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On May 21, a symposium of key leaders from the Yangtze River Delta region was held in Shanghai from May 20 to 21. The meeting emphasized the need to jointly build the Shanghai (Yangtze River Delta) International Science and Technology Innovation Center to further enhance its role as a source of scientific and technological innovation. It stressed strengthening cooperation in basic research and supporting the joint implementation of major basic research projects by leading forces in the Yangtze River Delta region. The meeting also emphasized reinforcing the leading role of enterprises in scientific and technological innovation, organizing joint research programs driven by enterprise needs. Furthermore, it called for accelerating the transformation and application of scientific and technological achievements, promoting the interconnection of regional technology markets, and cultivating and expanding the ranks of technology managers. Finally, it stressed fully leveraging the function of the Yangtze River Delta Venture Capital Guidance Fund and exploring insurance mechanisms such as co-insurance consortia to strengthen risk protection for science and technology insurance.HSBC maintains its TTF price forecast at $16 per million British thermal units (MMBtu) for 2026, $12 for 2027, and $9 for 2028.The yield on the two-year U.S. Treasury note rose 6.6 basis points to 4.106%.The yield on German two-year government bonds rose by as much as 4.3 basis points to 2.687%.Upward Price Revisions: 1. Melius Research: Raises Nvidias price target to $400 from $380, maintaining a "Buy" rating. 2. Bank of America Global Research: Raises Nvidias price target to $350 from $320, maintaining a "Buy" rating. 3. Wedbush: Raises Nvidias price target to $330 from $300, maintaining an "Outperform" rating. 4. Raymond J. P.A. Financial: Raises Nvidias price target to $330 from $323, maintaining a "Strong Buy" rating. 5. Bernstein: Raises Nvidias price target to $315 from $300, maintaining an "Outperform" rating. 6. Wells Fargo: Raises Nvidias price target to $315 from $265, maintaining an "Overweight" rating. 7. DA Davidson: Raises Nvidias price target to $300 from $250, maintaining a "Buy" rating. 8. Jefferies Group: Raises Nvidias price target from $275 to $300, maintaining a "Buy" rating. 9. Mizuho Securities (US): Raises Nvidias price target from $275 to $300, maintaining an "Outperform" rating. 10. Morgan Stanley: Raises Nvidias price target from $285 to $288, maintaining an "Overweight/Attractive" rating. 11. Goldman Sachs: Raises Nvidias price target from $250 to $285, maintaining a "Buy" rating. 12. BNP Paribas: Raises Nvidias price target from $270 to $285, maintaining an "Outperform" rating. 13. Stiglitz: Raises Nvidias price target from $250 to $282, maintaining a "Buy" rating. 14. JPMorgan Chase: Raises Nvidias price target from $265 to $280, maintaining an "Overweight" rating. 15. RBC Capital Markets: Raises Nvidias price target to $270 from $250, maintaining an "Outperform" rating. 16. TD Securities: Raises Nvidias price target to $275 from $235, maintaining a "Buy" rating. 17. Deutsche Bank: Raises Nvidias price target to $255 from $220, maintaining a "Hold" rating. Unchanged: 1. Citigroup: Maintains Nvidias price target at $300, maintaining a "Buy" rating. 2. Barclays: Maintains Nvidias price target at $275, maintaining an "Overweight" rating. 3. Oppenheimer: Maintains Nvidias price target at $265, maintaining an "Outperform" rating.

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.