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The Hang Seng Index fell by more than 1%, and the Hang Seng Tech Index fell by more than 3%. Star tech stocks, artificial intelligence, lithium batteries, and chip concepts led the decline, while power equipment, building materials and cement, and home appliances concepts bucked the trend and strengthened.February 3rd - The Fifth Session of the 14th Sichuan Provincial Peoples Congress opened on the morning of February 3rd. The meeting heard a work report delivered by Governor Shi Xiaolin on behalf of the Provincial Peoples Government. The main expected targets for the provinces economic and social development this year are: GDP growth of around 5.5%; 850,000 new urban jobs, with the urban surveyed unemployment rate around 5.5%; a consumer price index increase of around 2%; a 2% increase in local general public budget revenue, with residents income growth basically in sync with economic growth; grain output exceeding 73 billion jin; and fulfilling energy conservation, emission reduction, and carbon reduction targets as required by the state.The main Shanghai silver futures contract hit its daily limit down again, falling 20% to 20,600 yuan/kg.The Hang Seng Tech Index fell by more than 2%, with star tech stocks leading the decline. Kuaishou (01024.HK) fell by more than 6%, Baidu (09888.HK) and Bilibili (09626.HK) both fell by more than 5%, and Tencent Holdings (00700.HK) fell by nearly 5%.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will implement the new version of the Catalogue of Industries Encouraging Foreign Investment, enhance the service level for major foreign investment projects, guide and support foreign-invested enterprises to invest more in advanced manufacturing, modern services, high technology, energy conservation and environmental protection industries, promote the implementation of a number of foreign investment projects in the fields of finance, telecommunications, healthcare, and cultural tourism, further enhance the level of regional headquarters of multinational corporations and foreign-invested R&D centers, and better protect the legitimate rights and interests of foreign-invested enterprises.

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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