ecb rate

 
Summary:  The European energy crisis faces a Lehman moment, and Europe will engage in a large-scale fiscal expansion to counter the high energy prices. Any production cuts at the OPEC+ meeting may further tighten the energy markets. EU emergency meeting at the end of the week will be key to addressing the short-term pain and riding out the winter demand, and tough decision may be ahead. A jumbo ECB rate hike, along with another tightening move by the RBA, will also pave the way for the Fed meeting later this month. China’s trade and inflation data is also due this week but the resurgence of the pandemic is further weighing on the economic outlook and garners greater attention. NIO and Bilibili earnings will be in focus.
ECB rate hike in focus after front-loading chatter The European Central Bank meeting will be in focus after plenty of chatter around front-loading rate hikes in the last few days. Most members have come out in support of a 75 basis point rate hike for the

ECB April Preview: Quicker end to QE to help euro recover

ECB April Preview: Quicker end to QE to help euro recover

FXStreet News FXStreet News 13.04.2022 16:55
Euro has been struggling to find demand since the beginning of April. ECB is widely expected to leave key rates unchanged. A hawkish shift in ECB's policy outlook could trigger a steady rebound in EUR/USD. EUR/USD is already down more than 2% in April amid the apparent policy divergence between the Federal Reserve and the European Central Bank (ECB). The European economy is widely expected to suffer heavier damage from a protracted conflict between Russia and Ukraine than the US economy, and the Fed remains on track to hike its policy rate by 50 basis points in May. The shared currency needs the ECB to adopt a hawkish policy stance in order to stay resilient against the greenback. In March, the ECB left interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50% respectively. The bank further announced that monthly net purchases under the Asset Purchase Programme (APP), which were initially planned to end in the fourth quarter, will amount to €40 billion in April, €30 billion in May and €20 billion in June before ending in the third quarter. Related article: ECB Interest Rate Decision Is Coming! European Indices (DAX, CAC40) To Plunge Or Rise? What About Forex Pairs? The accounts of the ECB’s March meeting revealed earlier in the month that a large number of the governing council members held the view that the current high level of inflation and its persistence called for immediate further steps towards monetary policy normalization. Hawkish scenario The ECB could decide to adjust the monthly purchases to open the door for a rate hike in the second half of the year if needed. The bank might keep the purchases under APP unchanged at €40 billion in April but bring them down to €20 billion in May to conclude the program by June. Even if the policy statement refrains from offering hints on the timing of the first rate increase, such an action could be seen as a sign pointing to a June hike. In a less-hawkish stance, the bank may choose to leave the APP as it is but change the wording on the QE to say that it will be completed in June rather than in Q3. ECB President Christine Lagarde’s language on the timing of the rate hike will be key if the bank decides not to touch the APP. During the press conference in March, Lagarde noted that the rate hike would come “some time” after the end of QE. If Lagarde confirms that they will raise the policy rate right after they end the APP, this could also be seen as a hawkish change in forward guidance. Dovish scenario The ECB might downplay inflation concerns and choose to shift its focus to supporting the economy in the face of heightened uncertainty by leaving the policy settings and the language on the outlook unchanged. The euro is likely to come under heavy selling pressure if the bank reiterates that the APP will end in the third quarter as planned. That would push the timing of the first rate hike toward September and put the ECB way behind the curve in comparison to other major central banks. According to the CME Group FedWatch, markets are pricing in a more-than-60% probability of back-to-back 50 bps hikes in May and June. Conclusion The ECB is likely to respond to the euro’s weakness, aggressive tightening prospects of major central banks and hot inflation in the euro area by turning hawkish in April. For EUR/USD to stage a steady rebound, however, the bank may have to convince markets that they are preparing to hike the policy rate by June. On the other hand, there will be no reason to stop betting against the euro if the bank chooses to leave its policy settings and forward guidance unchanged. EUR/USD technical outlook EUR/USD closed the previous seven trading days below the 20-day SMA and the Relative Strength Index (RSI) indicator stays below 40, suggesting that bears continue to dominate the pair’s action. On the downside, 1.0800 (psychological level, March low) aligns as first support. With a daily close below that level on a dovish ECB, EUR/USD could target 1.0700 (psychological level) and 1.0630 (March 2020 low). Key resistance seems to have formed at 1.0900 (psychological level, static level). In case this level turns into support, a steady rebound toward 1.1000 (psychological level, 20-day SMA) and 1.1100 (static level, psychological level) could be witnessed.
Sustainability-Linked Products: Navigating Growth and Challenges for the Future

