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February 10th - The overnight SHIBOR was 1.3620%, up 9.20 basis points; the 7-day SHIBOR was 1.5310%, up 2.60 basis points; the 14-day SHIBOR was 1.6040%, up 2.00 basis points; the 1-month SHIBOR was 1.5510%, up 0.10 basis points; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.On February 10th, nine departments, including the Shanghai Municipal Health Commission, issued the "Implementation Opinions on Further Strengthening the Construction and Operation of Community Health Service Institutions in Shanghai." The opinions propose expanding the coverage of contracted services. Family doctor contracted services will be extended to working and school-aged individuals in functional communities, steadily expanding the coverage of contracted services. Online and offline contracting channels will be streamlined, a flexible contracting mechanism of 2-3 years will be implemented, and annual confirmation of family doctor contracted services will be conducted. Residents will be guided to sign contracts as a family unit. The contracted coverage rate for the permanent resident population will increase by 1-3 percentage points annually, achieving the goal of a 60% contracted rate for the permanent resident population by 2030.February 10th - The Shanghai Municipal Government will hold the first press conference in a series on the theme of Shanghais "15th Five-Year Plan" on February 11th. The conference will invite relevant municipal leaders and officials from the Municipal Financial Services Office, the Municipal Development and Reform Commission, the Municipal Science and Technology Commission, the Municipal Housing and Urban-Rural Development Management Commission, and the Municipal Health Commission to attend, introduce the relevant content of the "Outline of Shanghais 15th Five-Year Plan for National Economic and Social Development," and answer questions from reporters.On February 10th, Bank of America Securities issued a report stating that Zijin Mining (02899.HK) has raised its production guidance for 2026-2028. Gold production is expected to reach 130-140 tons in 2028, up from the previous guidance of 100-110 tons; the CAGR (compound annual growth rate) between 2025 and 2028 is 13%-16%. Meanwhile, the company guides copper production to reach 1.5 million-1.6 million tons in 2028, representing a CAGR of 11%-14% between 2025 and 2028. The company has also raised its 2028 lithium production guidance to 270,000-320,000 tons, up from the previous 250,000-300,000 tons, representing a CAGR of 121%-134% between 2025 and 2028. The bank reiterated its view that Zijin Mining is its top pick and maintained its buy rating, with target prices of HK$50 for H-shares and RMB45 for A-shares. The bank believes that the company has strong long-term production growth, strict cost control, and reasonable valuation, in addition to its positive outlook on gold and copper prices.On February 10th, Alibaba DAMO Academy released RynnBrain, a basic model for embodied intelligence, and open-sourced seven full-series models, including 30BMoE.

The AUD/USD has dropped from its monthly high at 0.6990 due to poor Australian PMIs and a rebound in the DXY

Alina Haynes

Jul 22, 2022 14:50

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After retesting the monthly high earlier in the day, the AUD/USD continued to slide in Friday's Asian trading. It drops back down to where it started the day, at 0.6916. Recent declines in the Aussie pair may be attributable to the poor prints of Australia's flash readings of S&P Global PMIs for July. The resurgence of the US dollar in the face of pessimistic attitude also affects the pair.

 

S&P Global Manufacturing PMI for Australia dropped to 55.7 in July from 56.2 in June and the 56.4 forecast. Additionally, the S&P Global Services PMI dropped to 50.4 during the mentioned month, which was below the 55.0 consensus and the 52.6 readings seen previously. Moreover, the S&P Global Composite PMI has dropped from 52.6 in prior readings to 50.6 today.

 

Conversely, as risk aversion returns to the market, the US Dollar Index (DXY) is gaining bids and is on track to revisit its intraday high at 106.70, up 0.12% on the day. It's worth remembering that the DXY dropped the day before because it was pegged to US Treasury rates, and that the benchmark 10-year bond coupons had their worst daily loss since mid-June.

 

The yield drop might be the result of a number of factors, including the European Central Bank's (ECB) surprise rate hike of 50 basis points (bps) and the implementation of a new tool known as the Transmission Protection Instrument (TPI) to manage irrational market dynamics in the area.

 

Additionally, the Nord Stream 1 pipeline from Russia restarting its gas exports to Europe boosted market sentiment and aided AUD/USD purchasers the day before.

 

In light of this, Wall Street benchmarks ended the day stronger and the 10-year Treasury rates for the US Treasury had their greatest daily decline in five weeks. However, as of the time of publication, S&P 500 Futures are down 0.50 percent.

 

The ECB's decision to limit the market's confidence as well as long-standing worries about a recession and COVID are the sources of the most recent dip in mood.

 

Nevertheless, the risk-off attitude may affect the AUD/USD pricing going ahead. However, pessimistic predictions for the US PMIs in July give purchasers reason for optimism.


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