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On February 9th, Guansheng Co., Ltd. issued an announcement stating that it has noticed reports published by some media outlets online regarding "Guansheng Co., Ltd.s release of an intelligent bionic articulated arm in Shanghai." The reports claimed that the companys core component business for humanoid robots has entered the commercial mass production stage, and that its intelligent bionic articulated arm product has received over a thousand intended orders in the field of biomedical experimental equipment. The company clarified that the aforementioned reports are a misinterpretation by the media and do not represent the companys statements. The company will contact the relevant media outlets as soon as possible to delete the inaccurate statements and pursue relevant responsibilities to protect the companys reputation and legitimate rights, and safeguard the interests of its investors. The companys main business has not changed and remains focused on the research, development, production, and sales of automotive chassis system components. Currently, the intelligent bionic articulated arm product has no orders and has not generated any revenue. The wording in the related media reports is inaccurate; the product has not yet entered the mass production stage and is still a long way from mass production.On February 9th, Zhongmiao Holdings (01471.HK) announced in Hong Kong that its board of directors has noted the recent increase in the companys share price and trading volume. The board is pleased to announce that it has submitted an application to the China Securities Regulatory Commission (CSRC) to convert 105,895,600 unlisted domestic shares into H shares. Subject to obtaining all filings and/or approvals from relevant regulatory authorities (including but not limited to the CSRC and the Stock Exchange of Hong Kong), and upon compliance with all applicable laws and regulations, these unlisted shares will be converted into H shares and eligible for listing and trading on the Stock Exchange of Hong Kong.According to Hong Kong Stock Exchange documents, Vidali Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.According to Hong Kong Stock Exchange documents, Hangzhou Relian Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.Oracle (ORCL.N) shares surged 6% intraday, marking the biggest gain since December of last year.

USD/JPY falls to a two-month low at 131.50 owing to decreasing rates and recession concerns

Daniel Rogers

Aug 02, 2022 15:11

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During Tuesday's Asian session, USD/JPY bears hold dominance at the lowest levels in eight weeks as the pair flirts with the 131.50 barrier. Recent weakening in the pair may be linked to negative rates and recent good news on Japan, not to mention inconsistent Fed and China-related rhetoric.

 

US 10-year Treasury rates touched a four-month low of roughly 2.58 percent the day previous, as US economic data heightened concerns of a slump. As traders awaited the announcement of vital US employment numbers for July on Friday, the dollar dropped. In spite of this, the US Dollar Index (DXY) plummeted to a new monthly low before bouncing off 105.25 on Monday.

 

In July, the US ISM Manufacturing PMI fell to its lowest level since January 2020, as the activity index fell from 53.0 to 52.8. However, the actual figures outperformed the market projection of 52.0. Additionally, final readings of the US S&P Manufacturing PMI dipped below early predictions of 52.3 to 52.2, compared to 52.7 earlier. In addition, Germany's Retail Sales plummeted 8.8 percent year-over-year in June, compared to a market forecast of -8.0 percent and a prior decrease of -3.6 percent.

 

It should be remembered that the second straight quarterly contraction in US Gross Domestic Product (GDP) caused a "technical recession" and weighed on the US dollar throughout the preceding week. Fed Chair Jerome Powell's indirect warnings that the hawks are losing momentum were in the same tone.

 

On a separate page, Reuters claims three sources familiar with the issue as claiming that US House of Representatives Speaker Nancy Pelosi was slated to visit Taiwan on Tuesday, despite Chinese vows to never "sit idly by" if she made the trip to the self-governed island claimed by Beijing.

 

At home, speculations of an increase in Japanese salaries and challenges to the Bank of Japan's (BOJ) cheap money policies appeared to have sunk the USD/JPY exchange rate, probably due to widespread inflation anxieties. Recent estimates from Nikkei show that the average minimum wage in Japan will climb by a record 3,3 percent in the fiscal year ending in March 2023. The newspaper also noted, "A Japanese panel is aiming to enhance the average minimum wage by 31 yen."

 

Wall Street concluded with minor losses, but 10-year Treasury rates struck a four-month low of approximately 2.58 percent. In spite of this, as of press time, the S&P 500 Futures indicate moderate losses of around 4,120.

 

In the near future, the words of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard will impact the course of the USD/JPY.


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