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On January 29th, the Ministry of Commerce held a regular press conference. At the Ministry of Commerces regular press conference on December 25th last year, it was reported that TikTok had signed agreements with three investors to establish a new TikTok US joint venture to ensure its continued operation in the US. What is the spokespersons comment on this? He Yongqian stated that, in order to implement the important consensus reached during the phone call between the leaders of China and the US, the economic and trade teams of both sides had previously reached a basic framework consensus on properly resolving issues such as TikTok through cooperation, based on mutual respect and equal consultation. The Chinese government hopes that companies will reach solutions that comply with Chinese laws and regulations and balance interests. It hopes that the US will work with China in the same direction, earnestly fulfill its corresponding commitments, provide a fair, open, transparent, and non-discriminatory business environment for the continued and stable operation of Chinese companies in the US, and promote the stable, healthy, and sustainable development of China-US economic and trade relations.On January 29th, Richard Flynn, Managing Director of Charles Schwab UK, noted in a report that unless there is a substantial shift in inflation or labor market dynamics, the Federal Reserve is likely to maintain its data-driven approach until at least May 2026. However, he stated that this is an extraordinary period for US monetary policy. "The increasingly open struggle between monetary independence and fiscal power makes the Feds institutional credibility a more acute focus," he pointed out. Flynn stated that this independence remains the cornerstone of global confidence in the dollar, US Treasuries, and the broader US capital markets.On January 29th, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. It was reported that China has approved the import of the first batch of Nvidias H200 AI chips. Can the Foreign Ministry confirm this? What signal does this send to China-US relations? "We have responded to relevant questions on multiple occasions. For specific questions, we suggest inquiring with the relevant Chinese authorities," Guo Jiakun said.On January 29th, JPMorgan Chase issued a research report stating that New Oriental Education & Technology Group Co., Ltd. (09901.HK) reported better-than-expected results for its second fiscal quarter of 2026, leading to an upward revision of its guidance for the first time in two years. Managements optimistic outlook prompted the bank to raise its operating profit forecasts for fiscal years 2026 and 2027 by 7%. The report indicated that New Oriental has returned to a high-quality compound growth trajectory and is expected to continue exceeding expectations and raising guidance. The bank reiterated its "Overweight" rating and top pick status for New Oriental, raising its target price from HK$53 to HK$55.The Norwegian Petroleum Fund: As of December 31, the funds total market value was 21.268 trillion Norwegian kroner.

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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