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On May 28th, the fourth batch of land auctions in Shanghai for 2026 was held. According to the Shanghai Municipal Planning and Natural Resources Bureau, the HK306-08 residential land parcel in Jiaxing Road Subdistrict, Hongkou District, was among the successful bids. The parcel is bounded by Taipingqiao Branch Road to the east, planned green space to the south and west, and Linping Road to the north. It has an area of 7,115.32 square meters, a building area of 17,800 square meters, and a building height limit of 80 meters. On the same day, 12 bidders registered for the HK306-08 residential land parcel. The starting price was 1.42 billion yuan, with a starting floor price of approximately 80,000 yuan per square meter. After 63 rounds of bidding, the total transaction price reached 1.93 billion yuan, with a floor price of approximately 109,000 yuan per square meter and a premium rate of 35.63%. The winning bidder was Shanghai Chengtou Real Estate (Group) Co., Ltd.Kazakhstans Energy Minister: Maintenance of the Kashagan oil field has not yet begun; shareholders are discussing the matter.Kazakhstans Energy Minister: Maintenance of the Kashagan oil field has not yet begun; shareholders are currently discussing it.On May 28, President Xi Jinping and Austrian President Alexander Van der Bellen exchanged congratulatory messages to celebrate the 55th anniversary of the establishment of diplomatic relations between the two countries. Xi Jinping pointed out that over the past 55 years, China-Austria relations have weathered storms and maintained healthy and stable development. In 2018, President Van der Bellen and I jointly established a new positioning for the China-Austria friendly strategic partnership, ushering in a new stage in the development of bilateral relations. Last May, a new pair of "Panda Ambassadors" appeared in Vienna, further deepening the friendship between the two peoples. Currently, the international situation is complex and volatile. As promoters of world peace, supporters of multilateralism, and defenders of free trade, China and Austria should jointly uphold mutual respect and trust, openness and inclusiveness, and win-win cooperation. I attach great importance to the development of China-Austria relations and am willing to work with President Van der Bellen to take the 55th anniversary of the establishment of diplomatic relations as an opportunity to push China-Austria relations to a new level and make greater contributions to world peace and development.On May 28th, the Ministry of Natural Resources held its May routine press conference, releasing and interpreting the "Guiding Opinions on Accelerating the High-Quality Development of Marine Drugs and Functional Products." Regarding strengthening intellectual property protection, Yu Jiangyong, Deputy Director of the Drug Registration Management Department of the National Medical Products Administration (NMPA), stated that the NMPA, in conjunction with the State Intellectual Property Office, has established an early resolution mechanism for drug patent disputes. The newly revised "Regulations for the Implementation of the Drug Administration Law of the Peoples Republic of China" (hereinafter referred to as the "Regulations") further improves the system for protecting drug trial data and establishes a market exclusivity period system for pediatric drugs and drugs for the treatment of rare diseases. On May 15th, the "Implementation Measures for the Protection of Drug Trial Data" came into effect simultaneously with the "Regulations," and the specific implementation documents for the market exclusivity period system are currently being formulated. These systems will further strengthen the intellectual property protection of innovative drugs and stimulate enterprises innovative drive in the research and development of marine drugs.

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

Daniel Rogers

Mar 29, 2023 14:32

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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.