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Shares of CSPC Pharmaceutical Group (01093.HK) fell more than 10% in the afternoon, with the company’s first-quarter net profit down 41.8% year-on-year.The Hang Seng Index fell more than 1% in the afternoon, while the Hang Seng Tech Index fell 0.4%.On May 27th, the Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR) unchanged at 2.25%, but ANZ Bank stated that the RBNZ is "clearly very inclined to raise rates." The vote was a 3-3 tie, with RBNZ Governor Brehman casting the deciding vote. The released interest rate path chart shows that the OCR will rise faster than expected in February. ANZ Bank stated that the chart implies a very high probability of consecutive rate hikes at the RBNZs next three meetings. ANZ Banks Chief Economist for New Zealand, Sharon Zollner, said, "We still expect three rate hikes this year, in July, September, and October." She added, "We remain open to the possibility that the OCR needs to rise above 3%, but there are many variables to observe before that happens."On May 27th, CLSA issued a research report stating that NIO-SW (09866.HK) achieved non-GAAP profitability for the second consecutive quarter, with first-quarter non-GAAP profit reaching RMB 45 million, in line with market expectations. Regarding expenses, the group continued to demonstrate disciplined spending, reflecting the effectiveness of its operating expense control measures. Synergies between domestic models should increase NIOs market share in the luxury segment, with the ES8 and ES9 models diversifying its profit contribution. The bank forecasts sales of 441,000 vehicles in 2026 and a return to profitability for the full year. Based on NIOs strong performance in the luxury segment and improved expense control, CLSA raised its 2026 revenue and net profit forecasts by 18.9% and 104.1%, respectively, to RMB 133.48 billion and RMB 277 million. The bank maintained its "Outperform" rating on NIOs after-hours US-listed shares, raising its target price from $6 to $7. Meanwhile, the bank initiated coverage of NIOs H shares, giving them an "Outperform" rating and a target price of HK$55.Samsung Electronics: Will establish a 5 trillion won fund.

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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