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Hong Kong tech stocks rallied, with Tencent Holdings (00700.HK) surging over 3% in a short period, Baidu (09888.HK) rising over 4%, and Meituan (03690.HK), Bilibili (09626.HK), and others following suit.The Hang Seng Tech Index rose more than 2% in the afternoon, with Zhipu (02513.HK) and Lenovo Group (00992.HK) leading the gains among constituent stocks, rising more than 7%.Shares of Want Want China Holdings Limited (00151.HK) fell more than 10% in the afternoon. The company announced at midday that for the year ended March 31, 2026, revenue increased by 3.8% to RMB 24.401 billion, while net profit fell by 11.5% year-on-year. The company proposed a final dividend of US cents per share.On June 30th, the National Energy Administration held a meeting in Hangzhou, Zhejiang Province, to exchange experiences on improving the level of "Getting Electricity" services. The meeting pointed out that, thanks to the joint efforts of all parties, my countrys "Getting Electricity" reform has achieved remarkable results during the 14th Five-Year Plan period. Historical breakthroughs have been made in power supply services, institutional systems, international benchmarking, and regulatory governance. A number of long-standing bottlenecks and difficulties in accessing electricity services have been effectively addressed, and shortcomings in urban and rural power supply services have been improved. This has become an important area of advantage for my country in optimizing its business environment. The meeting required that targeted policies and concerted efforts be made to address key challenges, focusing on the needs of economic development, energy transition, and the expectations of the people, using breakthroughs in key areas to drive overall improvement. It also stressed the need to uphold a correct view of performance, establish a pragmatic orientation, and achieve tangible results in promoting benchmark demonstration and guidance, serving and supporting industrial upgrading, and solving the electricity problems of the public. Finally, it emphasized the need to solidify the responsibilities of all parties, build a working pattern that is interconnected from top to bottom, coordinated horizontally, and linked internally and externally, and ensure that all policy deployments are implemented effectively.Hong Kong-listed IPO Zhen Health Medical (02697.HK) surged again in the afternoon, rising more than 210% to a high of HK$393.2.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.