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On December 30th, Cao Cao Mobility (02643.HK) announced that its consolidated affiliated entity, Hangzhou Youxing, entered into an equity acquisition agreement with Zhejiang Jidi and an equity acquisition agreement with Mercedes-Benz Mobility and Geely Holding. According to these agreements, Hangzhou Youxing agreed to acquire 50% equity interests in Weixing Technology from both Zhejiang Jidi and Mercedes-Benz Mobility for a total cash consideration of RMB225 million. Upon completion of the acquisitions, Weixing Technology will become a wholly-owned subsidiary of Hangzhou Youxing.On December 30th, the National Medical Products Administration (NMPA) held a meeting in Beijing to advance the pilot program for deepening medical device vigilance. The meeting heard reports from the first batch of pilot provinces and discussed specific measures to further deepen the pilot program. Xu Jinghe, member of the Party Leadership Group and Deputy Director of the NMPA, attended and addressed the meeting. The meeting emphasized the need to thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and its subsequent plenary sessions, deeply understanding the significance of deepening the pilot program for medical device vigilance; to clarify the responsibilities of all parties, implement pilot tasks, and strengthen the construction of systems and operational mechanisms; to improve platforms and systems, promote the "one body, two wings" construction, and enhance vigilance capabilities; and to fully utilize technologies such as AI to strengthen technological empowerment, quickly identify risk signals, and effectively handle risks.Airbus: Airbus is expected to make the necessary modifications to the selected aircraft.Airbus: The Spanish Ministry of Defense awarded an 18-month research project.As of 8:30 PM Beijing time, WTI crude oil futures rose 0.43%, and US natural gas futures rose 1.15%.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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