EM ASIA CREDIT: JD.com: JD.com to acquire Ceconomy
(JD, A3/A-pos/NR)
JD.com offer to Ceconomy announced
JD.com, already in advanced talks to acquire German electronics retailer Ceconomy, confirmed it has made an all-cash offer of €4.60 per share, valuing the company at around $2.5bn. As noted earlier, JD.com is a highly rated, well-capitalised business with a reported net cash position of $14.7 billion at the end of Q1 2025. The company’s current ratings are likely to be maintained, given the anticipated enhancement of its business profile through added international exposure from Ceconomy’s MediaMarkt and Saturn chains. Major shareholders—including the Kellerhals family (29%), Haniel family (17%), and Schmidt-Ruthenbeck family (11%)—have already pledged their support for the deal.
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CHINA: Country Wrap: CAIXIN PMI Surprises to the Upside:
- China's CAIXIN PMI Manufacturing in June rose to 50.4, ahead of an expected 49.3. The official PMI released yesterday, released by the National Bureau of Statistics (NBS), focuses on large and state-owned enterprises, while the Caixin PMI, compiled by Caixin Media and S&P Global, emphasizes small and medium-sized enterprises (SMEs) and the private sector and arguably gives a better snapshot as to the broader economy. The index was considerably up from the prior month's result of 48.3. Output rose to 52.1 from 47.5 and new orders were up on prior month. This data captures the period post the agreement between the US and China on tariffs and potentially points to an improvement in activity. (source MNI)
- In the first five months of 2025, 24,018 new foreign-invested enterprises were established on the Chinese mainland, representing year-on-year growth of 10.4 percent, the Ministry of Commerce said on Friday. (source China Daily)
- China's finance, taxation, and commerce authorities on Monday unveiled a tax incentive granting foreign investors a 10 percent corporate income tax credit on direct domestic investments funded by dividends from Chinese resident companies. (source China Daily)
- China's major bourses were mixed today with the Hang Seng lower by -0.85% whilst the CSI 300 was up +0.05%, Shanghai Comp +0.20% and Shenzhen fell by -0.95%
- Yuan Reference Rate at 7.1534 Per USD; Estimate 7.1532
- The CBG 10yr remains unchanged at 1.65%
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 01-Jul | 0930 | Jun | S&P Global Manufacturing PMI (Final) |
| 01-Jul | 1430 | ---- | BOE Bailey On Panel At Sintra Conference |
| 02-Jul | 1130 | ---- | BOE Taylor On Panel At Sintra Conference |
| 03-Jul | 0930 | Jun | Decision Maker Panel / Credit Conditions Surveys |
| 03-Jul | 0930 | Jun | S&P Global Services/Composite PMI (Final) |
| 04-Jul | 0930 | Jun | S&P Global/CIPS Construction PMI |
| 04-Jul | 1600 | ---- | BOE Taylor Speech On Natural Interest Rate |
| 05-Jul | 1645 | ---- | BOE Bailey On Les Recontres Economiques Panel |
| 09-Jul | 1030 | Q2 | BOE Financial Stability Report |
| 10-Jul | 1600 | ---- | BOE Breeden On Climate Change |
| 11-Jul | 0700 | May | GDP / Services / Production / Trade / Construction |
| 14-Jul | 0001 | Jun | KPMG/REC Jobs Report |
| 15-Jul | 0001 | Jun | BRC-KPMG Shop Sales Monitor |
| 15-Jul | - | ---- | Mansion House Speech |
| 16-Jul | 0700 | Jun | Consumer inflation report / PPI |
GBPUSD TECHS: Trend Sequence Remains Bullish
- RES 4: 1.3852 1.764 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3835 High Oct 20 2021
- RES 2: 1.3800 Round number resistance
- RES 1: 1.3771 High Jun 26
- PRICE: 1.3740 @ 06:19 BST Jul 1
- SUP 1: 1.3632/3569 High Jun 13 / 20-day EMA
- SUP 2: 1.3426 50-day EMA
- SUP 3: 1.3328 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3140 Low May 12 and key support
GBPUSD is trading at its recent highs. The trend needle continues to point north and last week’s climb reinforces bullish conditions. Fresh cycle peaks maintain the price sequence of higher highs and higher lows. Note too that MA studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 1.3800 next. Initial support to watch lies at 1.3569, the 20-day EMA. A break would signal scope for a corrective pullback.
