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On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned that, regarding refinancing, to meet the needs of growth-oriented innovative and entrepreneurial enterprises that have long R&D cycles and high requirements for the flexibility and timeliness of fundraising, the CSRC will promote the implementation of the shelf registration system for refinancing on the ChiNext market, allowing for "one-time registration, multiple issuances." At the same time, the CSRC will improve the simplified refinancing procedure system, simplify company decision-making procedures, and improve refinancing efficiency. Regarding mergers and acquisitions (M&A), the CSRC will fully leverage the positive role of M&A in promoting industrial integration and transformation and upgrading, and continue to promote the implementation of the "Six Measures for M&A" on the ChiNext market.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned optimizing the trading system. This includes introducing a market maker system to promote the diversification of participants and trading strategies in the ChiNext market, reduce price volatility, and enhance market resilience. Negotiated block trades will be adjusted to real-time confirmation, improving the efficiency of investors securities and capital utilization, enhancing transaction certainty, and increasing the willingness of medium- and long-term funds to participate. An after-hours fixed-price trading mechanism for ChiNext-related ETFs will be introduced to better meet the diversified trading needs of investors and help reduce the impact of large transactions on the secondary market.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the Growth Enterprise Market (GEM) to Better Serve the Development of New Productive Forces." The spokesperson stated that this reform adds a fourth set of listing standards for the GEM, combining growth and innovation indicators such as compound annual growth rate of revenue and R&D investment with market capitalization and revenue indicators to better support high-growth potential and outstanding innovation capabilities of high-quality enterprises. Specifically, there are two indicators: First, "expected market capitalization of not less than 3 billion yuan, operating revenue of not less than 200 million yuan in the most recent year, and a compound annual growth rate of revenue of not less than 30% in the past three years," primarily applicable to companies in emerging industries; second, "expected market capitalization of not less than 4 billion yuan, operating revenue of not less than 200 million yuan in the most recent year, and cumulative R&D investment of not less than 100 million yuan in the past three years, accounting for not less than 15% of revenue," primarily applicable to companies in future industries.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned enriching the product and service system, optimizing the compilation of ChiNext-related indices, launching more ChiNext-related ETFs and options, introducing ChiNext stock index futures in due course, supporting fund investment advisors in allocating ChiNext ETFs, and including ChiNext ETFs in the Fund Connect platform for trading, to better meet the asset allocation and risk management needs of different investors and enhance investment convenience and attractiveness.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the Growth Enterprise Market (GEM) to Better Serve the Development of New Productive Forces." The spokesperson stated that deepening the reform of the GEM and further improving the convenience of investment and financing will help introduce a number of high-quality listed companies, accelerate the construction of a "long-term capital, long-term investment" institutional environment, and attract more long-term capital, patient capital, and strategic capital into the market. This is of great significance for further consolidating the micro-foundations for stable market operation and enhancing the markets inherent stability and risk resistance capabilities.

USD/CAD declines to 1.3500 on firmer Oil prices, BoC concerns over US inflation, and Fed Minutes

Daniel Rogers

Apr 10, 2023 14:35

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The USD/CAD maintains losses close to 1.3500, shattering a four-day winning trend, as traders brace for key Easter Monday data/events on major bourses. However, the recent decline in the Loonie-U.S. dollar exchange rate may be due to the increase in the price of WTI petroleum oil, Canada's primary export. In contrast to the recent increase in ardent Fed forecasts, the Bank of Canada's (BoC) dovish bias poses a challenge to pair sellers.

 

After increasing for three consecutive weeks, WTI crude oil prices gain 0.61 percent intraday near $80.00. Recent increases in the price of black gold may be due to geopolitical concerns surrounding China and Taiwan. In addition to the supply cut by OPEC+ and the faltering US dollar, the energy benchmark is sustained by the supply cut by OPEC+ and the weakening US dollar.

 

However, the US Dollar Index (DXY) has fallen for three consecutive weeks and is under pressure near 102,000.

 

Fears of higher Fed rates versus inaction from the Bank of Canada (BoC) grew after the upbeat US Jobs report versus the lack of significant positives in the March Canadian jobs report.

 

As a result, the CME's FedWatch Tool indicates a 69% chance of a 0.25 basis point rate hike in May, up from 55% prior to the US employment report.

 

Canada's headline Net Change in Employment increased to 34.7K in March from 21.8K in February, compared to the market consensus of 12K, while the Unemployment Rate came in at 5% versus the analysts' estimate of 5.0%. During the specified month, the Participation Rate decreased to 65.6% from the expected and previous rate of 65.7%. In addition, the average hourly wage fell 5.2% year-over-year in March, down from 5.5% in February.

 

In contrast, the US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 236K in March, the lowest increase since January 2021 (considering revisions), compared to the expected 240K and the previous 330,000. Additionally, the unemployment rate fell from 3.6% to 3.5%, while the labor force participation rate rose from 62.6% to 62.6%. The annual wage inflation rate decreased from 4.6% to 4.2%, below market expectations of 4.3%.

 

Futures on US equities ended higher, but yields remain under pressure ahead of the crucial BoC monetary policy meeting, US inflation, and Fed Minutes. Given the dovish concerns from the Bank of Canada (BoC) and the likely hawkish comments in the FOMC Minutes, the USD/CAD may see additional gains, barring any unexpected developments.


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