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On April 28th, it was reported that on April 24th, the National Development and Reform Commission (NDRC) and the Peoples Bank of China (PBOC) convened an inter-ministerial joint meeting and work deployment meeting on the construction of the social credit system. Officials from 48 member units of the inter-ministerial joint meeting attended the meeting. Li Chunlin, Vice Chairman of the NDRC, and Zou Lan, Vice Governor of the PBOC, attended and addressed the meeting. The meeting emphasized strengthening government integrity, accelerating the process of credit legislation, promoting the construction of a high-level credit economy, improving the level of public credit evaluation, perfecting the incentive mechanism for trustworthy behavior, deepening credit information sharing, and pushing the construction of the social credit system to a new level.The main fuel oil contract surged 4.00% intraday, currently trading at 4269.00 yuan/ton.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions the development of core intelligent industries. Focusing on basic software such as intelligent operating systems and development frameworks, and key core technologies such as high-end training and inference chips and edge computing chips, the plan aims to cultivate competitive software and hardware products and digital industry clusters. It promotes the research and development and industrialization of industrial robots, service robots, special robots, and general-purpose intelligent high-end products. It accelerates the development of intelligent connected vehicles, constructs intelligent connected vehicle testing zones and vehicle-road cooperative facilities. It expands the market for consumer-grade intelligent products, improves the performance of public service-grade intelligent products, innovates categories of industry-application intelligent products, develops high-end intelligent terminal products, and cultivates intelligent terminal and equipment industry clusters. It strengthens the integration and collaboration of "big brain" and "small brain" technologies, promotes intelligent agent collaboration and large-scale application, and drives comprehensive reconstruction with AI native drivers. It establishes a dual-pole framework of an innovation center in the field of intelligent agents and an innovation center in the field of intelligent terminals to support the creation of the Guangdong Provincial Artificial Intelligence Innovation Center.On April 28th, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province" was officially released. It mentions enhancing the fundamental capabilities of large-scale models. This includes supporting multi-path technology exploration, algorithm optimization, and model infrastructure innovation, strengthening collaborative innovation across "model, chip, cloud, and application." It also calls for the coordinated development of large-scale model training and inference facilities, building a Guangdong-characteristic embodied intelligence training ground system. Furthermore, it aims to create high-level general-purpose large-scale models, develop trillion-parameter models, and construct multimodal and world models. The plan emphasizes developing vertical large-scale models in advantageous fields, focusing on areas such as financial services, peoples livelihood, and governance, cultivating vertical models adapted to complex scenarios and integrating multimodal data. It also calls for developing small-scale models for specific scenarios, targeting scenarios such as technology and healthcare, and launching lightweight and secure scenario-level model products such as intelligent agents and MaaS. Finally, it encourages exploring new forms of model applications, improving the ability to handle complex tasks, optimizing interactive experiences, and promoting technological innovation in multimodal, intelligent agent, embodied intelligence, and swarm intelligence. Finally, it establishes and improves model capability assessment and security assessment systems to promote effective iterative improvement of model capabilities.The Hang Seng Tech Index fell more than 1% during the session, with sectors such as Apple concept stocks, brain-computer interfaces, commercial aerospace, and power equipment leading the decline.

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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