policy to combat rising prices. That the RBA has already raised the Official Cash Rate (OCR) by 2.35 percentage points should not be lost on investors. For the fourth time this month, the RBA has raised the OCR by 50 basis points.

 

Currently, the US dollar index (DXY) is soaring after upbeat Consumer Confidence numbers were released. U.S. Conference Board stated the index of consumer sentiment rose to 108.0 from 103.6 in their prior survey. Increased optimism among American consumers is good news for the Federal Reserve (Fed) since it suggests robust demand from households. That's good news because it means the Fed can go ahead and pronounce further rate hikes.

 

Future attention will be fixed on Fed head Jerome Powell's public comments. It is expected that Fed policymakers will lay out the likely monetary policy actions that will be taken by the Fed in the first week of November and the middle of December. Seeing as inflationary pressures have not responded to the Fed's current rate of interest rate hikes, Powell will take a "hawkish" stance.


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