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On May 9th, the China Association of Automobile Manufacturers (CAAM) clarified that rumors circulating online claiming "new energy vehicle companies were summoned for talks and placed under investigation for battery locking issues" are false. A CAAM representative stated that the claims circulating online regarding "eight new energy vehicle companies being summoned for talks due to battery locking issues" and "three companies being placed under investigation" lack official source and are seriously inconsistent with the facts. All industry regulatory updates and enforcement measures should be based on official information from the relevant authorities. Furthermore, CAAM hopes that new energy vehicle companies will optimize their battery management systems, maintain transparency, protect consumers right to know and choose, establish efficient after-sales communication channels, actively handle complaints and disputes related to battery locking, and safeguard their brand reputation through honest business practices.On May 9, Ukrainian President Volodymyr Zelenskyy announced via social media that he had spoken with European Council President Costa, exchanging views on Ukraines cooperation with Europe and its integration into European integration. Zelenskyy stated that he and Costa focused on joint efforts to further Ukraines integration into Europe, clarifying Ukraines commitment to becoming a full member of the EU and that preparations are underway for initiating negotiations and subsequent decisions.On May 9th, the chairman of the Iranian Parliaments Energy Committee stated that production continues uninterrupted at multiple oil fields across the country. He asserted that the actions of adversaries targeting Iranian oil tankers are entirely illegal, and that pressure on Iranian oil exports has been ineffective. There are currently no official reports of an oil spill near Kharg Island. Earlier reports indicated that satellite images suggested a large-scale oil spill near Kharg Island, a key Iranian oil export hub, with pollution covering tens of square kilometers of sea surface.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, during which a report was heard on the construction of the national comprehensive transportation system. The meeting emphasized the need for coordinated advancement of transportation infrastructure construction, adhering to integrated planning and systematic integration, effectively utilizing existing resources and optimizing new supply. It stressed the importance of improving management and service levels, creating a more convenient travel environment to facilitate the smooth flow of people and goods, and promoting cost reduction, quality improvement, and efficiency enhancement in freight transportation. The meeting also called for deepening reform and innovation, building a unified and open transportation market, actively promoting the application of new technologies, developing new transportation business models safely and orderly, and cultivating more new growth points.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which discussed and promoted work related to resolving local government debt risks. The meeting pointed out that since the implementation of the comprehensive debt reduction plan, significant progress has been made in resolving debt risks. It is necessary to continue focusing on key areas and weak links, improve policies supporting debt reduction, enhance local governments ability to repay debts independently, and ensure the timely completion of debt reduction tasks. It is also necessary to establish and improve a long-term mechanism to resolutely prevent the creation of new hidden debt.

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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