ECB Offering The Euro Support (EUR/USD), Strengthening Of The Renminbi Supporting The EUR and GBP, SNB Turns Hawkish (EUR/CHF) - Good Morning Forex!

Rebecca Duthie Rebecca Duthie 23.05.2022 10:29
Summary: ECB offering support to the EUR, whilst easing lockdowns in China aids in the weakening US Dollar. Euro and GBP are likely to strengthen with the Renminbi. SNB and ECB hawkishness offers support to their respective currencies. GBP/CAD Read next: US Dollar Is Likely To Experience Volatility In The Coming Weeks (EUR/USD), UK Retail Data Exceeds Market Expectations (EUR/GBP), SNB Turns Hawkish Causing the CHF To Rally (EUR/CHF) - Good Morning Forex!  Easing lockdowns in China dragging down the US Dollar Market sentiment for this currency pair is reflecting bullish signals. On Monday the European Central Bank (ECB) announced that it is likely that July would be the starting period for raising interest rates. At the same time, the easing of lockdowns in China has aided in weakening the US Dollar. The trading week is full of US events along with some European Central Bank events, all of which will be watched closely. EUR/USD Price Chart Euro and GBP both showing signs of strengthening Market sentiment for this currency pair is reflecting mixed signals. The prospect of the Chinese Renminbi rebounding is likely to have a positive impact on the value of both the Pound Sterling and the Euro. In addition the market believes that the Bank of England (BoE) is likely to continue raising interest rates in the coming months along with the increased likelihood of the European Central Bank (ECB) raising the interest rates. EUR/GBP Price Chart SNB and ECB hawkishness caused mixed sentiment for this currency pair. On Thursday last week the president of the Swiss National Bank (SNB) said that they were ready to act on the rising inflation, the hawkishness of the SNB caused the Swiss Franc to rally. The potential hawkishness of the European Central Bank (ECB) is also causing the Euro to strengthen, leaving the market sentiment for this currency pair showing mixed signals. EUR/CHF Price Chart GBP rallies against the CAD The strengthening of the GBP against the CAD throughout last week has come in the wake of increasing UK government bond yields. The strengthening came in the wake of the release of UK employment data, inflation and retail data all which support further increases in the UK government bond yields. GBP/CAD Price Chart Read next: (FTSE) FTSE 100 Rallies In Response To Positive Economic Data, US Dollar Expected To See More Volatility  Sources: finance.yahoo.com, poundsterlinglive.com, dailyfx.com
Market Trends and Currency Positioning: USD Net Short Position, Euro and Pound Analysis - 22.08.2023

Saudi Arabia Indicates Plans To Increase Their Oil Output (EUR/USD), ECB Plans To Start Tightening Monetary Policy Still Set For July (EUR/GBP), (USD/JPY, USD/CHF)

