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On May 11th, Goldman Sachs issued a research report stating that Lao Pu Gold (06181.HK) has seen its share price correct 18% since March, and considers its risk-reward ratio attractive. The report points out that despite recent gold price volatility, brand momentum and continued customer acquisition should support growth. The bank noted that performance during the May Day holiday met management expectations, with gross margin currently above 45%, which is expected to contribute to an upward trend in second-quarter net profit margin. Management plans to upgrade 8 to 12 stores in mainland China this year and open 5 to 6 new stores outside mainland China. Goldman Sachs expects consumer sentiment to gradually recover if gold prices stabilize. The bank maintains its "Buy" rating on Lao Pu Gold with a 12-month target price of HK$1108.On May 11th, BOC International issued a research report, initiating coverage of Biren Technology (06082.HK). The report points out that as a leading domestic GPGPU manufacturer, the company will fully benefit from the exponential growth in Chinas AI computing power demand. In addition to its technological leadership from chip to system level, the bank believes that Biren Technologys deep integration with the domestic supply chain provides it with a key competitive advantage over its peers. The bank forecasts that Biren Technology will achieve a CAGR of 137% in revenue between 2025 and 2028, and expects it to achieve break-even in 2027, mainly due to the commercialization of its next-generation products in the second half of 2026. BOC International initiated coverage with a "Buy" rating and a target price of HK$74.43, based on a 20x 2027 expected price-to-sales ratio.ECB Governing Council member Koch said: "The ECBs objective is clear: to keep inflation at 2% over the medium term. The Governing Council will take all necessary measures to achieve this goal."ECB Governing Council member Koch said that medium- and long-term inflation expectations are more important for interest rate decisions; although there have been no major changes in these expectations so far, there are some initial signs that they have changed.ECB Governing Council member Koch said (when asked if the ECB might raise interest rates at its next meeting): "Unless the situation improves significantly, a rate hike in the near future is inevitable."

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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