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On August 3rd, Morgan Stanley issued a research report stating that Xiaomi Group (01810.HK) will announce its second-quarter results on August 18th. The report anticipates strong smartphone shipments and gross margin performance, with total quarterly revenue expected to exceed RMB 100 billion and recurring net profit margin reaching approximately RMB 6 billion. According to the latest data from Omdia, Xiaomis second-quarter smartphone shipments reached 31.2 million units, 15% higher than the banks forecast. Benefiting from record-high average selling prices and resilient shipment volumes, the bank expects smartphone gross margins to remain above 8% in the second quarter, primarily reflecting the pass-through effect of rising costs. The bank maintains its "Overweight" rating on Xiaomi with a target price of HKD 32.On August 3rd, it was reported that Lingbo Technology, a embodied intelligence company under Ant Group, has launched its first round of financing, aiming to raise 1.5 billion yuan. The company aims to complete its second round of financing by the end of this year. If completed as scheduled, this financing will break records for the fastest fundraising speed among startups in the embodied intelligence field. Lingbos publicly displayed roadmap over the past year is a globally rare comprehensive layout: Vision, Depth, Mapping, Video, WorldModel, VA, and VLA, covering almost the entire brain chain of robot perception, understanding, and action.Switzerlands July CPI monthly rate will be released in ten minutes.Kia Motors: Global vehicle sales in July reached 298,037 units, up 13.4% year-on-year.Germanys real retail sales fell 1.1% month-on-month in June, compared with a forecast of -0.1% and a revised figure of 1.00% for the previous month (originally 1.10%).

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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