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Market news: Amazon (AMZN.O) reports AWS outage in Bahrain region. Amazon stated that the Bahrain service outage was caused by drone activity.On March 24, the Chengdu Housing Provident Fund Management Center held a press conference to announce new policies. To further boost housing consumption, better meet the rigid and improved housing needs of contributors, and promote the stable and healthy development of the real estate market, Chengdu has issued a series of policy measures, including the "Notice on Further Optimizing Relevant Policies of Housing Provident Fund," the "Notice on Further Supporting Housing Consumption," the "Notice on Further Optimizing the Withdrawal of Housing Provident Fund for Serious Illnesses," and the "Notice on Adjusting Relevant Policies of Housing Provident Fund Loans." The maximum loan amount for a single contributor has been increased from 600,000 yuan to 800,000 yuan, and the maximum loan amount for two contributors has been increased from 1 million yuan to 1.2 million yuan.The Israeli military says search and rescue teams are heading to several locations in southern Israel where reports of impacts have been received.On March 24th, due to soaring prices of components such as memory and SSDs, Liao Yi-hsiang, General Manager of ASUSs System Business Division, stated in an interview that ASUS is certain to raise PC prices by 25-30% or more in the second quarter, and this upward trend will continue in the second half of the year. Liao explained that due to fluctuating memory prices, which have increased exponentially, to avoid the impact, ASUS has switched to fixed-price quotations and is hesitant to accept long-term orders of one year or more than one quarter. "We had a commercial PC order finalized this year, with delivery scheduled for two months later, but after calculating, we ended up losing money." He analyzed that the price increase is not unique to ASUS, but rather affecting all PC brands, as they are currently facing shortages and price increases in memory, SSDs, and CPUs.March 24th, Futures Market News: Zhengzhou rapeseed meal futures opened lower and then fluctuated throughout the day. Canadian canola futures closed lower, with the benchmark contract down 1.02%, following the downward trend in international crude oil futures. Rapeseed meal spot prices also weakened. On the one hand, domestic demand remained sluggish, and coastal inventories increased month-on-month, easing market concerns about supply. On the other hand, weakening cost support from soybean meal dragged down rapeseed meal prices. In the long term, expectations for ample domestic rapeseed meal supply remain strong.

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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