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On August 6th, JPMorgan Chase published a research report, giving Cowell Electronics (01415.HK) its first "overweight" rating with a target price of HK$44. The report noted that over 90% of the companys revenue comes from Apple orders. While global iPhone shipments have seen steady growth, the company believes it can still drive growth through lens upgrades. The bank anticipates that the increased share of high-end models will drive the iPhone RGB lens module market from approximately US$15.3 billion in 2024 to approximately US$17.6 billion in 2027. The bank is optimistic about Cowell Electronics significant share growth in rear-facing lens modules, projecting a 25% compound annual revenue growth rate between 2024 and 2027. Furthermore, with the incremental contribution from non-iPhone products, investors are advised to position themselves before the company announces its interim results.Cathay Pacific Airways revenue in the first half of the year increased by 9.5% year-on-year to HK$54.309 billion, and its net profit increased by 1.1% to HK$3.651 billion.Cathay Pacific Airways: Signed a supplementary agreement with Boeing (BA.N) to purchase 14 777-9 aircraft and the right to purchase up to an additional 777-9 aircraft.On August 6, European Central Bank board member Holzmann said: "At the last meeting, most of us agreed that monetary policy now needs to be prudent. After several interest rate cuts, we are currently at an expansionary level. For Europe and the world, the neutral interest rate is likely to rise again, so it is wise for us to keep interest rates unchanged and wait for further economic developments rather than trying to meet market expectations. We are not in a tightening mode at the moment and should not react only to short-term developments."ECB board member Holzmann: At the last meeting, most of us agreed that monetary policy now needs to be prudent.

GBP/JPY falls below 161.50 as the rally pauses in the face of inflation concerns and remarks from BoE Governor Bailey

Alina Haynes

Mar 28, 2023 15:34

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GBP/JPY halted and attained a weekly high of 161.80 after a rapid ascent. Due to Monday's optimistic risk sentiment and rising global bond yields, the currency pair rose.

 

In a recent speech, Governor Bailey of the Bank of England (BoE) emphasized the need to remain vigilant for signs of persistent inflationary pressures. If these pressures manifest, he suggested, additional monetary tightening may be necessary. Although there are indications of economic resiliency, Bailey warned that the inflation trajectory may not be completely smooth. An important objective of monetary policy is to prevent persistent inflation resulting from external factors. Additionally, Bailey identified significant strains in portions of the global banking system, which could have implications for the global economy as a whole.

 

Bailey stated that the full impact of recent bank rate hikes has not yet been felt, and that inactivity due to early retirement may have contributed to an increase in cyclical rates. Due to these factors, the Bank of England has significantly raised interest rates. Bailey cautioned that inflation could be more persistent than anticipated, so it is crucial to remain vigilant for signs of inflationary pressure. If such pressures manifest, it may be necessary to tighten monetary policy further to contain inflation.

 

Overall, Bailey's speech emphasizes the Bank of England's commitment to economic growth and price stability. The Bank of England is assiduously managing risks to maintain inflation within its target range.

 

Due to the absence of a press conference at the March meeting of the Board of Governors, these remarks are notable. The majority of analysts predict that the BoE will suspend in May, while others anticipate that additional tightening will be necessary as inflation control remains the central bank's top priority over banking uncertainty.

 

The British Retail Consortium (BRC) reported that store price inflation rose to 8.9% in March, up from 8.2% in February, highlighting the inflationary pressure. Alternatively, Japan's Minister of Economy Goto announced plans to invest JPY 2,200,000,000,000 in a stimulus program.


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