Rebecca Duthie Rebecca Duthie 03.06.2022 13:37
Summary: OPECs plans to increase their oil output favours the Euro. ECBs window for tightening monetary policy seems to be narrowing. The market is reflecting mixed sentiment for the USD/CHF currency pair. Read next: The Euro Opened Strong On Wednesday Against The US Dollar (EUR/USD), Euro Could Continue Gaining On The GBP (EUR/GBP), Australia’s Trade Balance Beats Market Expectations (AUD/USD),   German PMI declined for the 3rd month in a row The market is reflecting bullish signals for this currency pair. The US Dollar weakened overnight in the wake of data that showed US payroll rose less than expected in May. The European Union finalised the ban on Russian seaborne oil, with the hope of reaching a 90% decline in imports by the end of 2022. Oil prices rose in the wake of this news, however OPEC indicated its plans to compensate their western allies for the oil lost through the embargo. In addition, the German PMI fell for the third consecutive month. EUR/USD Price Chart Post-lockdown growth is slowing in even the largest EU economy. The market is reflecting bullish signals for this currency pair. With German PMI declining for the third consecutive month, rising stagflation and a pessimistic economic outlook within the European Union. Hence, the European Central Banks (ECB) window for tightening monetary policy seems to be narrowing. Originally plans for increasing rates were to begin in the third quarter of this year, however, given the current circumstances, it could be justified to start earlier than originally planned. Although it may be justified, it is unlikely given the ECB president has tried to set out the EU monetary policy plan from the start, despite increased pressure. EUR/GBP Price Chart USD/CHF Reflecting mixed signals The market is reflecting mixed sentiment for this currency pair. The expectation for the month of June for this currency pair is bearish, the US Dollar may be weakening, however, this forecast is based on the trends of the past. With the Swiss National Bank (SNB) expected to turn hawkish and the fears of the US economy heading into a recession, perhaps the reality will be different from the forecast. USD/CHF Price Chart USD/JPY Pair As the US Dollar weakens, investors are turning to the Japanese Yen safe-haven asset. The market sentiment for this currency pair is reflecting bearish signals. USD/JPY Price Chart Sources: finance.yahoo.com, dailyfx.com
ECB press conference brings more fog than clarity

Strong Expectations For ECB To Hike Interest Rates Is Offering The Euro Support (EUR/USD, EUR/GBP), Hawkish RBA is Offering AUD Support (AUD/JPY), US Dollar Benefitted From AUD Risk Sensitivity (AUD/USD)

Rebecca Duthie Rebecca Duthie 09.06.2022 12:26
Summary: ECB announcement due on Thursday, analysts expect hawkish moves. Dovish BoJ causing the safe-haven asset to weaken. The market is reflecting bearish signals for the AUD/USD currency pair. Read next: Alibaba (BABA) Amongst US Listed Chinese Stocks That Have Seen Major Gains  ECB expected hawkish attitude supporting EUR The market is reflecting bullish signals for this currency pair. The highlight of the Thursday trading day for the foreign exchange markets is the European Central Banks (ECB) announcement. Over the past few weeks, members of the ECB have been stressing the need for interest rate hikes in July with the bank's president, Christine Lagarde saying the July hioke would likely be followed by a September hike. The strong expectations are offering the Euro support against the US Dollar. EUR/USD Price Chart Euro strengthens against the GBP The market is reflecting bullish signals for this currency pair. The Euro could strengthen further against the pound sterling if the European Central Bank (ECB) ends up turning hawkish as analysts expect. Over the past few weeks, members of the ECB have been stressing the need for interest rate hikes in July with the bank's president, Christine Lagarde saying the July hioke would likely be followed by a September hike. EUR/GBP Price Chart RBA hawkish vs BoJ dovish The market is reflecting bullish signals for this currency pair. The AUD/JPY currency pair is one of the more volatile currency pairs. The Australian Dollar has gained on the safe-haven Japanese Yen over the past week due to the Reserve Bank of Australia (RBA) turning hawkish and the Bank of Japan (BoJ) choosing to continue with monetary easing. AUD/JPY Price Chart US Dollar benefitted from AUD risk sensitivity The market is reflecting bearish signals for this currency pair. Inflation worries resurfaced on Wall Street, which drove US stocks lower, this sentiment may have a domino effect on the Asia-Pacific markets. The fall in sentiment weighted on the risk-sensitive Australian Dollar, thus benefiting the US Dollar in this currency pair. AUD/USD Price Chart Sources: finance.yahoo.com, dailyfx.com, poundsterlinglive.com
ECB's Knot: July Rate Hike Necessary, Beyond July Uncertain; Canadian CPI Supports Rates on Hold; Global Crypto Market at $1.2 Trillion; Oil Market Tightens with Russian Shipments Drop and China's Support Measures

