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On May 27th, Ninebot announced that its Chairman and actual controller, Gao Lufeng, proposed that the company repurchase some of its Chinese Depositary Receipts (CDRs) through centralized bidding using its own funds. The total repurchase amount will be no less than RMB 150 million (inclusive) and no more than RMB 300 million (inclusive), with a repurchase price not exceeding RMB 60 per share. All repurchased shares will be used for cancellation and reduction of registered capital.On May 27th, Pinduoduo (PDD.O) released its latest financial report, showing revenue of 106.2 billion yuan and profit of 12.5 billion yuan in the first quarter. This is the first full quarter of its "Three-Year Rebuild Pinduoduo" strategy. Last December, Pinduoduo announced that it would focus its strategic efforts on "heavily investing in Chinas supply chain," striving to recreate Pinduoduo within three years. In the first quarter of this year, the new Pinmu business entered a phase of in-depth development. The team accelerated the integration of supply chain resources from "Pinduoduo + Temu," incubated self-operated brands targeting different markets and product categories, continued to heavily invest in Chinas supply chain, and promoted the value leap of the supply chain system.On May 27, Shanghai Mayor Gong Zheng met with a delegation led by Singapores Minister for Law and Second Minister for Home Affairs, Tang Zhenhui. Gong Zheng stated that Shanghai is willing to continue working with Singapore to leverage the Shanghai-Singapore Council platform to deepen exchanges and cooperation in areas such as trade, industrial investment, education, science and technology, and cultural tourism, achieving a higher level of mutual benefit and win-win results, and bringing greater well-being to the people of both cities. He expressed hope that the two sides would conduct extensive exchanges and pragmatic cooperation in areas such as professional services, cross-border trade, and green finance. He also warmly welcomed more Singaporean companies to participate in the China International Import Expo (CIIE), bringing more high-quality goods and services to Shanghai and into China.Pinduoduo (PDD.O) reported a net profit of RMB 12.55 billion for the first fiscal quarter, compared to RMB 14.74 billion in the same period last year.Pinduoduo (PDD.O): Will invest heavily in building its own brand business, creating new opportunities for supply chain partners, and generating outstanding value for customers.

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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