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January 23 – In 2025, 70,392 new foreign-invested enterprises were established nationwide, a year-on-year increase of 19.1%; actual utilized foreign investment amounted to RMB 747.69 billion, a year-on-year decrease of 9.5%. By industry, actual utilized foreign investment in manufacturing reached RMB 185.51 billion, and in services RMB 545.12 billion. Actual utilized foreign investment in high-tech industries reached RMB 241.77 billion, with actual utilized foreign investment in e-commerce services, medical equipment and machinery manufacturing, and aerospace and equipment manufacturing increasing by 75%, 42.1%, and 22.9%, respectively. By origin, actual investment from Switzerland, the UAE, and the UK increased by 66.8%, 27.3%, and 15.9%, respectively (including investment data through free ports).On January 23, Shenzhen released the "Shenzhen Municipal Measures for the Management of Allocated Affordable Housing," which will take effect on March 1, 2026. Applicants for allocated affordable housing must meet the following conditions: Shenzhen household registration; no self-owned housing in Shenzhen and no transfer or division of self-owned housing due to divorce within the three years prior to the application acceptance date; and at least five years of social security contributions in Shenzhen (three years for those meeting the talent introduction and household registration approval conditions stipulated by the municipal government). The municipal housing security implementation agency or district housing authorities may adjust some application conditions based on the specific circumstances of the allocated affordable housing project. The specific application conditions for each project, after approval by the municipal housing authorities, will be specified in the projects allocation announcement. Allocated affordable housing will be subject to strict closed management and cannot be converted into commercial housing in any way.January 23 – Data released by the Reserve Bank of India (RBI) on Friday showed that rising gold prices and the increased value of non-dollar assets drove the countrys foreign exchange reserves to their largest increase in over ten months. Indias foreign exchange reserves increased by $14.17 billion in the week ending January 16 – the largest increase since early March last year – reaching $701.4 billion. Despite the central banks intervention to support the rupee, foreign exchange reserves still increased. Sakshi Gupta, chief economist at HDFC Bank Limited, said, "Despite the RBIs intervention, the increase in reserves was due to the valuation effect of rising gold prices and the appreciation of non-dollar assets."French Finance Minister: All indications suggest that economic growth in 2025 will be closer to 0.9%, rather than the 0.7% we previously expected.On January 23, Pengling Co., Ltd. announced that its revenue for 2025 is expected to be between 2.78 billion and 2.88 billion yuan, compared to 2.461 billion yuan in the same period last year; net profit attributable to shareholders of the listed company is expected to be a loss of 228 million to 168 million yuan, compared to 77.6504 million yuan in the same period last year; net profit excluding non-recurring items is expected to be a loss of 240 million to 180 million yuan, compared to 75.0424 million yuan in the same period last year. The performance change is attributed to a decline in sales prices for the Hebei Xinou project, resulting in an estimated goodwill impairment of approximately 280 million yuan; non-recurring gains and losses of approximately 12 million yuan; and increased early-stage development investment in the thermal management project. This forecast is a preliminary estimate, and specific figures will be disclosed in the annual report. In addition, the actual controller plans to increase its holdings in the company by 20 million to 40 million yuan.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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