A Global Economic Slowdown Is Causing Risk-Off Sentiment, The US Dollar Remains Strong and AUD Expected To Be Currency Most Affected (EUR/USD, EUR/GBP, GBP/AUD, AUD/JPY)

Rebecca Duthie Rebecca Duthie 04.07.2022 16:40
Summary: During the trading week last week the EUR/USD currency pairs price fell back to near five-year lows. It is expected that the global economic slowdown will affect the Australian Dollar more than the Pound Sterling. Investors looking out for ECB announcements and EU retail data this week. AUD/JPY bearish. Read next: Concerns Over Tight Supplies Is Driving Brent Crude Oil Prices Up, Silver Prices Falling, Favourable Weather, Weak Demand & Tight Supplies - Factors Driving Corn Prices  Euro’s left at the mercy of market sentiment The market is reflecting mixed signals for this currency pair. During the trading week last week the EUR/USD currency pairs price fell back to near five-year lows and may be at risk of remaining under pressure to those levels in the coming days unless the U.S currency falters further in the wake of its stumble on Friday. The Euro is under pressure from the strong US Dollar and neither currencies benefitted last week despite central banks claiming their determination to fight inflation. There was not much activity over the weekend regarding events that could move the market, thus, the global market including the Euro has been left at the mercy of market sentiment. EUR/USD Price Chart EUR/GBP currency pair The market is reflecting mixed sentiment for this currency pair. Investors will be watching the European Central Bank’s (ECB) policy announcements this week as well as the EU retail sales data that is due to be released. The Euro got no support when ECB president Christine Lagarde spoke last week and emphasised the importance of optionality in relation to the size and timing of interest rate changes after the 0.25% uplift in July that was pre-announced last month. EUR/GBP Price Chart AUD expected to be more affected by the economic slowdown than the GBP The Australian Dollar is one of the biggest losers amongst the major currency pairs over the past month and analysts predict this week's Reserve Bank of Australia (RBA) policy update mixed with souring global investor sentiment should keep the currency under pressure from the pound sterling. In addition, it is expected that the global economic slowdown will affect the Australian Dollar more than the Pound Sterling. GBP/AUD Price Chart AUD/JPY currency pair The market is reflecting bearish signals for this currency pair. It is expected by the market that the global economic slowdown will affect the Australian Dollar. The Bank of Japan (BoJ) is currently defiantly maintaining yield curve control despite speculators attacks that are betting that the BoJ will be unable to hold yields down if prices continue to rise. AUD/JPY Price Chart Sources: finance.yahoo.com, poundsterlinglive.com, dailyfx.com
The Collapse Of The Silicon Valley Bank Weakened The Dollar And USD/JPY But Supported EUR/USD, AUD/USD, And GBP/USD

US Dollar Hitting 19-year Highs (EUR/USD, GBP/USD), Russia Cuts Off Gas Taps (EUR/GBP), GBP/AUD Currency Pair & RBA Policy Decision

