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On March 30th, SUMCO, a major global silicon wafer manufacturer, announced adjustments to its capacity expansion plans, postponing new factory projects and focusing resources on upgrading existing facilities and developing advanced process technologies. It is understood that following this adjustment, SUMCOs subsidies from the Japanese Ministry of Economy, Trade and Industry have been reduced from the original 75 billion yen to 19.3 billion yen. The company stated that it will prioritize technological upgrades and capacity optimization at existing factories in Imari City, Saga Prefecture, and other locations, focusing on advancing silicon wafer technology development and capacity expansion to adapt to cutting-edge chip manufacturing processes.On March 30th, according to US media reports, Sony Interactive Entertainment announced a price increase for its PS5 series game consoles. This is the companys second price hike in less than a year. The report states that in the US market, the PS5 disc drive version will increase by $100 from $549.99 to $649.99 (approximately RMB 4498); the digital version will also increase by $100 to $599.99 (approximately RMB 4152); and Sonys most powerful PS5 Pro model will increase by $150 to $899.99 (approximately RMB 6228). Sony stated that price adjustments have also been made to varying degrees in markets such as China, Japan, and Europe. Some analysts point out that this price increase was unavoidable due to rising memory prices. Analysts also indicate that reduced helium supply will drive up prices, and if the war continues for months or longer, the price increase could be even greater.Kremlin: We are pleased that these petroleum products have arrived in Cuba. Russia feels obligated to help Cuba.Kremlin: (Regarding the arrival of the Russian oil tanker in Cuba) This issue has been raised in talks with the United States. Under the severe blockade, our Cuban friends urgently need oil and petroleum products. We will continue our commitment to supplying oil to Cuba.March 30 – The 14th Ministerial Conference of the World Trade Organization (WTO) was held in Yaoundé, Cameroon, from March 26 to 30. Minister of Commerce Wang Wentao led a Chinese delegation to the conference, and Ambassador Li Yongzhe, Chinas Permanent Representative to the WTO, also participated. After intensive consultations, the conference achieved several practical results. First, a joint ministerial statement on the Agreement on Investment Facilitation for Development was issued, marking a significant step towards the implementation of the worlds first multilateral investment agreement. Second, a provisional implementation arrangement for the E-Commerce Agreement was reached, which will effectively promote more inclusive and sustainable development of digital trade. Third, ministerial decisions were reached on issues such as fisheries subsidies, small economies, and special and differential treatment of inspection, quarantine, and technical regulations. The conference also formed the "Yaoundé Outcome Package" of documents nearing consensus, including the WTO reform work plan and the e-commerce work plan. All parties agreed to conduct follow-up consultations in Geneva as soon as possible to strive for an early consensus.

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

Alina Haynes

Apr 04, 2023 13:53

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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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