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Samsung Electronics: We will continue to work hard and persist in sincere dialogue until the very last moment to prevent the worst-case scenario from occurring.On May 13, the Russian Ministry of Defense announced that the ceasefire agreement ended at midnight on May 11, and Russian armed forces continued special military operations. Russian forces struck Ukrainian military airfields, ammunition depots, fuel depots, and other targets in 56 areas, shooting down 108 fixed-wing drones. The General Staff of the Ukrainian Armed Forces reported on May 12 that 174 battles occurred in the front-line areas over the past day, with Ukrainian forces repelling Russian offensives on multiple fronts and shooting down 1,252 Russian drones.Japans March trade balance will be released in ten minutes.On May 13th, the head of Samsung Electronics Korean union stated that the company and the union failed to reach an agreement on wages on Wednesday, and a strike by over 50,000 employees is expected, potentially disrupting the production of artificial intelligence and other chips. Previously, under government mediation, the two sides held marathon negotiations lasting several hours on Monday and Tuesday. Union representative Choi Seung-ho stated that the company did not respond to the unions demands for reforming the compensation plan, including eliminating the current 50% bonus cap on annual base salary and instead calculating bonuses solely based on operating profit. The union had previously stated that if its demands were not met, employees would begin an 18-day strike starting May 21st. The union representative stated that there are currently no plans to restart negotiations with management before the strike date, but he is willing to consider a "reasonable proposal" from the company. The National Labor Relations Commission of Korea stated that it had proposed "multiple alternatives," but "given the significant differences in the positions of both sides and the unions request to suspend negotiations," it decided to end the mediation process.South Korea added only 74,000 jobs in April, the weakest performance since a year-on-year decrease of 52,000 in December 2024, following data released Wednesday by Statistics Korea. The job gains in February and March were both in the 200,000 range. The unemployment rate was 2.9%, unchanged from the same period last year. The number of unemployed was 853,000, a decrease of 2,000 year-on-year. By sector, employment in the health and social welfare services industry increased by 261,000 year-on-year, arts, sports and leisure-related services by 54,000, and real estate by 49,000. Employment in the science and technology services industry decreased by 115,000, and manufacturing by 55,000. Statistics Korea noted that the record decline in employment in the science and technology services industry since it was classified separately in 2013 is mainly due to the base effect of strong employment growth in previous years.

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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