Mar 6 2024: In a joint briefing during Beijing’s annual parliamentary meeting, China’s state planner asserted that the government’s 5% economic growth target for 2024, considered ambitious by many analysts, is indeed attainable. Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC), expressed confidence in the target’s alignment with the 14th Five-Year Plan’s objectives and the country’s economic potential. Premier Li Qiang unveiled the growth goal of approximately 5% in his inaugural work report to the National People’s Congress, emphasizing the need to revamp the development model to counter challenges such as a prolonged property crisis, escalating local government…
Author: editor2
Mar 6 2024: On Wednesday, the U.S. dollar saw a slight decline as investors awaited Federal Reserve Chair Jerome Powell’s congressional testimony and the European Central Bank’s policy announcement. Meanwhile, bitcoin resumed its rally, although it remained below the previous day’s record high. Lack of significant catalysts kept the dollar subdued, especially after Tuesday’s data indicating a slowdown in U.S. services industry growth. Traders were keenly anticipating Powell’s testimony, expecting him to emphasize the Fed’s data-dependent approach and refrain from specifying rate cut timing. Stefan Mellin, Chief Analyst at Danske Bank, anticipates Powell to maintain ambiguity regarding rate cuts, supporting the…
Mar 6 2024: Recent data and interviews reveal a significant shift in the flag registration of oil tankers used by Russia, following intensified U.S. sanctions enforcement. Dozens of these tankers have ceased operating under Liberian and Marshall Islands flags, which are closely tied to U.S. jurisdiction due to administrative headquarters located near Washington D.C. The relationship between the U.S. and these flag administration companies has led to increased scrutiny, particularly amidst sanctions targeting Russian oil exports. Sanctions, such as the $60 per barrel price cap imposed by the G7, EU, and Australia in December 2022, restrict the use of Western maritime…
Mar 6 2024: In Asian trading, Bitcoin has rebounded from recent losses and remains close to $65,000 following a record-breaking surge. Despite a brief drop to $59,000, the cryptocurrency has shown resilience, hovering around $66,022.9 after reaching a peak of $69,063 on Tuesday. This resilience is attributed to steady capital inflows into U.S. spot ETFs and anticipation surrounding the upcoming “halving” event, which will decrease the rate of new Bitcoin generation. The approval of spot ETFs in U.S. markets has attracted institutional investors to Bitcoin, contributing to its recent gains. While Bitcoin’s current highs mark a significant recovery from its November…
Mar 6 2024: In a recent development, JPMorgan has taken a positive stance on Sweetgreen Inc (NYSE: SG), a fast-casual salad chain, assigning it an Overweight rating and setting a price target of $13.00. This shift in coverage by the firm coincides with Sweetgreen’s efforts to overcome urban recovery hurdles and venture into untapped markets following its IPO. Sweetgreen, which made its public debut on November 17, 2021, at an IPO price of $28, encountered considerable fluctuations in its stock price thereafter. Initially peaking at $56, the stock plummeted to as low as $6.30 by March 27, 2023, reflecting the…
Mar 5 2024: On Tuesday, most Asian stocks experienced a slide, particularly in Hong Kong, as the commencement of China’s week-long annual session of parliament failed to deliver significant stimulus plans to support the struggling economy, disappointing investors. Equity markets across the region were already under pressure following a pullback from record highs on Wall Street the previous day, amidst indications that the U.S. Federal Reserve is not in a rush to cut interest rates. U.S. stock futures and European futures also pointed lower. Meanwhile, Bitcoin continued its upward trajectory, reaching a fresh two-year peak of $68,828, edging closer to its…
Mar 5 2024: Most Asian currencies showed little movement on Tuesday as China’s economic objectives for 2024 failed to inject excitement into markets, while the dollar stabilized ahead of forthcoming signals on interest rates later in the week. Expectations for further clues on U.S. interest rates also kept most regional currencies trading within narrow ranges, especially as remarks from Federal Reserve officials continued to temper expectations for imminent rate cuts. Chinese Yuan Steady as National People’s Congress Falls Short of ExpectationsThe Chinese yuan remained relatively unchanged on Tuesday, with declines in the currency curbed by a robust midpoint fix set…
Mar 5 2024: For the second consecutive day, oil prices experienced a decline on Tuesday, as China’s commitments to revamp its economy amidst sluggish growth since the COVID pandemic failed to generate enthusiasm among investors concerned about weakening consumption. Brent futures for May slipped by 16 cents, or 0.2%, to $82.64 per barrel by 0301 GMT, while U.S. West Texas Intermediate (WTI) dropped by 28 cents, or 0.4%, to $78.46. Brent was poised to register its fifth consecutive session of decline on Tuesday. China announced intentions to “transform” its economic development model and address industrial overcapacity, while setting an economic…
Mar 5 2024: During Asian trading hours on Tuesday, Bitcoin prices surpassed significant thresholds, coming within less than $1,000 of a record high reached during the peak of the 2021 bull market. The largest cryptocurrency globally surged by as much as 8.5%, reaching an over two-year peak of $68,450.9. By 20:05 ET (01:05 GMT), it was comfortably trading above the $68,000 mark, positioning itself tantalizingly close to the record of $68,999 set in late 2021. Bitcoin’s upward momentum was primarily fueled by consistent capital inflows into the digital asset, particularly following the approval of several U.S. exchange-traded funds that directly…
Mar 5 2024: On Monday, Tesla (NASDAQ:TSLA) witnessed a drop of more than 7% in its shares following a decrease in sales during February in China, possibly influenced by the slowdown typical during the Lunar New Year festivities. The decline in sales within its crucial market casts a shadow over Tesla’s global delivery prospects, especially as the leading EV manufacturer contends with dwindling demand, heightened competition, and constraints stemming from a lack of entry-level vehicles and an aging product lineup. According to data from the China Passenger Car Association, Tesla sold 60,365 vehicles manufactured in China in February, marking a…
