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On May 21st, Goldman Sachs released a research report stating that Baidus (09888.HK) first-quarter results this year showed accelerated growth in cloud revenue, especially GPU-based cloud services. The bank expects Baidus AI-driven business to grow by over 30% year-on-year, primarily benefiting from the robust growth of its AI cloud infrastructure (over 50% year-on-year). The bank anticipates that by the end of 2026, the contribution of AI-driven business will surpass that of traditional/other businesses. Management revealed at an analyst conference that Baidu aims to outpace the market and major peers in cloud business growth in the coming quarters. The company observed that token usage is shifting from training to inference, which will help Baidu Cloud expand its customer reach. The report quoted management as saying that the Wenxin Yiyan model is currently lagging behind, and future R&D will focus on revitalizing model capabilities, prioritizing the development of Wenxin Yiyan to drive MaaS (Model as a Service) revenue. Goldman Sachs expects a mid-term gross margin target of 35% to 40% for the GPU cloud business, while the gross margin for traditional CPU and memory services will be 25% to 30%. Management aims to reduce the holding company discount by having AI-driven businesses account for more than 50% of total revenue and by rapidly growing core cloud/chip revenue.May 21 – The 2026 APEC Trade Ministers Meeting will be held in Suzhou, attracting approximately 700 representatives from 21 APEC economies and international organizations. A global investment promotion conference is also being held concurrently, attracting business representatives from over 30 countries and regions, with US-based companies making up the largest number of attendees. Suzhou hopes to leverage this event to promote international trade and economic cooperation. Data shows that foreign investment in Chinas high-tech industries increased by 30.7% year-on-year in the first quarter of this year, while R&D and design services grew by 127.8%. Foreign companies are accelerating their expansion in the Chinese market, particularly in the new energy and medical fields, increasing investment and R&D, and driving global trade and economic development.Analysts point out that Saudi Arabia has been forced to shut down some oil fields due to disruptions in oil exports caused by the war with Iran, which has led to a disruption in natural gas supply. It is expected that Saudi Arabia will burn more imported fuel oil for power generation this summer.According to Nikkei, the Arafura rare earth project in Australia will begin construction in September.According to data from Fubao Information, the average price of 99.99% gold on Fubao today is 998.9 yuan/gram (+13.4 yuan/gram), spot silver (#1) is 18678 yuan/kilogram (+688 yuan/kilogram), spot 99.95% platinum is 483.5 yuan/gram (+3 yuan/gram), spot 99.95% palladium is 332 yuan/gram (+1 yuan/gram), spot 99.95% rhodium is 2413 yuan/gram (-14 yuan/gram), spot 99.95% iridium is 1841 yuan/gram (-1 yuan/gram), and spot 99.95% ruthenium is 398 yuan/gram (unchanged).

Near 1.3600, USD/CAD Meets Difficult Resistance Amid a Weak USD Index and Rising Crude Prices

Daniel Rogers

Mar 29, 2023 14:32

USD:CAD.png 

 

Near 1.3600, the USD/CAD pair encountered resistance during the Asian session. As the US Dollar Index (DXY) appears vulnerable to further losses below 102.40, the Canadian dollar appears to have a sturdy downside bias. The USD Index has found support near 102.40, but a retracement is likely as risk appetite improves.

 

The USD Index is under intense pressure as a result of the decline in U.S. banking concerns. As reported by Reuters, US House Speaker Kevin McCarthy stated in an interview with CNBC on Tuesday that "at this time" there is no need for universal insurance on all bank deposits, reviving concerns of a banking crisis in the United States.

 

Tuesday's S&P500 futures remained predominantly constrained in response to House Speaker Kevin McCarthy's remarks. The Federal Reserve (Fed) is expected to maintain a consistent tone when announcing its interest rate decision at its May monetary policy meeting, despite the optimistic market sentiment.

 

In the interim, demand for U.S. government bonds remained low due to investors' expectation that the nation will emerge from its banking crisis sooner. This led to a rise in 10-year US Treasury yields to 3.57 percent.

 

According to Bloomberg, the Canadian Dollar remained volatile on Tuesday after Finance Minister Chrystia Freeland's announcement that dividends received by financial institutions from holding domestic equities will be considered business income. This will generate billions in tax revenue from banks and insurance firms that receive dividends from Canadian corporations.

 

Due to a weakening US Dollar and expectations of additional sanctions against Russia, the price of oil has risen to close to $74.00 on the energy front. The US Energy Information Administration (EIA) oil inventory data will be attentively monitored for additional guidance. As anticipated, the US EIA will report an increase of 0.187 million barrels in oil stocks for the week ending March 24.

 

Notably, Canada is the leading oil exporter to the United States, and rising crude prices would strengthen the Canadian Dollar further.

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