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September 5th - According to a report by RIA Novosti on the 5th, Russian Consul General in Bonn, Germany, Krasnitsky, stated that Germany has demanded that approximately 70 staff members of the consulate leave the country by September 18th. He said Germanys decision to close the Russian consulate is baseless and regrettable. Krasnitsky added that the recent stagnation in Russian-German relations is entirely Germanys responsibility. He concluded that Germanys decision to close the consulate demonstrates its attempt to further escalate tensions between the two countries.September 5th - Three sources revealed that the White House has begun reviewing potential candidates to succeed the Deputy Secretary of Defense, suggesting that the Pentagon, already facing unusually high personnel turnover, may see further leadership changes in the future. According to two of the sources, this process began in June, during which consultations were held with senior senators to determine whether the nominee had sufficient support for confirmation. One source also indicated that the review was still ongoing as of the end of August. All three sources stated that no decision has yet been made to dismiss the Deputy Secretary of Defense. They did not explain why the White House is reviewing potential successors, nor did they specify which candidates are being considered.Market news: The Seattle Times and Newsday filed a lawsuit against OpenAI and Microsoft (MSFT.O) on Friday, accusing the two tech companies in federal court of copying their newspapers news reports without permission to train their artificial intelligence systems.September 5th - A massive explosion occurred at a military camp in Biáccha, Bolivia, on September 4th, local time. Local health authorities reported that the explosion has killed between 10 and 15 people and injured dozens.On September 5th, the Chongqing Municipal Development and Reform Commission issued the "Several Measures of Chongqing Municipality to Encourage Foreign-Invested Enterprises to Reinvest in China" (hereinafter referred to as the "Measures"). The Measures propose 16 policy measures from three dimensions—guiding foreign investment, facilitating investment and operation, and improving support levels—in accordance with the principle of equal treatment for domestic and foreign investment. The Measures encourage and guide foreign investment to participate in the construction of Chongqings "33618" modern manufacturing cluster system, focusing on industries such as intelligent connected new energy vehicles, next-generation electronic information manufacturing, and advanced materials, to promote the strengthening, supplementation, extension, and expansion of the industrial chain. The Measures also implement the "complete elimination" of foreign investment access restrictions in the manufacturing sector, ensuring that eligible foreign-invested enterprises reinvesting in manufacturing projects in China enjoy the same level of support and resources as key municipal industrial projects, based on the principle of equal treatment for domestic and foreign investment.

GBP/USD Attempts To Protect 1.2300 As Market Sentiment Remains Tenuous Due To Rising Crude Prices

Daniel Rogers

Apr 03, 2023 14:15

During the Asian session, the GBP/USD pair is attempting to defend its round-number support level at 1.2300. As a consequence of OPEC+'s announcement of additional oil production cuts, investors in the early Tokyo session discounted the impact of higher oil prices on the Cable. Concerns about global inflationary pressures have been reignited by the crude price increase. Therefore, it may be necessary for central banks to maintain high interest rates for an extended period of time.

 

Following a series of favorable sessions last week, S&P500 futures reported significant losses during the Asian session, as higher oil prices will increase input costs for companies that rely on oil for transportation and manufacturing. The sentiment on the market has deteriorated, and risk-perceived assets have been punished.

 

The US Dollar Index (DXY) is exhibiting a minor correction after reaching a new weekly peak of 102.95. The impact of the deceleration in the US core Personal Consumption Expenditure (PCE) Price Index data on the USD Index was mitigated by rekindled inflation expectations in the United States due to higher crude prices.

 

The US PCE Price Index increased by 0.3% on a monthly basis, which was below both the consensus estimate of 0.4% and the prior reading of 0.5%. In addition, the annual rate of US PCE inflation decreased to 4.6% from 4.7% in the previous report and the consensus estimate.

 

If inflation spikes due to elevated crude prices, the Federal Reserve (Fed) may contemplate additional rate hikes in May.

 

Increasing inflationary pressures on the front of the British Pound are causing the Bank of England more trouble. (BoE). As food prices continue to rise, retail price inflation has increased in the United Kingdom. Moreover, labor shortages continue to influence inflation expectations. However, BoE policymakers are optimistic that the rate of inflation in the United Kingdom will soon begin to fall sharply.


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