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The US July ISM non-manufacturing PMI will be released in ten minutes.The final reading of the S&P Global Services PMI for July in the United States was 54.6, compared with 53.6 in the previous month.The final reading of the S&P Global Services PMI for July in the United States will be released in ten minutes.The Dow Jones Industrial Average opened 381.35 points higher, or 0.71%, at 54,467.23 on Wednesday, August 5; the S&P 500 opened 50.32 points higher, or 0.65%, at 7,786.81; and the Nasdaq Composite opened 112.83 points higher, or 0.42%, at 26,697.82.August 5th - It has been learned that the "15th Five-Year Plan for Promoting the Development of Small and Medium-sized Enterprises" (SMEs), jointly formulated by the Ministry of Industry and Information Technology (MIIT) and several other departments, is about to be released. At a press conference held by the State Council Information Office in January this year, the MIIT stated that it will continue to optimize the business environment, formulate the "15th Five-Year Plan for Promoting the Development of SMEs," accelerate the construction of a mechanism to promote the development and growth of specialized, refined, and innovative SMEs, and improve the tiered cultivation system for SME characteristic industrial clusters. Experts interviewed by the China Securities Journal believe that SMEs are an important source of economic vitality and a micro-foundation for ensuring employment, stabilizing the industrial chain, and developing new types of productivity. The upcoming "15th Five-Year Plan for Promoting the Development of SMEs" is expected to focus on promoting the specialized, refined, and innovative development of SMEs, optimizing the SME development environment, improving the tiered cultivation system for high-quality SMEs, constructing a policy mechanism to promote the development and growth of specialized, refined, and innovative SMEs, and promoting the healthy and high-quality development of SMEs.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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