In a surprising turn of events, Chinese telecommunications giant Huawei announced on Friday that its net profit for 2023 more than doubled compared to the previous year. The company credited this remarkable success to its superior product offerings that helped drive revenue growth by 9.6% year-on-year, reaching a whopping 704.2 billion yuan ($99.18 billion). The
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The current Elliott Wave cycle in the S&P 500 (SPX) suggests that there is an ongoing 5-wave impulse wave that started from the low on January 6, 2024. The wave structure indicates that the index has been moving higher in an impulsive manner, with corrections in between each wave. Breaking down the wave count, the
The USD/JPY pair has managed to climb higher above the 150.50 and 151.20 resistance levels, showing signs of bullish momentum. There is a major bullish trend line forming with support at 150.60 on the 4-hour chart, indicating a positive outlook for the pair in the near term. The pair has broken key resistance levels and
Following recent inflation and retail sales figures, market participants are closely monitoring the commentary from the Bank of Japan (BoJ). BoJ Governor Kazuo Ueda and Board members have hinted at a gradual shift towards policy normalization in their speeches. However, any dovish comments from the central bank could prompt the Japanese government to intervene in
In March, core inflation in Tokyo showed a slowdown, raising concerns about the Bank of Japan’s ability to raise interest rates. The core consumer price index in Tokyo rose by 2.4% in March, matching market expectations, but slowing from the previous month. This, along with a broader price trend indicator slowing to 2.9%, suggests that
Chinese smartphone company Xiaomi has announced the launch of its first electric car, the SU7, in an attempt to compete with established players like Tesla in the fiercely competitive electric vehicle market in China. The CEO of Xiaomi, Lei Jun, revealed that the SU7 will be priced significantly lower than Tesla’s Model 3, igniting a
UBS CEO Sergio Ermotti made a whopping 14.4 million Swiss francs in 2023, a staggering amount that equals $15.9 million in the US. This massive sum comes after his unexpected return to lead the Swiss banking giant once again. Ermotti stepped back into the role following the absorption of troubled competitor Credit Suisse. The announcement
Monetary policy plays a crucial role in guiding economic activity and maintaining price stability. The Federal Reserve sets a price stability target of 2% and uses the short-term interest rate as a primary policy tool to achieve this target. Economic data, such as GDP figures and labor market conditions, are closely monitored to make informed
The USDCAD pair rebounded during the Asian session on Wednesday, rising to around 1.3590 after experiencing two days of losses. This uptick was primarily driven by a stronger US dollar and lower crude oil prices, putting pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 was attributed
The Japanese Yen has faced challenges in capitalizing on a modest recovery against the US Dollar, with traders showing concern about potential interventions by Japanese authorities to support the domestic currency. The Bank of Japan’s cautious approach and uncertain outlook for future rate hikes have limited the JPY’s ability to appreciate further. In contrast, the
The Bank of Japan recently made a historic decision to end its negative interest rates policy after eight years of ultra-loose monetary policy. However, a summary of opinions from the bank’s March meeting revealed that many policymakers felt the need to proceed slowly in phasing out this policy. Some members expressed concerns about the economy’s
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