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The IEA will release its monthly oil market report in ten minutes.April 14th - Wealthy Middle Easterners are flocking to high-end European real estate hotspots as fears of war have spurred increased demand for temporary rentals and long-term accommodations. Real estate agents from London, Monaco, Switzerland, and the upscale Spanish resort of Marbella report increased interest in properties, with clients ranging from multi-millionaire traders to social media influencers, and families looking to relocate or permanently overseas before the Middle East conflict ends. They say investors who might have poured their money into the hottest Gulf property market are now looking for alternatives as the war has dragged on for two months.Qatar and Saudi Arabia emphasized the need to "consolidate" the US-Iran ceasefire.On April 14, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. Some South Korean media reported that the Taiwan authorities had previously expressed dissatisfaction with South Korea labeling Taiwan as "Taiwan, China" in the Taiwan issue selection option. What is Chinas comment on this? Guo Jiakun emphasized that Taiwan is part of China, and labeling it as "Taiwan, China" is perfectly reasonable. Chinas position on the Taiwan issue is clear and consistent. We hope the South Korean government fully recognizes that the Taiwan issue concerns the national sentiment of more than 1.4 billion Chinese people, adheres to the spirit of the China-South Korea Joint Communiqué on the Establishment of Diplomatic Relations, upholds the one-China principle, resists and opposes any form of "Taiwan independence," and works with China to promote the healthy and stable development of China-South Korea relations with concrete actions.On April 14th, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, met with Lopez, Secretary of State for Trade at the Spanish Ministry of Economy, Trade and Enterprise, who accompanied Spanish Prime Minister Sánchez on his visit to China. The two sides exchanged views on China-Spain economic and trade relations. Ling Ji stated that in recent years, under the strategic guidance of the leaders of both countries, China-Spain economic and trade cooperation has maintained a stable and healthy development trend. Bilateral trade volume is expected to reach a new high by 2025, two-way investment is progressing steadily, and cooperation between the two countries industrial supply chains is continuously deepening. Chinas 15th Five-Year Plan outlines the overall deployment for building a strong domestic market and expanding high-level opening-up over the next five years, which will provide broad development opportunities for enterprises from Spain and other countries. He hoped that both sides would fully utilize the China-Spain Joint Committee on Economic and Industrial Cooperation mechanism, and welcomed Spains active participation in exhibitions such as the China International Import Expo and the China International Fair for Investment and Trade, to continuously explore the potential for trade and investment cooperation.

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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