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On September 11, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked about a report released by a US artificial intelligence company smearing Chinese companies for using other models to collect information. What is the Foreign Ministrys comment on this? In response, Mao Ning stated that China has always adhered to the principle of promoting the good development of artificial intelligence, while also firmly opposing the distortion of facts and attacks against China.On September 11, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked: We have noticed that some Western politicians have repeatedly expressed so-called concerns about cases related to the anti-China and pro-Hong Kong independence organization "Hong Kong Alliance in Support of Patriotic Democratic Movements in China" (HKASPDMC). On September 11, the Hong Kong court announced the sentencing verdict in the HKASPDMC case. What is the spokespersons comment on this? In response, Mao Ning stated that China has already clarified its solemn position on the HKASPDMC case. Hong Kong is a society governed by the rule of law, and the central government firmly supports the Hong Kong Special Administrative Region in safeguarding national security and combating acts that endanger national security in accordance with the law. Relevant parties should earnestly respect Chinas sovereignty, respect the rule of law in Hong Kong, stop making irresponsible remarks about the handling of judicial cases in the Special Administrative Region, and stop interfering in Hong Kongs judiciary and Chinas internal affairs in any form.September 11 – On September 11, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked about South Koreas revision of laws related to preventing industrial espionage. What is Chinas comment on this? Mao Ning stated that the Chinese government has consistently required Chinese companies to conduct international cooperation based on compliance with international rules and laws. At the same time, we believe that all countries should protect the normal investment and business activities of enterprises and provide a fair, just, and non-discriminatory business environment for this purpose.On September 11, Foreign Ministry Spokesperson Mao Ning held a regular press conference. Mao Ning stated that innovation-driven development is the key to Chinas long-term economic growth and rapid improvement in industrial competitiveness. Chinas innovative development has also provided opportunities for the world, with more and more foreign companies choosing to conduct R&D and innovation in China, cultivating global competitiveness in Chinas vast market. Chinas innovation has never sought monopoly; we are willing to share the dividends of innovation with the world and achieve common development.On September 11th, Beijing time, it was reported that the Saudi East-West oil pipeline was suspected of being attacked by the Houthi rebels in Yemen. NASAs FIRMS system detected abnormal thermal anomalies along the pipeline, and the Sentinel-3 satellite captured images of a black plume of smoke spanning 80 to 100 kilometers. Saudi Arabia has not yet issued an official response, and the market is generally taking a wait-and-see approach. The Saudi East-West oil pipeline is an alternative route when the Strait of Hormuz is blocked, allowing Saudi crude oil from the east to bypass the Persian Gulf export port and instead travel via a land pipeline to Yanbu for loading. However, if the pipeline is attacked, Saudi Arabias oil transshipment capacity will be impacted, and Yanbus oil export capacity will be weakened. In addition to the potential threat of a pipeline attack, the recent military advances by the Houthi rebels along the Red Sea coast may again put pressure on Yanbu and related Red Sea energy transport routes. Previously, due to the Houthi rebels intensified attacks near the Bab el-Mandeb Strait, Yanbus crude oil exports had already declined between late July and August. If the Houthi rebels further control key ports, islands, and coastal outposts along the Red Sea coast, Saudi Arabias alternative energy transport routes that bypass the Strait of Hormuz via Red Sea exports will face higher security risks.

GBP/USD falls to around 1.2370 as the BoE considers taking swift action ahead of UK inflation and US purchasing managers' indices

Alina Haynes

Apr 17, 2023 13:53

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On Monday morning, the GBP/USD currency pair retested an intraday low of 1.2390 after extending Sunday's decline from a 10-month high. To provoke adverse after breaking a four-week uptrend, the Cable pair explains the most recent concerns emanating from the United Kingdom (UK) and the optimism surrounding the Federal Reserve (Fed).

 

According to the Financial Times (FT), "The Bank of England is considering a major overhaul of its deposit guarantee scheme, including increasing the amount covered for businesses and compelling banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses."  The revelation fuels banking concerns in the United Kingdom and places pressure on the Cable duo.

 

UK Chancellor Jeremy Hunt's concerns about US subsidies may also be exerting downward pressure on the GBP/USD exchange rate as British firms rush to claim benefits before leaving the country. According to the news, "Chancellor Jeremy Hunt warned Sky News that Britain should be wary of any new subsidies, warning that they could undermine the economy and possibly even spark a protectionist trade war."

 

A larger-than-expected decline in US retail sales was unable to offset positive data from US industrial production and the University of Michigan's (UoM) consumer confidence index from the previous day. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Notably, Fed officials have recently appeared more hawkish than their BoE counterparts, which has exerted additional pressure on the GBP/USD exchange rate.

 

In this environment, the S&P 500 Futures exhibit modest gains following Wall Street's pessimistic close, while bond yields remain unchanged following weekly increases.

 

Moving forward, the current week is crucial for GBP/USD speculators as it contains a variety of high-quality inflation, employment, and UK PMI data. These data may be used to support the Bank of England's (BoE) officials' waning hawkish inclination and may keep bears in play. However, the US PMIs and Fed discussions should not be disregarded when looking for clear guidelines.

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