Rebecca Duthie Rebecca Duthie 05.07.2022 17:21
Summary: The US Dollar is hitting 19 year highs on Tuesday. Russia turns gas taps off Europe, plunging the Euro. UK strikes over pay began on Tuesday. RBA policy decisions lacked hawkish rhetoric. Read next: A Global Economic Slowdown Is Causing Risk-Off Sentiment, The US Dollar Remains Strong and AUD Expected To Be Currency Most Affected (EUR/USD, EUR/GBP, GBP/AUD  US Dollar Continues on its strengthening path The market is reflecting bearish signals for this currency pair. The US Dollar is hitting 19 year highs on Tuesday, this has been helped by a plunging EUR/USD currency pair, which has set its own 19-year low. Whilst there has been no particular event that has sparked the plunging of the Euro, the combination of a multiple of things has driven its downfall. Hence, the events include Russian gas deliveries for June which was 40% shorter than expected, this has caused European gas prices to remain elevated. In addition, Nord stream is set to close completely for annual maintenance, where it shuts down completely during July 11-21st, the risk, however, is that the pipeline may not come back online. In addition European Central Bank (ECB) representative Nagel did little to help the Euro as he cautioned against using monetary policy to limit risk premia of indebted states, he also stated that an Anti-Fragmentation tool could only be used during exceptional circumstances. Although Bundesbank’s Nagel is part of the minority, this does raise the risk of a watered-down Anti-Frag tool, which has ultimately disappointed the market expectations. EUR/USD Price Chart Russia turns the gas taps off to a pipeline. The market is reflecting bearish signals for this currency pair. The Euro is on its backfoot against the pound sterling in the wake of surging Eurozone energy prices after Russia cut off the taps to a key pipeline. The Euro has been aggressively sold during the Tuesday trading day, starting from 8am London time. This is putting pressure on the Euro. EUR/GBP Price Chart Strikes in the UK began on Tuesday The market is reflecting bearish signals for this currency pair. Strikes in the UK over salaries began on Tuesday and could cut the country's gas output by almost a quarter and could exacerbate supply shortages in the wake of the war in the Ukraine. There is a possibility that around 15% of Norway's oil output could also be cut by Saturday, this is according to a Reuters calculation and is based on the plans of union members to gradually escalate their action over the coming days. Amidst these facts, the US Dollar remains strong. GBP/USD Price Chart GBP/AUD The pound sterling to Australian Dollar currency pair has been volatile, but may still struggle to rise if the US Dollar doesn't hold onto its Tuesday highs in the coming days. The AUD tumbled before most of its currency counterparts on Tuesday in the wake of the Reserve Bank of Australia (RBA) July policy decision, which saw the cash rate lifted by 0.5% for a second time, taking it up to 1.35% for the time being. Despite this move, the decision was widely expected by the markets, however, the statement that came with the policy decision indicated to the markets that the hawkish rhetoric from the RBA was lacking. GBP/AUD Price Chart Sources: finance.yahoo.com, poundsterlinglive.com, dailyfx.com
EUR: Testing 1.0700 Support Ahead of ECB Meeting

