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Xiaomi Auto: In July 2026, Xiaomi SU7 sold 21,044 units, ranking first in sales of sedans priced above 200,000 yuan for four consecutive months.According to JLC Network Technologys calculations, as of the eighth working day on August 12th, the change rate was -7.86%, with the average price of benchmark crude oil at $82.01 per barrel. Domestic gasoline and diesel prices decreased by 290 yuan/ton. The next price adjustment window is at 24:00 on August 14th. 1. Shandong Local Refineries: Yesterday, industry players were cautious about chasing higher prices. Local refineries failed to achieve production and sales balance for gasoline and diesel. However, international crude oil prices continued to rise, and local refinery inventories remained low, which is expected to support a stable market for refined oil products in Shandong today. 2. East China: On Wednesday, crude oil prices continued to rise, with positive news. It is expected that gasoline and diesel prices in East China will continue their steady upward trend today, with downstream buyers maintaining small-volume, just-in-time orders, resulting in a quiet trading environment. 3. South China: On Wednesday, international crude oil prices continued to rise, supported by positive news. It is expected that gasoline and diesel prices in South China will maintain an upward trend today, with end-users remaining cautious about chasing higher prices, resulting in a stable trading environment. 4. North China: Crude oil prices rose amid sharp fluctuations on Wednesday. It is expected that gasoline and diesel prices in North China will remain firm at high levels, with some prices trending upwards. Continued crude oil supply risks are supporting oil prices, while weak demand and declining acceptance of high-priced resources are causing traders to operate cautiously, awaiting further market developments. 5. Central China: Crude oil prices continued to rise on Wednesday, further boosted by positive news. It is expected that gasoline and diesel prices in Central China will remain firm today. However, with rising oil prices, downstream buyers risk aversion is increasing, and market transactions may not see a significant increase.On August 12th, Min Kyung-seop, head of the Innovation and Growth Office at the South Korean Ministry of Finance, stated on Tuesday that South Korea expects to allocate 600 billion to 1 trillion won (approximately US$707 million) in new funds next year to a new sovereign wealth fund targeting strategic industries such as AI. The final investment amount may exceed initial expectations, depending on the specific targets and their funding needs. Min Kyung-seop stated that there are currently no plans for the fund to directly invest in Samsung Electronics and SK Hynix. In July, the South Korean government announced the establishment of a new "Strategic Industry Investment Account" under the Korea Investment Corporation (KIC), with initial funding of at least 20 trillion won (approximately 94 billion yuan). Investment targets include AI, semiconductors, data centers, and core companies in overseas supply chains. The plan is to formally establish and operate this "South Korean version of a sovereign wealth fund" next year. Min Kyung-seop indicated that the fund will also target infrastructure such as robotics, energy and batteries, and power grids, with nuclear energy, space, and quantum technology also under consideration.Market uncertainty remains regarding the resumption of shipping through the Strait of Hormuz. International oil prices fluctuated and rose slightly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.As of 8:30 AM Beijing time, spot platinum rose 0.05%, and spot palladium rose 0.15%.

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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