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February 3 - US President Trump posted on social media: "Harvard University, with its strong anti-Semitic leanings, has been feeding the New York Times a lot of nonsense. Harvard has been performing terribly for a long time! They tried to come up with a complicated and incomprehensible job training program, but it was rejected because it was completely inadequate and, in our opinion, impossible to succeed. Harvard must be held accountable for its wrongdoing. We are now seeking $1 billion in damages and will have nothing to do with Harvard University from now on."US President Trump: Seeking $1 billion in damages and severing all ties with Harvard University.Reserve Bank of Australia Governor Bullock will hold a monetary policy press conference in ten minutes.February 3rd - JPMorgan analysts stated that after breaking the 5000-point mark in January, South Koreas benchmark KOSPI index is expected to reach 7500 points by 2026. The analysts set a baseline target of 6000 points for the index this year and a bull market target of 7500 points in their report. They believe that driven by rising chip prices, heavyweight stocks Samsung Electronics and SK Hynix led the Kospi indexs rise. It is estimated that these two stocks still have 45% to 50% upside potential in 2026. Furthermore, JPMorgan expects earnings per share in other non-memory industrial sectors to grow by approximately 20%. South Koreas ongoing corporate governance, market, and tax reforms are expected to be additional catalysts.February 3rd - Recently, the Fujian Energy Regulatory Office convened a symposium on the signing and performance of medium- and long-term coal contracts for power generation by coal-fired power plants in Fujian Province. The meeting required all coal-fired power plants to: 1. Deeply understand the political significance and public welfare responsibility of ensuring energy supply during the peak winter season, prioritizing supply tasks, strengthening a bottom-line mentality, and ensuring a safe and stable energy supply. 2. Closely monitor weather changes and load trends, dynamically optimize coal procurement and storage strategies, strengthen coal source coordination and transportation scheduling, and ensure safe inventory and orderly supply at all times. 3. Proactively connect with key coal production enterprises and compliant trading channels, strengthen contract signing and performance management, reinforce the spirit of contracts, implement the principle of "high quality, high price; low quality, low price," control coal quality, and effectively consolidate the resource foundation for supply security.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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