Continued Raising Interest Rates And The European Energy Crisis

Saxo Bank Saxo Bank 05.09.2022 10:49
  Summary:  The European energy crisis faces a Lehman moment, and Europe will engage in a large-scale fiscal expansion to counter the high energy prices. Any production cuts at the OPEC+ meeting may further tighten the energy markets. EU emergency meeting at the end of the week will be key to addressing the short-term pain and riding out the winter demand, and tough decision may be ahead. A jumbo ECB rate hike, along with another tightening move by the RBA, will also pave the way for the Fed meeting later this month. China’s trade and inflation data is also due this week but the resurgence of the pandemic is further weighing on the economic outlook and garners greater attention. NIO and Bilibili earnings will be in focus. ECB rate hike in focus after front-loading chatter The European Central Bank meeting will be in focus after plenty of chatter around front-loading rate hikes in the last few days. Most members have come out in support of a 75 basis point rate hike for the September, and the market pricing suggests 125 basis points between September and October meetings (so one 75bps and one 50bps). Only Philip Lane seemed to strike a different tone, saying that he would prefer step-by-step hikes to make sure the financial markets have time to absorb the tightening in a measured manner. August inflation for the Euro area, reported last week, also suggested further price pressures with a 9.1% YoY print from 8.9% YoY previously. EU emergency meeting to face some tough decisions The panic button on European energy crisis has been pressed. With Russia cutting off gas supplies, even the built-in storage levels will not be able to meet the winter demand. Many businesses have reported shutdown, and households are reeling under a cost crisis. As a result, government support has started to flow in with Germany unveiling a €65 billion package to shield consumers and businesses from energy price hikes on Sunday. The package will be paid for via an energy windfall tax and bringing forward a planned 15% global minimum corporate tax. Sweden and Finland have announced liquidity guarantees of USD 23bn to electricity companies. All eyes are now on the EU emergency meet scheduled for Friday, 9 September, which may include discussions around price caps or rationing. The EU should also take this as an opportunity to address the long term energy supply issues, and a possible discussion around nuclear supplies may be warranted. OPEC+ members meet to discuss supply Oil prices have seen a downward pressure last week following demand concerns with China announcing fresh lockdowns and North Asian and Euro-area PMIs disappointing. However, the supply situation seems to have worsened over the weekend with a possible scale back in Russian exports due to the G7 price cap. The prospect for additional barrels from Iran also hangs in the balance after Iran said the US response was “not constructive”. The OPEC+ meeting today attracts greater attention after Saudi Arabia openly floated the possibility of cuts to output. But the recent price action and dwindling Iran situation suggests we could see a price supportive action from OPEC.  China Caixin Services PMI and credit data The week kicks off with Caixin Services PMI, which is expected to stay in the expansion territory (Bloomberg consensus: 54.0). The most watched data will be the August aggregate financing and RMB loans.  Chinese policymakers are determined to boost loan growth. After the disappointing July loan growth data, the PBoC cut its policy medium-term lending facility rates unexpectedly.  The release date of the credit data is not fixed but it is expected to come between Sept 9 to 15.  Analysts are expecting new RMB loans in August to come in at RMB1,500 billion (Bloomberg survey) versus RMB679 billion in July.  The outstanding RMB loans are expected to grow 11% YoY in August, the same rate as last month.  New aggregate financing is expected to rise to RMB2,100 billion versus RMB756 billion in July, but much lower than the RMB2,989 billion in August 2021.  China’s exports in August are expected to have slowed China’s exports in August would probably come in weaker (Bloomberg consensus: 12.3% vs 18.0% in July) as container throughput data suggested. The resurgence of pandemic control restrictions, production disruptions due to power rationing, and a high base last year could have contributed to the deceleration.  China’s PPI is expected to have risen as CPI remained stable in August PPI is expected to fall sharply to 3.2% (Bloomberg consensus) in August from 4.2% in July.  Base effect and a decline in coal prices in August could be factors contributing to the deceleration in producer price inflation.  CPI, however, is expected to edge up to 2.8% in August from 2.7% in July.  Analysts suggest that favourable base effect was offset by vegetable price increases amidst the heatwave. The resurgence of Covid-19 cases and Chengdu lockdown Chengdu, a city of 21 million residents and the largest city in western China, is under lockdown to fight an outbreak of Covid-19 cases.  Shenzhen, the southern technology and manufacturing hub has imposed a number of restrictions on business operations and the mobility of its residents.  Likewise, Guangzhou, Tianjin, Shanghai, Urumqi, Wuhan, Dalian, and Shijiazhuang are imposing various degrees of restrictions and PCR test requirements.  Investors will watch the development of these pandemic control measures closely this week.  