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On September 11th, BMO Capital Markets initiated coverage of Lululemon this week with an underperform rating, stating that the sportswear companys transformation will not be quick or easy as it cedes market share to competitors and faces escalating sales declines. Analysts led by Kelly Crago said the Vancouver-based companys weak quarterly report and downwardly revised full-year outlook reveal a business facing deep challenges. Performance in the Americas region is deteriorating as emerging brands like Alo and Vuori gain popularity among younger consumers. Cragos $70 price target—the second lowest on Wall Street according to compiled data—means a drop of approximately 28% from Thursdays closing price. BMO is just the latest institution to issue a bearish call on the retailer, with at least four brokerages downgrading its ratings since June; the stock currently has six sell-equivalent ratings, 29 hold ratings, and two buy ratings.On September 11, Wang Hongzhi, Director of the National Energy Administration of China, met with Ali Shahbana, UN Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP), in Beijing on September 9. The two sides exchanged in-depth views on the Asia-Pacific energy transition and energy cooperation between China and ESCAP. Wang Hongzhi stated that ESCAP is the largest intergovernmental organization of the United Nations in the Asia-Pacific region. Through multi-level cooperation mechanisms such as the Asia-Pacific Energy Ministerial Forum, it has played a positive role in maintaining global energy market stability and accelerating regional energy transition. China attaches great importance to its strategic cooperation with ESCAP and will continue to support ESCAPs work and meetings in the energy sector, actively participate in and share Chinas experience in green and low-carbon development, and continuously contribute Chinese wisdom and strength to promote sustainable energy development in the Asia-Pacific region.September 11 – The Ministry of Natural Resources announced on September 11 that the 28th China International Mining Conferences "Financial Support for Mineral Exploration Breakthroughs" high-level forum was successfully held at the Tianjin Meijiang Convention and Exhibition Center on the morning of September 11. At the forum, the "Initiative for Financial Support for a New Round of Mineral Exploration Breakthroughs Strategic Action" was released, advocating for the entire industry to work together to deeply integrate financial resources into all aspects of mineral exploration breakthroughs, helping the new round of strategic action for mineral exploration breakthroughs achieve practical results and contributing to the high-quality development of the mining industry.Conservative Party leader John Polier: Tariff-free trade will help reduce inflation.On September 11, Ukraine announced it had attacked a major Russian oil refinery in the Volga region, as Kyiv intensified its attacks on Russian energy infrastructure. The Ukrainian General Staff stated that a fire had been detected at the Saratov refinery, and the extent of the damage was being assessed. Ukraine resumed attacks on Russian energy assets this week after a four-day suspension due to a US envoys visit to Moscow and Kyiv for peace talks. Since Sunday, Ukrainian officials have confirmed attacks on three refineries, two Arctic natural gas condensate processing plants, and a fuel oil terminal on the Black Sea. By targeting enemy refineries, Ukraine aims to disrupt Moscows ability to obtain funding and sustain operations. These attacks have led to a decline in Russian road fuel production, prompting the government to temporarily ban most gasoline and diesel exports.

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.