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Hong Kong-listed AI application stocks rose, with DeepTech (01384.HK) up over 21%, MyFT (02556.HK) up over 13%, Pony.ai-W (02026.HK) up over 10%, and Kingdee International (00268.HK) and Baidu (09888.HK) up 6.8%.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the first quarter often serves as a bellwether for the years economic growth. The economy achieved a good start in the first quarter, demonstrating the characteristics of my countrys stable economic foundation, numerous advantages, strong resilience, and great potential. However, it should also be noted that the international environment may become more complex and volatile in the next stage, with increased uncertainties and unpredictable factors, and the domestic economy will also face some difficulties and challenges. Nevertheless, overall, opportunities outweigh challenges, and solutions outweigh difficulties. We have strong institutional advantages, and over the years we have accumulated long-term industrial, market, and talent advantages, making us fully capable of achieving stable economic operation and high-quality development throughout the year.On April 16, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that oil accounts for less than 20% of my countrys total energy consumption, while coal plays a stronger role in providing a safety net, accounting for more than 50%. In recent years, new energy sources such as wind and solar power have developed rapidly, and the proportion of non-fossil energy consumption has risen to about 20%. Overall, fluctuations in the international crude oil market have a relatively small impact on us.On April 16th, the FIFA president stated on Wednesday that "Iran will definitely come" to this summers World Cup in the United States. He said, "We certainly hope that the situation will be peaceful by then. As I said, that will certainly help. But Iran must be involved." Peace talks between Iran and the United States have not yet resumed, and the ceasefire agreement expires next week. Trump has stated that Irans participation in this summers World Cup is "inappropriate," as it could jeopardize the "lives" of the players. It remains unclear whether Iran will withdraw from the tournament.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that my countrys total fixed asset investment has exceeded 49 trillion yuan by 2025. Therefore, while the public is concerned about the scale and speed of fixed asset investment, they should also pay attention to its structure, efficiency, quality, and sustainability. my country needs to make more effective investments to promote the improvement of peoples livelihoods, the growth of new productive forces, and high-quality economic and social development.

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.