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On August 5th, CIFI Holdings Group (00884.HK) announced on the Hong Kong Stock Exchange that in July 2026, the Group recorded contracted sales (including contracted sales of joint ventures and associates) of approximately RMB610 million and contracted sales area of approximately 97,400 square meters, with an average contracted sales price of approximately RMB11,000 per square meter, and contracted sales attributable to shareholders of approximately RMB300 million. From January to July 2026, the Group recorded cumulative contracted sales (including contracted sales of joint ventures and associates) of approximately RMB5.64 billion and contracted sales area of approximately 587,300 square meters, with an average contracted sales price of approximately RMB11,200 per square meter, and contracted sales attributable to shareholders of approximately RMB3.03 billion.Both WTI and Brent crude oil fell by $0.70 to $75.07 and $79.61 per barrel, respectively.On August 5th, Minneapolis Fed President Neel Kashkari, a 2026 FOMC voting member, stated in an interview with CNBC on Wednesday that the Federal Reserve should now "start gradually raising" interest rates to reduce inflation and avoid the need for larger rate hikes in the future. Kashkari was one of three voting members who supported a 25-basis-point rate hike at last weeks FOMC meeting. He stated that with strong corporate earnings, resilient consumer and labor markets, and no evidence that monetary policy has become significantly restrictive, its time to begin gradually raising rates. He emphasized that this does not advocate for large rate hikes, but rather a desire for "small steps" to avoid being forced into aggressive policy tightening once inflation becomes deeply entrenched. He added that its uncertain what action the FOMC will take in September, and future data will play a crucial role. Meanwhile, Kashkari stated that Fed Chairman Warsh did not pressure him, telling him, "Do what you think is right for the economy."A Goto survey shows that 30% of American employees say they can no longer live without artificial intelligence.Shopify (SHOP.N): Global transaction volume grew by 37% in the second quarter.

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.