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August 2nd - According to Yonhap News Agency, Hyundai Motor Company and Kia Motors announced on Sunday that the two South Korean automakers sold over 100,000 electric vehicles in Europe in the first half of this year, aiming to strengthen their position in the region. Hyundai and Kia stated that they plan to sell a total of 131,032 electric vehicles in Europe in the first half of 2026, a significant increase of 41.8% from 92,365 vehicles sold in the first half of the year. The two companies expect that if the current sales momentum continues until the end of the year, annual electric vehicle sales in Europe will exceed 200,000 units for the first time since they entered the European electric vehicle market in 2014. As of May this year, their cumulative electric vehicle sales in Europe surpassed the 1 million mark.August 2nd - According to the Beijing Railway Bureau, due to a rain warning, some trains on the Huairou-Miyun Line and the S2 Line of the Beijing Suburban Railway will be temporarily suspended today (August 2nd). Specifically, the following train numbers will be temporarily suspended: Huairou-Miyun Line S503, S504, S513, S514, S517, S518, and S523; S2 Line S205, S206, S287, and S288.On August 2nd, US President Trump posted on social media that the United States is prepared to confront Iran at a level of military deterrence, power, and strength unseen since World War II. Nevertheless, we have just received requests from Iran and other Middle Eastern countries to suspend any attacks, as a framework for an agreement has been reached. This will include the immediate, complete, and total opening of the Strait of Hormuz, and an end to Irans nuclear threat. Based on this request, I agree to cancel any attacks for the future interests of the world, and for the survival of a successful and prosperous Iran, provided that an agreement can be reached swiftly. The State of Israel shares this commitment with me. Lets get started and get this done.On August 2nd, Yin Yong, Deputy Secretary of the Beijing Municipal Committee and Mayor of Beijing, recently conducted research on the development of the pharmaceutical and healthcare industry in the Beijing Economic-Technological Development Area. He emphasized the need to leverage Beijings policy, innovation, and openness advantages in the pharmaceutical and healthcare industry, continuously deepen reforms in the pharmaceutical field, improve industry support policies, unleash the vitality of open development, enhance the development level of the pharmaceutical and healthcare industry, and strive to build a globally competitive pharmaceutical and healthcare industry cluster, thus supporting the high-quality development of the capital city through high-quality industrial development.On August 2nd, the State Council Executive Meeting reviewed and approved the "Draft Decision of the State Council on Amending the Regulations on the Management of Housing Provident Funds," which clearly states the need to better leverage the functions of housing provident funds, broaden the scope of withdrawal and use, expand the systems coverage, improve management and service efficiency, and better meet the diverse housing consumption needs of residents. Experts say this means the fundamental role of housing provident funds in promoting housing consumption and ensuring peoples well-being will be further highlighted. Wu Jing, director of the Real Estate Research Center at Tsinghua University, stated that the characteristics of residents housing consumption and the real estate market situation have undergone significant changes, necessitating corresponding adjustments to the housing provident fund system. This round of reforms will not only reduce housing expenditures for contributors, helping to release demand for improved and rigid housing, but also stabilize market expectations.

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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