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On August 7th, in response to recent rumors that "mainland China will levy a 20% personal income tax on income from overseas insurance policies," Hong Kong Legislative Council member representing the insurance sector, Chan Pui-leung, stated that the discussion mainly concerns the Common Reporting Standard (CRS) and arrangements for reporting personal overseas income. As of now, no official policy documents or implementation details have been received from relevant departments; all related information comes from news reports. Chan Pui-leung pointed out that the requirement for Chinese residents to declare and pay taxes on overseas investment income has always existed, covering all overseas investment income, not specifically targeting insurance products. The recent market discussion stems from the implementation of the relevant standards in some areas of mainland China. He also mentioned the potential returns of Hong Kong insurance policies: currently, the return level of Hong Kong savings-type insurance is about 6% to 6.5%, while similar products in mainland China yield about 3%. Even after deducting taxes, Hong Kong insurance policies still have a net return advantage of nearly two percentage points, which he believes will not significantly reduce the willingness of mainland visitors to purchase insurance in Hong Kong. He believes that Hong Kong insurance products are flexible in design and can be allocated to multiple currencies, remaining competitive in wealth transfer and planning. Chan Pui-leung also stated that there is no need to raise this issue in the Legislative Council at this time.The Spanish government has stated that if Italy does not lift its border control measures against travelers from Spain by August 9, Spain will take corresponding countermeasures.Citigroup lowered its target price for Microchip Technology (MCHP.O) from $113 to $95.JPMorgan Chase raised its price target for Cloudflare (NET.N) from $145 to $350.On August 7, Lin Honghong, Vice Chairperson of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Tao Lin, Vice President of Tesla, in Beijing. The two sides exchanged views on topics including serving the development of foreign-invested enterprises in China, deepening international cooperation in industrial and supply chains, and participating in APEC business activities.

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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