EUR/USD 1.15145

USD/JPY 159.404

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On August 13th, Citigroup released a research report stating that Lenovo Groups (00992.HK) performance growth was primarily supported by the explosive growth of its Infrastructure Solutions Group (ISG) and the continued leadership of its Intelligent Devices Group (IDG). Gross margin expanded year-on-year to 16.5%, exceeding Citigroup and market expectations, reflecting improved revenue mix and ISG gross margin expansion. Non-GAAP net profit surged 176% year-on-year to US$1.075 billion, exceeding Citigroup and market expectations by 64% and 149% respectively, with non-GAAP net profit margin expanding to 4%. Citigroup stated that based on a sum-of-the-parts valuation method, it set a target price of HK$31 for Lenovo Group, corresponding to a projected P/E ratio of approximately 13.6 times for fiscal year 2028. The IDG and SSG businesses are valued at a P/E ratio of 10 times, and the ISG business at a P/E ratio of 16.7 times, consistent with industry standards. The bank maintained its "Buy" rating on Lenovo Group, citing strong server demand prospects and profitability, as well as the stable performance of its PC, mobile phone, and service businesses.Russian online retailer Wildberries: A fire broke out in an industrial zone of a company in Bashkortostan.August 13th - According to the latest research from Omdia, smartphone shipments in the Middle East (excluding Turkey) are projected to decline by 19% year-on-year in the second quarter of 2026, falling to 10.6 million units, marking the largest quarterly drop since the fourth quarter of 2025. Rising prices, supply constraints, and geopolitical uncertainty are prompting manufacturers to focus more on enhancing product value and profitability rather than simply pursuing shipment growth. Meanwhile, with weakening consumer confidence, Middle Eastern retailers are adopting more cautious inventory management strategies.On August 13th, Lenovo Group (00992.HK) shares surged after announcing a 43% year-on-year increase in quarterly revenue, significantly exceeding analysts expectations and further boosting market optimism regarding AI-driven demand. Lenovos shares rose over 20% in Hong Kong, hitting a new all-time high, and have accumulated a gain of over 290% year-to-date, firmly maintaining its position as the best-performing constituent stock in the Hang Seng China Enterprises Index. A report by Citigroup analysts Kyna Wong et al. stated that this comprehensive and significantly better-than-expected performance further reinforces the structural growth logic driven by artificial intelligence.The UKs seasonally adjusted goods trade balance for June was -£23.007 billion, compared to a forecast of -£20.5 billion and a revised previous figure of -£21.083 billion (originally -£18.66 billion).

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.