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Citigroup lowered its price target for Micron Technology (MU.O) from $510 to $425.On March 31, ZhengTong Auto (01728.HK) announced that trading in its shares on the Hong Kong Stock Exchange was suspended at 9:00 a.m. on July 2, 2025, and will remain suspended until further notice. The company is actively working with the offeror and financial advisor to restore the minimum public float, including placing or selling shares to selected independent third parties and identifying opportunities for new share placements, but as of the date of this announcement, no legally binding commitments have been reached. Given that the companys full-year results will not be published until March 30, 2026, some potential investors prefer to make investment decisions after the results are announced, and related discussions will require time to proceed. The company will issue further announcements regarding the progress of restoring the public float in due course.A spokesperson for the European Commission said: "We will not speculate on any possible next steps or related measures that the Commission may take."On March 31, European Central Bank (ECB) Governing Council member Aleksandar Vujicic stated that the rise in inflation expectations since the outbreak of the Iran-Iraq war was not surprising. He said, "This is exactly what we expected and said before – inflation will definitely rise due to events related to Iran. The longer the war lasts and the greater the damage to energy infrastructure, the more likely we are to see upward pressure on energy prices, which will translate into higher inflation." ECB officials are closely monitoring price expectations from consumers, businesses, and investors to decide how to respond to soaring energy costs. This factor drove eurozone inflation to its largest increase since 2022 in March. While some policymakers believe a rate hike may be necessary next month, Vujicic declined to comment definitively. "Nothing is certain, and there will be a lot of data and news before our April meeting," he said.On March 31st, it was learned from industry sources that the Securities Association of China recently issued a notice to the industry, officially launching the assessment of the digital capability maturity of securities companies. The assessment aims to guide industry institutions to systematically "understand their own capabilities," identify problems and shortcomings in their digital transformation through benchmarking, and thus clarify the optimization direction and key areas for future digital capability development. The assessment results will also provide important reference for regulatory authorities to comprehensively understand the overall digital level of the industry and formulate relevant decisions. The simultaneously issued "Securities Company Digital Capability Maturity Assessment Scheme (2026)" details the composition of securities companies digital capability system, maturity level classification, and the significance of the digital capability assessment. It also introduces the basic requirements, assessment process, and specific assessment requirements. Furthermore, the scheme provides a method for calculating the assessment results.

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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