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On January 19, China Taiping (00966.HK) announced on the Hong Kong Stock Exchange that the Groups profit attributable to shareholders for the year ended December 31, 2025, is expected to increase by approximately 215% to 225% compared to the same period last year. The profit attributable to shareholders for the year 2024 was HK$8.432 billion.January 19th - On January 15th, Dai Houliang, Chairman of China National Petroleum Corporation (CNPC), met with Canadian Prime Minister Mark Carney in Beijing. The two sides exchanged views on promoting and expanding Sino-gas cooperation.The yield on Japans 40-year government bonds rose to 3.895%, a record high.On January 19th, Peng Yongtao, Director of the Service Industry Survey Center of the National Bureau of Statistics, stated that the service sector contributed 61.4% to national economic growth, an increase of 3.7 percentage points from the previous year; the service sector boosted GDP growth by 3.0 percentage points, an increase of 0.1 percentage points from the previous year; and the service sectors added value accounted for 57.7% of GDP, an increase of 0.9 percentage points from the previous year. In the fourth quarter, the added value of the service sector reached 21,594.8 billion yuan, a year-on-year increase of 5.2%, contributing 63.2% to economic growth and boosting GDP growth by 2.8 percentage points. The service sectors added value accounted for 55.7% of GDP. In December, the service sector production index increased by 5.0% year-on-year, 0.8 percentage points faster than in November.On January 19th, Hong Kong stocks opened lower and continued to decline throughout the morning session. The Hang Seng Index closed down 0.99% at 26,578 points, while the Tech Index closed down 1.15% at 5,755.35 points. On the sector front, airline stocks performed well, while department store and power equipment stocks led the gains, and the tourism and sightseeing sector rebounded. Pharmaceutical outsourcing concepts led the declines, followed by cosmetics and short video concept stocks, and some AI application stocks also fell. In terms of individual stocks, China Eastern Airlines (00670.HK) rose 8.8%, China Southern Airlines (01055.HK) rose 6.5%, Li Ning (02331.HK) rose 4.2%, Mengniu Dairy (02319.HK) rose 3.5%, and Baidu (09888.HK) rose 2.5%; MINIMAX-WP (00100.HK) fell more than 10%, Zhipu (02513.HK) fell 9.8%, Bilibili (09626.HK) fell 7.7%, WuXi Biologics (02269.HK) fell 5.8%, Hua Hong Semiconductor (01347.HK) fell 4.3%, and Alibaba (09988.HK) fell 3.3%.

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.


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