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On April 24, Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Rafael Nados, CEO of the African Union Development Agency, in Beijing. They exchanged views on topics such as promoting Chinas zero-tariff policy on 100% of products from 53 African countries with which it has diplomatic relations, better benefiting enterprises from both sides, promoting exchanges between Chinese and African business communities, and strengthening cooperation in industrial and supply chains.Futures News, April 24th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.On April 24th, it was learned from the Ministry of Public Security that since 2025, public security organs nationwide have been deepening special operations such as "Kunlun" and "Anxin," cracking down on various infringement and counterfeiting crimes according to law. A total of 31,000 cases of intellectual property infringement and the production and sale of counterfeit and shoddy goods have been investigated and prosecuted. It is understood that in their work, public security organs across the country have relied on a new policing operation model of "professionalism + mechanism + big data" to combat intellectual property infringement crimes across the entire chain and comprehensively build a collaborative protection framework. They have also been fully committed to safeguarding innovative development, proactively addressing the development needs of high-tech enterprises, cracking down on crimes infringing on trade secrets according to law, investigating more than 140 criminal cases, promptly eliminating risks and hidden dangers, and effectively safeguarding the core competitiveness of enterprises.The German DAX 30 index opened 13.32 points higher, or 0.06%, at 24,194.00 on Friday, April 24th; the UK FTSE 100 index opened 55.20 points lower, or 0.53%, at 10,401.81; and the French CAC 40 index opened 54.00 points lower, or 0.66%, at 8,173.32. (European...) The Stoxx 50 index opened down 22.13 points, or 0.38%, at 5872.60 on Friday, April 24; the Spanish IBEX 35 index opened down 147.59 points, or 0.83%, at 17738.31 on Friday, April 24; and the Italian FTSE MIB index opened down 334.91 points, or 0.70%, at 47572.50 on Friday, April 24.According to Futures News on April 24, as of 15:00 Beijing time, spot platinum fell 1.61% and spot palladium fell 0.93%.

USD/CHF Consolidates Around 0.9040 As Attention Shifts To US Inflation

Daniel Rogers

Apr 10, 2023 14:27

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The USD/CHF pair continues to trade lacklusterly above the crucial support level of 0.9036 in the early Tokyo session. Investors are shifting their focus to Wednesday's release of United States Consumer Price Index (CPI) data, making it difficult for the Swiss Franc to gain traction.

 

As tensions between China and Taiwan escalate, S&P500 futures have pared some of their gains. The market's anxiety has been alleviated by the increasing intensity of Chinese military exercises around Taiwan Island. In addition, concerns of a recession are likely to cause volatility in US equities.

 

Jamie Dimon, CEO of JPMorgan Chase, stated in an interview with CNN that the recent banking turmoil caused by the dissolution of Silicon Valley Bank (SVB) and Signature Bank has increased the likelihood of a recession in the United States.  Despite the robustness and security of the banking system, the recent turmoil in the financial system is "another weight on the scale" toward recession, he added.

 

The US Dollar Index (DXY) is protecting the 102.00 support level ahead of US Consumer Price Index (CPI) data. According to the consensus, headline inflation will fall from 6.0% to 5.2%. In addition, the headline monthly CPI would decelerate to 0.3% from 0.4% previously reported. As a consequence of oil prices remaining low in March, inflationary pressures are anticipated to become evident.

 

In contrast, the core CPI, which excludes crude and food prices, is anticipated to increase to 5.6% from 5.5%. The tenacity of inflationary pressures is maintained by the resiliency of demand for essential products, as a result of a higher labor cost index. A similar event could compel the Federal Reserve (Fed) to raise rates again at its May monetary policy meeting.

 

Regarding the Swiss Franc, Swiss markets are suspended on Easter Monday. This week, the Producer Price Index (PPI) data will have an impact on the Swiss Franc.

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