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US President Trump posted a picture on social media with the caption: "The governments initial $8.9 billion investment in Intel (INTC.O) is now worth more than $51 billion."Hong Kong-listed tech stocks continued their decline, with Meituan (03690.HK) falling over 7%, SenseTime (00020.HK) and Kingdee International (00268.HK) down 5%, Baidu (09888.HK) down 3.8%, Bilibili (09626.HK) down 3.6%, and JD.com (09618.HK), Alibaba (09988.HK), and Tencent Holdings (00700.HK) all falling over 3%.Futures Market News, May 28th: 1. Jiangsu Jingshen Chemicals soda ash plant began maintenance on May 15th, expected to last half a month. Prices are stable, with light soda ash quoted at 1250 yuan/ton ex-factory. 2. Hubei Shuanghuans soda ash plant is running again. Prices are stable, with light soda ash quoted at 1180-1200 yuan/ton. 3. Zhongyan Anhui Hongsifangs soda ash plant began maintenance on May 15th, expected to last one month. 4. Taiwan Glass Group Shilian Chemical (Jiangsu) Co., Ltd.s soda ash plant is undergoing maintenance, starting May 7th, expected to last one month. 5. Inner Mongolia Boyuan Yingen Chemicals 7.8 million tons/year soda ash plant is operating at reduced capacity. Currently, the ex-factory price of qualified light soda ash is 820 yuan/ton. 6. Tangshan Sanyous 2.3 million tons/year soda ash plant is operating at 70% capacity. 7. Guangdong Nanfang Alkali Industrys 600,000 tons/year soda ash plant is operating at 60-70% capacity. 8. Tianjin Alkali Plants 800,000-ton/year soda ash unit is operating at reduced capacity. The current ex-factory price of light soda ash is 1,300 yuan/ton, and transactions are negotiable.On May 28th, NIO CEO William Li mentioned during a media Q&A session about the NIO ES9 that the prices of raw materials, including nickel, cobalt, and lithium carbonate, have risen this year, increasing the cost of a single vehicle by more than 10,000 yuan. Li noted that the impact of commodities and memory chips on the automotive industry extends beyond the automotive sector to other, more rapidly growing and lucrative industries, leaving automakers with little bargaining power. He added that memory chip prices have not yet decreased after this years rise, and the increased costs from raw materials are unlikely to decrease in the short term; these costs will have to be absorbed by the companies themselves.The yield on Japans 20-year government bond rose 2.0 basis points to 3.615%.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

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The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.


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