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On January 13, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policy proposes that integrated circuit companies whose products or production lines pass the International Automotive Electronics Association (IATE) automotive-grade product testing standards (AEC-Q series), automotive-grade power module reliability testing and certification standards (AQG series), automotive quality management system standards (IATF16949), or road vehicle functional safety standards (ISO26262) will receive subsidies of up to 30% of the actual certification cost, with a maximum annual subsidy of 2 million yuan per company.On January 13th, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policy encourages enterprises in fields such as intelligent connected and new energy vehicles, communication equipment, artificial intelligence, the Internet of Things, and industrial control to strengthen collaboration with integrated circuit companies through regular supply and demand matchmaking meetings, opening up application scenarios, and prioritizing product application, thereby cultivating a reliable and stable high-level supply chain. It also emphasizes leveraging Guangzhous key industrial advantages, supporting vehicle manufacturers and display companies to increase the promotion and application of key designed and manufactured automotive-grade chips and display chips, driving the return of design companies to the manufacturing sector and the technological upgrading of manufacturing enterprises.On January 13th, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policy encourages and supports relevant entities to strengthen upstream and downstream collaboration within the industrial chain and actively undertake major integrated circuit projects undertaken by national ministries and commissions. Based on national matching requirements and the actual allocation of funds by the state, the city will provide corresponding matching funds, and encourages districts to provide corresponding matching funds and actively seek provincial-level matching funds.On January 13th, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policies encourage integrated circuit manufacturing enterprises to increase investment in technological upgrading. For investment projects that meet relevant conditions, a post-investment reward of up to 20% of the new equipment purchase amount will be provided. The scope of support for newly purchased equipment will be expanded from production equipment to energy-consuming equipment, power distribution equipment, and supporting software used by the enterprise itself. The reward amount for a single project will not exceed 30 million yuan. A post-investment reward of up to 2% of the actual investment in factory construction and installation projects within the scope of the technological upgrading registration for the above-mentioned projects will be provided, with a maximum reward of 5 million yuan per project.On January 13, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period (Draft for Solicitation of Opinions)". The draft mentions accelerating breakthroughs in the design of high-end general-purpose chips such as processors, memory chips, and edge computing chips; actively supporting the development of specialized chips such as RISC-V (an open-source instruction set architecture based on the principle of reduced instruction set), automotive-grade, display drivers, sensors, optical communication, and 6G; strengthening support for the first-round tape-out of integrated circuit companies products; and providing subsidies of up to 50% of the tape-out cost to qualified companies that conduct tape-out of 28nm and below chips with independent intellectual property rights or significant competitive advantages.

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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