CHINA: BYD Outsells Tesla in Europe
May-23 05:28
- BYD Co. sold more electric vehicles in Europe than Tesla Inc. for the first time, with 7,231 new battery-electric vehicles registered in April, a 169% increase from a year earlier. Tesla's registrations plunged 49% in April, despite the European EV segment growing 28% industrywide, with Volkswagen selling 61% more electric cars than a year earlier. (source BBG)
- China's total outbound direct investment (ODI) rose 7.5 percent year on year to 57.54 billion U.S. dollars in the first four months of this year, according to data released Thursday by the Ministry of Commerce. During the January-April period, non-financial ODI went up 5.6 percent year on year to 51.04 billion dollars, He Yongqian, a ministry spokesperson, said at a regular press briefing. (source Xinhua)
- China's major bourses all gained today with the Hang Seng up +0.58% and +1.43% for the week. The CSI 300 rose +.30% and is up +0.94% for the week; Shanghai is up a mere +0.08% and +0.46% for the week and Shenzhen gained +0.55% today and +0.77% for the week.
- Yuan Reference Rate at 7.1919 Per USD; Estimate 7.2154
- CGB's have traded in a tight range over the last few weeks with the 10YR anchored around 1.67-1.68%
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SCHATZ TECHS: (M5) Approaching The Bull Trigger
Apr-23 05:24
- RES 4: 107.812 0.618 proj of the Mar 6 - Apr 7 - 9 price swing
- RES 3: 107.800 Round number resistance
- RES 2: 107.775 High Apr 7 and the bull trigger
- RES 1: 107.735 High Apr 22
- PRICE: 107.595 @ 06:06 BST Apr 23
- SUP 1: 107.370 Low Apr 17
- SUP 2: 107.298 20-day EMA
- SUP 3: 107.125 Low Apr 10
- SUP 4: 106.965 Low Apr 9 and a key support
Schatz futures maintain a firmer tone and sights are on 107.775, the Apr 7 high and bull trigger. The recent pullback between Apr 7 - 9, appears corrective. Clearance of 107.775 would confirm a resumption of the uptrend and open 107.812, a Fibonacci projection. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Firm support to watch lies at 107.298, the 20-day EMA.
AUSTRALIA: Q1 NZ CPI Data Suggest Australian Services Inflation Moderated
Apr-23 05:24
Q1 Australian CPI data is released on Wednesday April 30 and will be an important input into the May 20 RBA decision, where a rate cut is largely expected. There are high correlations between NZ and Australian CPI data and given NZ’s Q1 has already been released, there are possibly trends that we can ascertain. Australia may see a pickup in goods inflation, while sticky services may moderate.
- NZ headline, non-tradeables & tradeables printed higher than expected but both headline and core were in the RBNZ’s 1-3% target band at 2.5% y/y and 2.9% y/y respectively.
- With government electricity rebates continuing to reduce Australia’s headline inflation, there is little to be gained by looking at NZ’s trends here.
- There is a 3-year rolling correlation of around 90% between Australia/NZ underlying inflation measures. The RBNZ’s sector factor model estimate of core moderated 0.1pp to 2.9% in Q1. In addition, Australia’s monthly data are pointing to a moderation in quarterly trimmed mean inflation in Q1.
Australia vs NZ core CPI y/y%
Source: MNI - Market News/LSEG
- Domestically-driven services inflation has been monitored closely for some time and the Australia/NZ correlation is also close to 90%. NZ services inflation moderated 0.6pp to 4.2% y/y and non-tradeables 0.5pp to 4.0% y/y, which is good news for Australia.
- Australia is likely to see a pickup in goods inflation, which is significantly determined by global factors. It rose to 1.4% y/y in NZ from 0.6% signalling that its disinflationary pressure is likely over, consistent with Australia’s monthly goods inflation data.
Australia vs NZ services y/y%
Source: MNI - Market News/LSEG
LOOK AHEAD: UK Timeline of Key Events (Times BST)
Apr-23 05:23
| Date | UK | Period | Event |
| 23-Apr | 0700 | Mar | Public Sector Finances |
| 23-Apr | 0730 | --- | DMO remit revision following FY24/25 CGNCR |
| 23-Apr | 0930 | Apr | S&P Global PMI flash |
| 23-Apr | 1130 | --- | BOE's Pill speech at University of Leeds |
| 23-Apr | 1815 | --- | BOE's Bailey at Institute of International Finance |
| 23-Apr | 1900 | --- | BOE's Breeden on Monetary Policy and Fin Stability |
| 24-Apr | 1100 | Apr | CBI Industrial Trends |
| 25-Apr | 0001 | Apr | Gfk Monthly Consumer Confidence |
| 25-Apr | 0700 | Mar | Retail Sales |
| 25-Apr | 2015 | --- | BOE's Greene on Inflation, growth and moentary policy |
| 28-Apr | 1100 | Apr | CBI Distributive Trades |
| 29-Apr | 0001 | Apr | BRC Monthly Shop Price Index |
| 29-Apr | 1040 | --- | BOE Ramsden At Innovate Finance Global Summit |
| 30-Apr | --- | --- | BOE Lombardelli At New Economics Teacher Programme |
| 01-May | 0930 | Apr | S&P Global Final Manufacturing PMI / M4 / Lending Data |
