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Mayor of Moscow, Russia: The fire at the oil refinery is basically under control.
June 18: Building materials transaction volume was 80,800 tons, a decrease of 4.27% compared to the previous trading day. June 17: Building materials transaction volume was 84,400 tons, an increase of 1.56% compared to the previous trading day. June 16: Building materials transaction volume was 83,100 tons, a decrease of 21.08% compared to the previous trading day. June 15: Building materials transaction volume was 105,300 tons, a decrease of 1.31% compared to the previous trading day. June 12: Building materials transaction volume was 106,700 tons, an increase of 32.38% compared to the previous trading day. Last week's average: Building materials transaction volume was 90,000 tons.
ENERGY FUELS rose 8.6% in pre-market trading.
On June 18, Aberdeen Deputy Chief Economist Luke Bartholomew stated, "We believe the Bank of England will be able to avoid the kind of monetary tightening measures that the European Central Bank has already begun to implement and that the Federal Reserve hinted at last night." "The fact that two committee members voted in favor of a rate hike indicates that some policymakers remain concerned about potential inflationary pressures."
The U.S. Department of Defense signed a $725 million loan commitment agreement with Energy Fuels.
On June 18, Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Mr. Sørensen, Chairman of the Novo Nordisk Foundation and Chairman of the Board of Novo Nordisk. The two sides exchanged views on Novo Nordisk's commitment to the Chinese market, accelerating its investment layout in China, strengthening cooperation with China in the biopharmaceutical field, and better participating in the Healthy China initiative.
SPACEX shares continued their decline, falling 2% in pre-market trading.
Wedbush: Raises target price for Micron Technology (MU.O) from $550 to $1,300.
June 18th - Analyst Divyang Shah stated that, as widely expected, the Bank of England kept interest rates unchanged at 3.75% at its June meeting. The statement's guidance remained unchanged, with the Bank of England reiterating its "standby to act if necessary" to curb inflationary pressures. The voting results also introduced a degree of surprise. At the April meeting, only Chief Economist Peale supported a rate hike; at this meeting, Monetary Policy Committee member Green also joined the pro-rate-hike camp, with both voting in favor of a rate increase.
Text of the US-Iran Memorandum of Understanding: Following the signing of the memorandum of understanding, the United States will soon grant waivers for Iranian oil exports.
On June 18th, the Bank of England held its fourth consecutive meeting, keeping interest rates unchanged at 3.75%, believing that a rate hike was premature given the unclear strength of rising inflationary pressures. The Monetary Policy Committee voted 7-2 to maintain the rate, in line with market expectations. Monetary Policy Committee member Green and Chief Economist Peale advocated a 25 basis point hike. Most other members largely maintained Governor Bailey's stance of "actively maintaining the status quo." Bailey argued that this stance itself constituted an effective tightening compared to market expectations of a rate cut before the conflict. Both Peale and Green stated that a rate hike now would help curb household expectations of future inflation. According to the bank's quarterly survey, household inflation expectations have risen to their highest level since at least 2009. The preliminary ceasefire agreement reached between the US and Iran is expected to reopen the Strait of Hormuz and lower oil prices. Given the UK's heavy reliance on imported natural gas, maintaining the agreement would be beneficial to the UK. However, Governor Bailey stated, "Regardless of what the future holds, the higher energy prices of the past four months already indicate that some inflationary pressures are building." The Bank of England expects inflation to rise above 3.25% in the fourth quarter, up from 2.8% in May, but down from the 3.6% to 3.7% forecast in April under two of the three main scenarios. The outlook for economic growth is also slightly more optimistic, with potential growth projected at 0.2% per quarter, up from 0.1% in the previous forecast.
Text of the US-Iran Memorandum of Understanding: Iran will maintain the status quo of its nuclear program.
The yield on UK two-year government bonds rose 7 basis points to 4.22%.
Traders maintained their bets on Bank of England interest rates, expecting a 35 basis point increase this year.
Bank of England: Potential GDP growth is expected to be around +0.2% in the second quarter (up from +0.1% in April).
Bank of England Governor Bailey: The drop in oil prices is "encouraging," but some inflationary pressures are brewing.
Bank of England Monetary Policy Committee member Green and Chief Economist Peale support a 25 basis point interest rate hike.
Europe plans to issue smaller data center tenders for its Gigafactory projects.
On June 18th, the State Financial Regulatory Commission issued guidelines on the secure development and application of artificial intelligence in the banking and insurance industries. The guidelines emphasize strengthening supply chain risk and open-source technology management. Financial institutions must establish supply chain security and compliance management mechanisms for AI computing power, models, data, and technical tools to ensure independent controllability of applications and prevent concentration risks arising from excessive reliance on individual technical services. The guidelines also call for improving open-source technology usage standards, establishing open-source software management ledgers, reviewing and evaluating externally introduced open-source components, strengthening code auditing, vulnerability scanning, and security testing, and regularly identifying potential risks in open-source components to prevent supply chain contamination.
On June 18th, the State Financial Regulatory Commission issued guiding opinions on the secure development and application of artificial intelligence in the banking and insurance industries. The opinions emphasize strengthening the construction of intelligent computing infrastructure. Financial institutions should fully leverage their existing computing resources, deploy intelligent computing resources as needed in accordance with relevant national policies, apply green and low-carbon technologies, and build an independent, controllable, secure, and efficient computing foundation to support high-level technological self-reliance. The opinions encourage large financial institutions with the necessary resources to provide computing services to small and medium-sized financial institutions and support the exploration of infrastructure co-construction and sharing among peers. The opinions also support financial institutions, under the premise of security and compliance, in using national computing nodes or industry infrastructure to reduce the cost of AI R&D and application, and strengthen the management of important IT outsourcing of intelligent computing resources.
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