Fri, March 29, 2024

News

China Yuan Gains while the U.S. Dollar Continues Downfall

People’s Bank of China Sets USD/CNY at 7.0975

Quick Look PBoC sets the USD/CNY reference rate at 7.0975, defying the estimate of 7.2058. 1-Year MLF rate and 7-day RR maintained in China, signalling steady monetary policy. Net liquidity injection of 3 billion yuan amidst ongoing market regulation efforts. Post-” “quant quake” scrutiny increases, with significant adjustments in key quant funds. CSRC underscores fairness, …

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Wibest – CHF Franc: New Swiss franc notes.

Swiss Franc Dynamics: USD/CHF Eyes Bullish Reversal

Quick Look USD/CHF trades between support at 0.8670 and resistance at 0.8810, hinting at a bullish reversal. Swiss CPI aligns with forecasts; SNB holds rates at 1.75%. US economic data shows mixed signals; however, USD dominance persists in the market. EUR/CHF sees gains, with potential for further rise as long as support at 0.9510 holds. …

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getty images

Getty’s Q4: Revenue Dip & AI Shift Amid 525M Images

Quick Look Getty Images experiences a marginal revenue drop from Q3 2022 to Q3 2023. Significant growth in image and video collections and nearly doubling of active annual subscribers. Q4 revenue is forecasted to fall, with management guiding lower than analyst expectations. Stock prices rise from $4.96 to $5.28 The introduction of Generative AI by …

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Farmers and trade war - canola

Canola Market Dynamics: 60,000+ Contracts Traded

Quick Look Minor downtrends in canola prices were observed across several future contracts during Wednesday’s session. The market highlighted its liquidity with over 60,000 contracts traded Positive influences include global oil price rises, countered by pressures from lower soymeal and European rapeseed prices. The year-over-year increase in canola crush statistics points to growing production. Adjustments …

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South Korea

South Korea’s Corp Reform: A Battle Against the Discount

Quick Look South Korea introduces the Corporate Value-up Programme to mitigate the “Korea Discount” and stimulate stock market valuations. The National Pension Service (NPS), the world’s third-largest pension fund, awaits details to adjust asset allocation. Comparisons with Japan’s market reforms spotlight potential benefits and investor scepticism regarding South Korea’s approach. Legal leniency towards chaebols and …

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Dollar and the short-end U.S. yields surge - DXY

DXY Dips to 102.868: Inflation & Fed’s Future Moves

Quick Look The DXY Index recorded a minor decrease to 102.868, reflecting a -0.06% change. February’s CPI data aligns with expectations, showing a 0.4% increase month-on-month. Core inflation rates exceed forecasts, signalling stronger inflationary pressures. Federal Reserve’s potential rate cut in June sees a slight dip in probability, influencing Treasury yields. Technical indicators suggest a …

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Wibest – NZD/USD: One hundred New Zealand dollar bills.

NZD/USD Stalls: Impact of 0.8% US Sales Rise & Fed’s Move

Quick Look NZD/USD remains nearly unchanged, oscillating within a narrow band near two-week highs. US inflation data and Federal Reserve rate cut speculations influence market sentiment. Technical indicators suggest a bullish outlook for NZD/USD, with key resistance and support levels identified. Upcoming US retail sales data and Fed’s policy meeting to play critical roles in …

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Kanzhun’s Stock Up 18.8% with Q4 Revenue Jumping 46%

Quick Look Kanzhun Ltd (NASDAQ: BZ) shares jumped 18.8%, reaching $20.79. Q4 revenue hit 1.58 billion yuan, up 46% year-over-year. Non-GAAP net income reached 628.6 million yuan. Guidance for Q1 2024 forecasts revenue between 1.64 – 1.67 billion yuan. Announced a $200 million share repurchase program starting March 20, 2024. Kanzhun Ltd, a leading player …

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Cocoa

Cocoa Prices Skyrocket 150%: Industry at a Crossroads

Quick Look Cocoa prices hit a record high of $6,884 per metric ton, a 150% increase from last year. Hershey’s experiences a sales dip and profit squeeze due to rising cocoa costs and consumer resistance to price hikes. Industry-wide markup declines signal a shift in pricing power back to consumers. Global cocoa production faces a …

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Japan’s First Private Rocket Launch Ends in Explosion

Quick Look Space One’s Kairos rocket exploded shortly after launch from Wakayama Prefecture. The failed mission intended to place a government-commissioned Earth observation satellite into orbit. No injuries were reported; the explosion’s cause is under investigation. This incident marks a setback in Japan’s ambitious space exploration goals involving the private sector. Space One, backed by …

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Wibest – Canadian Loonie: Canadian dollar bills.

USD/CAD Edges Up to 1.3484 Amid Economic Shifts

Quick Look USD/CAD closed at 1.3484, slightly above its opening price, amidst a fluctuating oil market. WTI oil was priced at $78.51, and gold stood at $2176.72, reflecting commodity market movements. The US inflation report showed an unexpected rise, with February’s CPI at 3.2% YoY. The USD/CAD faces pressure due to trade status changes and …

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Japanese Yen rallied against U.S. Dollar

USD/JPY Plunges to 146.50: Economic Shifts in Focus

Quick Look USD/JPY fell from 150.50 to 146.50, marking a significant drop. Soft U.S. economic data fuels speculation on Fed rate cuts. BoJ’s upcoming meeting could tighten monetary policy. The historical average suggests a possible reversion for USD/JPY. Market sentiment shows a bearish outlook, with 67% of traders short on USD/JPY. Last week, the USD/JPY …

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Nvidia: Nvidia graphic chip close up.

NVDA’s Roller-Coaster: Swings & 80% YTD Surge

Quick Look Nvidia (NVDA) experienced a significant trading swing on March 8, with a one-day reversal exceeding 10 percentage points. Wall Street’s sentiment shifts as Nvidia’s popularity among newsletters drops, now tied in fourth place. Cantor Fitzgerald raises Nvidia’s price target to $1,200, indicating a bullish outlook compared to the consensus. Nvidia’s stock is dipping …

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wheat

Wheat Sales to China Halted: Prices Tumble to 2020 Low

Quick Look The latest cancellation involves 264,000 metric tons of U.S. soft red winter wheat, marking the third in recent days. Wheat prices have been falling, with soft red winter grain futures reaching a low not seen since August 2020. Strong competition, especially from Russia, and improved U.S. crop conditions contribute to the market dynamics. …

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US

The U.S.: Feb CPI Growth 0.4%, Job Adds Hit 275K

Quick Look February’s Consumer Price Index is about to rise by 0.4%, indicating an annual inflation rate of 3.1%. Core CPI, excluding gas and food, may decrease slightly from January’s figure. The Producer Price Index will show a marginal increase, reflecting ongoing inflation pressures. Federal Reserve Bank of Atlanta projects a 2.5% annual growth rate …

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