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On December 31st, renowned investor and "big short" Michael Burry denied shorting Tesla stock, despite earlier this month calling the company "outrageously overvalued." Responding to a social media users question about whether he would short Tesla, Burry stated, "I am not shorting." The well-known investor rose to fame for predicting the collapse of the US housing market before the 2008 financial crisis. Teslas stock price has staged a remarkable reversal after falling in April following market concerns triggered by Elon Musks political posturing, and has now risen to near all-time highs. Burrys comments came after Tesla took the unusual step of Monday by releasing a series of sales forecasts suggesting its vehicle delivery prospects may be lower than many investors expected. Tesla is set to see its second consecutive year of declining annual vehicle sales, with the companys average forecast showing deliveries of approximately 1.6 million vehicles this year, a decrease of more than 8% from the previous year.On December 31, the National Development and Reform Commission and another department issued guiding opinions on promoting high-quality development of the power grid. The opinions propose that by 2030, a new type of power grid platform, with the main grid and distribution network as important foundations and smart microgrids as a beneficial supplement, will be initially established. The main grid, distribution network, and microgrids will form an organic whole with clear interfaces, complete functions, intelligent operation, and efficient interaction. The power grids ability to optimize resource allocation will be effectively enhanced. The scale of "West-to-East Power Transmission" will exceed 420 million kilowatts, with an additional inter-provincial power exchange capacity of approximately 40 million kilowatts. The proportion of renewable energy generation will reach approximately 30%, the capacity to accommodate distributed renewable energy will reach 900 million kilowatts, and support will exceed 40 million charging infrastructure units. The fundamental role of the public power grid will be fully played, smart microgrids will develop in a diversified manner, the power system will maintain stable operation, and services for peoples electricity needs will be more effectively provided.On December 31, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Lin Jian stated that these countries and institutions have turned a deaf ear to the "Taiwan independence" separatist forces attempts to seek independence through force, and have turned a blind eye to external interference in Chinas internal affairs. Yet, they have made unwarranted comments, distorted the truth, and confused right and wrong regarding Chinas necessary and just actions to defend national sovereignty and territorial integrity. This is extremely hypocritical. China firmly opposes this and has lodged a strong protest. Taiwan is an inseparable part of Chinas territory, and the Taiwan issue is purely Chinas internal affair, which brooks no interference from any external forces.On December 31, a spokesperson for the Ministry of Commerce, in response to a reporters question regarding the safeguard measures on imported beef, stated that these measures are intended to help domestic industries overcome difficulties in the short term, not to restrict normal beef trade. The Chinese market remains open, and there is broad scope for cooperation in beef trade with our trading partners. China is willing to work with all parties to maintain a healthy and stable international trade environment.The chart shows that at 23:00 Beijing time on December 31, there will be large foreign exchange options contracts for EUR/USD, USD/JPY, etc. Some of these contracts have a strike price of over 1 billion. Please manage your risk accordingly.

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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