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On April 21st, Chinas first Pre6G test network officially went into operation in Nanjing, Jiangsu Province. This test network integrates 6G innovative technologies into a 5G network, boasting features such as high bandwidth, long-distance coverage, low latency deterministic latency, and AI-inherent fusion, with capabilities up to 10 times that of 5G. Currently, the test network is undergoing systematic verification in areas such as low-altitude inspection, industrial manufacturing, embodied intelligence, and holographic communication. The launch of this test network marks a new stage for 6G technology, moving from key technology verification to system capability verification, laying an important foundation for future 6G standardization and industrial applications.Apple (AAPL.O) shares fell 0.4% in pre-market trading after the company announced that John Turner will become the next CEO, while Cook will continue to serve as executive chairman.European Central Bank Vice President Guindos: High market valuations and fiscal policy are among the risks to financial stability. The third risk relates to private lending.On April 21, Foreign Ministry Spokesperson Guo Jiakun hosted a regular press conference. The 82nd Annual Meeting of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) was held in Bangkok, Thailand. The Chinese delegation attended the meeting and announced Chinas willingness to host the 2027 Annual Meeting in Shanghai. Could the spokesperson provide some details? Guo Jiakun stated that ESCAP is the most important comprehensive economic and social development organization of the United Nations in the Asia-Pacific region, shouldering the important mission of promoting open, inclusive, and sustainable development in the Asia-Pacific. Vice Foreign Minister Ma Zhaoxu led the Chinese delegation to the meeting and delivered a speech in the general debate. Focusing on implementing the four global initiatives proposed by President Xi Jinping, he elaborated on Chinas position and propositions in four aspects: upholding multilateralism, promoting open cooperation, seizing digital opportunities, and promoting sustainable development, calling on all parties to further deepen Asia-Pacific cooperation and promote the building of an Asia-Pacific community. "Next year marks the 80th anniversary of the founding of ESCAP. China is willing to host the 2027 Annual Meeting in Shanghai, the birthplace of ESCAP. We look forward to taking this opportunity to reaffirm our original aspirations and missions with all members, deepen mutually beneficial cooperation, and make greater contributions to building an Asia-Pacific community," Guo Jiakun said.On April 21, Mohamad Elmasry, Professor of Media Studies at the Doha Institute, stated that relations between the United States and Iran have become "very precarious." He said, "A few days ago, a real opportunity for improvement arose when Trump asked the Iranians to open the Strait of Hormuz. It was at that moment that the US also had a chance to step down the ladder of escalation, but Trump did the opposite." He added that Trump "used this opportunity to declare victory because he wanted to show the American people that he had won and forced Iran to surrender." Elmasry stated that this was "a really significant miscalculation" by Trump, as this misstep has led to the current escalation of tensions. We still cannot be 100% certain whether the Iranians will appear in Pakistan for the second round of peace talks; I think they are very likely to go, but given everything that has happened in the past few days, the negotiations will now become much more difficult.

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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