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On July 8th, the South Korean government think tank stated that the South Korean economy remains on a recovery track, with the booming semiconductor industry offsetting the slowdown in the overall manufacturing sector. The Korea Development Institute (KDI), in its monthly economic assessment report, noted that South Koreas exports continued their "strong" expansion, driven by robust demand related to artificial intelligence. South Koreas monthly exports surpassed the $100 billion mark for the first time in June, reaching $102.25 billion, a year-on-year increase of 70.9%, setting a new record. The KDI stated, "Although the growth rate of semiconductor export volume has slowed, the export value remains strong, supported by continued price increases." Driven by a surge in demand for memory chips, semiconductor exports nearly tripled, reaching $44.82 billion, with monthly exports exceeding $40 billion for the first time. However, the KDI pointed out that manufacturing output declined slightly because "the rapid growth momentum in the semiconductor sector has slowed, and other sectors remain sluggish." The KDI added that high oil prices and a weaker won against the US dollar may "continue to put upward pressure on prices, increasing the risk of further interest rate hikes, thereby dragging down the recovery in consumption."On July 8th, Citigroup issued a report lowering its target price for Tencent from HK$763 to HK$758 to reflect adjustments to its portfolio value, while maintaining a "Buy" rating. Citigroup believes the company will continue to review its portfolio and rotate and rebalance between AI-related strategic investments and mature industries with limited future synergies. Looking ahead to the second quarter, Citigroup expects Tencents revenue to grow 9.3% year-on-year to RMB 201.7 billion, and adjusted net profit to grow 5.1% to RMB 66.25 billion, a lower estimate than the market consensus due to a cautious view on AI spending and its potential drag on profitability. In the second half of the year, Citigroup expects the focus to remain on agent-based AI testing within WeChat, the integration of Mini Programs and Hy3, the next generation or upgrade of the Hy model, and capital expenditure. Citigroup believes Tencent will prioritize share buyback opportunities, increase AI investment, and strengthen its core business growth through AI empowerment.JPMorgan Chase raised its price target for General Motors (GM.N) from $98 to $110.JPMorgan Chase lowered its price target for Pfizer (PFE.N) from $30 to $28.July 8th - According to an official from the Ministry of Civil Affairs, by the end of 2025, my country will have 396,000 elderly care institutions and facilities, with nursing beds accounting for 67.5%. County-level public elderly care institutions have achieved near-universal coverage, with approximately 30% possessing county-level comprehensive elderly care service management platform functions, and over 60% of townships (subdistricts) having regional elderly care service centers. Facilities such as urban embedded community elderly care service centers, rural neighborhood mutual aid points, and rural happy homes are continuously increasing. Professional, chain-operated, and branded elderly care service operators are gradually being cultivated and strengthened, and the construction of a three-tiered elderly care service network across the country has achieved initial results.

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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