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Chinese concept stocks returning to Hong Kong mostly declined, with BeiGene (06160.HK), Miniso (09896.HK), and Baidu (09888.HK) all falling by more than 3%, while Li Auto (02015.HK) and NetEase-S (09999.HK) fell by more than 2%.Kuala Lumpur fire department said the small fire at the Central Bank of Malaysia building has been extinguished.On May 15th, Delhi retailers revealed that India raised petrol and diesel prices by approximately 3 rupees per liter (about $0.03), marking the countrys first fuel price increase in four years. This move aims to offset some of the losses caused by soaring global oil prices. Global oil prices surged to over $120 per barrel due to the near closure of the Strait of Hormuz and severe shipping disruptions caused by the Iran-Iraq War, before falling back to around $100-$105 per barrel. Currently, diesel retails for 90.67 rupees per liter in Delhi, and petrol retails for 97.77 rupees per liter. The three state-owned enterprises—Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation—collectively control over 90% of Indias more than 103,000 gas stations, and these three companies typically adjust diesel and petrol retail prices in tandem.Hong Kong-listed mainland property stocks rose, with Jinhui Holdings (09993.HK) surging over 33%, Ronshine China (03301.HK) rising over 11%, Country Garden (02007.HK) gaining over 3%, and Sunac China (01918.HK) and Sino-Ocean Group (03377.HK) both rising over 1%.According to Hong Kong Stock Exchange documents, Shandong Ande Medical Supplies Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.

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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