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On Wednesday, May 6, the Hang Seng Index opened 131.04 points higher, or 0.51%, at 26,029.65; the Hang Seng Tech Index opened 42.01 points higher, or 0.85%, at 4,971.69; the H-share Index opened 55.51 points higher, or 0.64%, at 8,786.0; and the Red Chip Index opened 4.95 points higher, or 0.11%, at 4,411.37.Hang Seng Index futures opened 0.51% higher at 25,934 points, a premium of 40 points.May 6th - According to the Shenzhen Municipal Bureau of Culture, Radio, Television, Tourism and Sports, the city received 7.3336 million tourists on May 5th, a year-on-year increase of 5.3%; tourism revenue reached 5.629 billion yuan, a year-on-year increase of 3.6%. During the May Day holiday, Shenzhens attractiveness as a core inbound transportation hub in the Greater Bay Area continued to be amplified. Data from Ctrip shows that Shenzhen ranked fourth among the "Top 10 Popular Inbound Cities for May Day," following only Shanghai, Beijing, and Guangzhou. A report from Tongcheng Travel points out that, relying on convenient transportation and diverse cultural and tourism resources, Shenzhens position as a core inbound transportation hub has become more prominent, with a significant increase in the number of overseas tourists transiting through Hong Kong to Shenzhen.Xiaomi Auto announced that the new generation SU7 has received more than 80,000 orders in just 48 days since its launch.Futures News, May 6th: Crude oil prices fluctuated, but the range narrowed slightly compared to before the holiday. Fuel oil cost support was limited, and market participants adopted a wait-and-see attitude. Market restocking demand remained strong, resulting in a lukewarm trading pace. Fuel oil negotiations are expected to remain stable with a narrow range today.

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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