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On June 29, Tuhu (09690.HK) announced on the Hong Kong Stock Exchange that it has confidentially submitted a draft F-1 registration statement to the U.S. Securities and Exchange Commission regarding the proposed initial public offering and listing of American Depositary Shares representing the companys Class A ordinary shares in the United States, and has filed with the relevant Chinese regulatory authorities in accordance with applicable Chinese laws and regulations regarding the proposed overseas offering and listing.1. Musk announced that Grok 4.5 is in internal testing and its performance may surpass Anthropics Opus. 2. US media: Zhipu GLM-5.2 is comparable to Mythos in vulnerability finding. 3. South Korean media: Samsung and SK Group are expected to announce an investment plan of up to 2,000 trillion won. 4. Momenta plans to issue 19.93 million shares in its Hong Kong listing, with an issue price of HK$295.6 per share. 5. British media: The UK is considering gradually replacing traditional destroyers to accelerate its transformation to unmanned warfare. June 29th - According to a survey released by Invesco, concerns about the US dollar are "widespread and deepening," with 61% of surveyed central banks stating that US debt levels negatively impact the dollars long-term status as a reserve asset, compared to 20% in 2024. While the Iran war has boosted the dollar by 3% this year, analysts say that US policy uncertainty and high debt levels suggest the dollar may weaken in the long term. Although any shift towards reducing dollar investments is likely to be gradual due to the lack of credible alternatives, the Invesco survey shows that 29% of respondents believe the dollars reserve currency status will weaken within five years, up from 12% in 2022. Invesco also noted that several institutions have reported reassessing their reliance on US custodians, counterparties, and clearing infrastructure due to geopolitical tensions. Meanwhile, one-third of respondents indicated they intend to increase their gold holdings in response to the trend of investment diversification.Japans seasonally adjusted retail sales rose 1.9% month-on-month in May, compared with expectations of a -0.60% decline and a revised 2.10% increase in the previous month (originally 1.30%).Japans retail sales rose 5.3% year-on-year in May, below the expected 3.2% and the previous figure revised from 2.10% to 2.80%.

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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