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On June 15th, in response to being summoned for talks by the State Administration for Market Regulation, Sams Club China stated, "Recently, we accepted the guidance and talks from the market supervision department. We fully acknowledge, deeply reflect upon, and sincerely accept the issues and rectification requirements pointed out by the regulatory department during the talks. We sincerely apologize for the inconvenience and trouble caused to our members." Sams Club China further stated, "Currently, the company has established a special rectification working group led by management, and immediately launched a comprehensive self-inspection and rectification campaign across all channels and the entire supply chain. We will strictly comply with relevant laws and regulations and regulatory requirements, comprehensively optimize food safety management and product quality control, strictly adhere to the bottom line of food safety, and improve the member experience. We will regularly report the rectification progress to the regulatory department and actively accept supervision from all sectors of society. We once again thank the regulatory department for its supervision and guidance, and thank our members for their trust and support."On June 15th, former Bank of Japan chief economist Seisaku Kameda stated on Monday that the US-Iran peace agreement is unlikely to change the Bank of Japans expectation of two interest rate hikes this year. With inflationary pressures intensifying, the Bank of Japan is expected to raise its short-term policy rate from 0.75% to 1% on Tuesday. Kameda stated that this would have been done in April had the Middle East war not broken out. He indicated that if the peace agreement facilitates the reopening of the Strait of Hormuz, it might alleviate some of the pressure on the Bank of Japan to raise interest rates faster than expected to curb inflation. "However, this will not change the Bank of Japans plan to normalize monetary policy by raising interest rates approximately twice a year, pushing up the still low real borrowing costs," Kameda said. He pointed out that after the June rate hike, the Bank of Japan is likely to raise rates again in October or December. Furthermore, Bank of Japan Governor Kazuo Ueda will miss the June meeting due to treatment for an infectious liver cyst in the hospital. Deputy Governor Shinichi Uchida will preside over the press conference on his behalf. Seisaku Kameda stated that Shinichi Uchida is expected to reiterate the Bank of Japans determination to continue raising interest rates, but given the continued uncertainty surrounding the situation in the Middle East, he will avoid giving a clear indication of the timing of the next rate hike.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 11:24 on June 15 in Linhe District, Bayannur City, Inner Mongolia (40.72 degrees north latitude, 107.35 degrees east longitude), with a focal depth of 10 kilometers.June 15 – Public consultation on Hong Kongs first Five-Year Plan began today (June 15). Secretary for Constitutional and Mainland Affairs, Tse Siu-wah, stated that the Hong Kong Five-Year Plan is of great importance and closely related to every citizen. He thanked Legislative Council members, Hong Kong deputies to the National Peoples Congress and the Chinese Peoples Political Consultative Conference, and industry representatives for their previous suggestions. The Hong Kong SAR government will hold several more consultation events to listen to opinions from all sectors and hopes for their active participation.On June 15th, Baidus DuMate platform completed a core engine upgrade. Through continuous optimization of the Harness engine and multiple engineering aspects, the token consumption during task execution was reduced by 75%, and the corresponding user points consumption was also reduced by 75%, while ensuring that the agents intelligent capabilities and task execution performance were not affected. This is the first time that a significant reduction in task consumption has been achieved in a general-purpose intelligent agent product in China through the Harness engine and engineering optimization.

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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