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On August 13th, it was reported that Zhenbao Technology, a listed company in Chinas semiconductor component sector, has invested in and will construct a semiconductor component R&D and production base in Optics Valley. The project has a total investment of 520 million yuan and a construction period of three years. The base will focus on three core product categories: silicon carbide components, high-purity silicon precision components, and aluminum nitride ceramic materials and related components. These are essential consumables for front-end manufacturing processes such as chip etching and thin-film deposition. Once operational, the base will rapidly expand the companys existing production capacity, providing convenient services to wafer manufacturing companies in Central China and shortening delivery cycles.On August 13, according to a report by The Times of Israel on the 12th, a US State Department official criticized Israeli Defense Minister Katz, pointing out that his remarks about "preparing for a long-term occupation of southern Lebanon" contradicted previous commitments made by the Israeli government. Katz reportedly claimed earlier on the 12th in southern Lebanon that "Israeli forces will remain in the security zone of Lebanon, Syria, and Gaza to defend Israel." He also stated that he had instructed the Israeli military to take all necessary measures to prepare for a long-term presence in the region. A US State Department official stated, "The United States expects all parties to act in accordance with the framework agreements they have agreed to, and Israel has made it clear that it has no territorial ambitions in Lebanon. Maintaining a permanent military presence in southern Lebanon is neither in line with the commitments made in that framework agreement nor conducive to long-term peace and security between the two countries." The official emphasized that the United States "fully supports Lebanons territorial integrity and sovereignty."August 13 - According to Russias TASS news agency today (August 13), Russian President Vladimir Putin visited Iturup Island, one of the four islands in the Southern Kuril Islands (known as the "Northern Territories" in Japan). One of the main obstacles preventing Russia and Japan from concluding a peace treaty is the dispute over the ownership of the Southern Kuril Islands.Iraqi Prime Minister: We will never tolerate any party violating our airspace or threatening national security.August 13th - According to foreign media reports, South Korea has raised the ceiling on household debt growth and pledged to increase housing supply in the Seoul metropolitan area, further intensifying efforts to curb the continued rise in the real estate market. Soaring housing prices have gradually become a political burden for President Lee Jae-myung. According to a joint statement released by the South Korean government on Thursday, the government plans to supply more than 230,000 housing units in the Seoul metropolitan area, including 100,000 units to be built in newly designated areas. This is a further increase on top of existing targets. Previously, the South Korean government had set a target to start construction on 1.35 million housing units in the Seoul metropolitan area between 2026 and 2030. The latest measures are a further step up from the supply-side policies announced last September. At that time, a prolonged slump in the construction industry raised concerns that a shortage of new housing supply would continue to drive up housing prices and make it more difficult for young families to afford a home.

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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