Australia’s RBA to continue to hike rates, take away stimulus punchbowl. Could RBA hikes cause a property market collapse? Australia’s central bank holds its monthly meeting tomorrow (Sept 6), with the RBA expected to raise rates by 0.25% (according to Bloomberg Economics) in a bid to slow inflation. However, futures market pricing suggests a 0.4% hike will be made, which will take the cash rate to 2.25% (up from 1.85%). Pricing also suggests the RBA will raise rates from 1.85% to ~3.2% by December 2022, before taking rates to 3.8% in July 2023. If the RBA does raise rates by an additional ~2% between now and July 2023, the average $600,000 mortgage will cost another A$727 / month or A$8,724 a year. But the RBA believes that consumers will be able to absorb higher interest rates allowing the A$10 trillion property market to avoid forced sales, given that many mortgage holders have already made advance repayments. However, pricing in the property market suggests it is struggling to absorb the 1.75% in hikes from May. In August property prices fell at their quickest pace since 1982, and levels of construction activity saw their biggest decline since 2016. Australian households are some of the most indebted in the world with household debt to GDP sitting at 126% (vs US Debt to GDP 80%), leading us to think that debt to income ratios could spike to their highest levels since the GFC. For investors, it’s worth noting; we continue to monitor the health of local banks as well as property stocks and property ETFs, which will likely come under further pressure. Conversely, we continue to see upside for energy prices (which is the biggest component of inflation). For traders, this could flow into currency markets where we will be watching the AUDEUR, and AUDCNH pairs. Australian economic growth data released on Wednesday will be a key focus Australian economic growth is expected to have shown the A$2.2 trillion economy grew at 1.2% in the second quarter through to June (consensus estimate), and 3.8% from a year earlier. Second quarter GPD will likely get a boost from record retail sales, and a pickup in overseas travel. However, construction costs and hampered residential construction activity could weigh on the headline GPD figure. Policy makers are trying to avoid a hard landing, while at the same time slowing runaway record inflation. A Bloomberg survey suggests Australia could avoid a recession, but data suggests there could still be a 23% chance of one over the next 12 months. Kingsoft Cloud, Nio, Brilliance China, and Bilibili are expected to report earnings The week kicks off with Kingsoft (KC:xnas) reporting on Tuesday. Analysts in general expect that the recent resurgence of Covid-19 pandemic control measures has negatively affected enterprise cloud business.  On Wednesday, automakers NIO (NIO:xnys/09866:xhkg) and Brilliance China Automotive (01114:xhkg) are going to report results. Investors will focus on NIO’s margins (which disappointed in Q1) and the management’s updates on 2022 delivery guidance. The highlight for the week in corporate earnings may be Bilibili (BILI:xnas/09626:xhkg) reporting on Thursday. The median forecast of analysts surveyed by Bloomberg is calling for a 9% growth in Q2 revenue to RMB4.9billion and a larger loss of RMB1.74 billion (vs RMB1.12 billion in Q2, 2021).  Apple ‘Far Out’ event this Wednesday Apple (APPL:xnas) is holding its annual fall event, dubbed “Far Out” this year on Wednesday, Sept 7 at 10:a.m. pacific time.  In the event, Apple is due to reveal its iPhone 14. There is speculation that iPhone 14 will come with mobile satellite connectivity, working with a satellite company, Globalstar (GSAT:xase).   Key economic releases & central bank meetings this week Monday 5 September China: Caixin China PMI Services (Aug)S&P Global Worldwide manufacturing PMIsAustralian Retail Sales (Jul)Thailand Core Inflation (Aug)Singapore Retail Sales (Jul)Eurozone Retail Sales (Jul) Tuesday 6 September S&P Global Construction PMIsUnited Kingdom BRC Retail Sales Monitor (Aug)Japan Household Spending (Jul)Philippines Inflation Rate (Aug)Australia RBA Interest Rate DecisionGermany Factory Orders (Jul)Taiwan Inflation Rate (Aug) Wednesday 7 September China: Exports, Imports & Trade Balance (Aug.)China: Foreign reserves (Aug)Australia GDP Growth Rate (Q2)Japan Coincident Index Prel (JUL)Germany Industrial Production (Jul)United Kingdom Halifax House Price Index (Aug), BBA Mortgage Rate (Aug)Italy Retail Sales (Jul)Eurozone GDP (Q2)United States MBA Mortgage Applications (02/SEP), Balance of Trade (Jul), Fed Beige BookCanada Balance of Trade (Jul), BoC Interest Rate decision Thursday 8 September Japan GDP (Q2), Eco Watchers Survey (Aug)Australia RBA Gov Lowe Speech, Balance of Trade (Jul)Eurozone ECB Interest Rate Decision, ECB Press ConferenceUnited States Jobless Claims (Sep), Consumer Credit (Jul)New Zealand Electronic Retail Card Spending (Aug) Friday 9 September China: CPI & PPIChina: Aggregate Financing, New Yuan Loans, Money Supply (Sept 9 to 15)Brazil Inflation Rate (Aug)Canada Employment Change (Aug)United States Wholesale Inventories (Jul)Russia GDP (Q2), Inflation Rate (Aug) Key earnings releases this week Tuesday: Ashtead Group, Kingsoft Cloud Wednesday: People’s Insurance Co Group, Exor, Copart, NIO, Brilliance China Thursday: Sun Hung Kai Properties, Sekisui House, Zscaler, DocuSign, Bilibili Friday: Dollar Stores, Kroger

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