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Market News Financial Breakfast on November 17: The U.S. dollar is approaching the 96 mark, gold has fallen sharply from its five-month high, and oil prices continue to fluctuate
Financial Breakfast on November 17: The U.S. dollar is approaching the 96 mark, gold has fallen sharply from its five-month high, and oil prices continue to fluctuate
On November 16, the U.S. dollar index continued to hit its highest point since July last year to 95.97. The retail sales report on Wednesday intensified market speculation that the Fed might raise interest rates earlier than expected. As the US dollar and US bond yields continued to rise, spot gold fell sharply from a high in more than five months, and closed near the 1850 mark in late trading, hitting US$1,87.15 per ounce earlier, the highest since June 14. U.S. oil fell slightly, and it has been oscillating between ups and downs during the session, driven by factors such as the possible release of the United States' strategic oil reserves and concerns about fuel demand conversion.
2021-11-17
11773
The U.S. dollar hit a 16-month high on Tuesday (November 16). Previous data showed that U.S. consumers turned a blind eye to price increases, retail sales in October were higher than expected, and the euro plummeted, affected by growth concerns and another surge in new crown cases in Europe; The yen against the dollar hit a new low since March 2017. COMEX gold futures closed lower, hitting the highest price in five months during the session. The US economic data released on Tuesday was generally optimistic, reducing the market's investment demand for precious metals. Crude oil futures closed mixed. U.S. oil hit its lowest closing price in more than a week. ICE Brent crude oil futures, a benchmark for global crude oil prices, recorded an increase after consecutive declines.
Commodity closing, COMEX December gold futures closed down 0.7%, reported 1,854.10 US dollars per ounce. WTI December crude oil futures closed down 0.12 US dollars, or 0.15%, to 80.76 US dollars per barrel; Brent January crude oil futures closed up 0.38 US dollars, or 0.46%, to 82.43 US dollars per barrel.
U.S. stock closing situation: The Dow Jones Industrial Average rose 54.77 points, or 0.15%, to 36142.22; the S&P 500 index rose 18.1 points, or 0.39%, to 4700.9 points; the Nasdaq index rose 120.01 points, or 0.76%, to 15973.86 point.
17:00 European Central Bank announces semi-annual financial stability report
22:10 FOMC Permanent Voting Committee and New York Federal Reserve Chairman Williams delivered an online keynote speech at the 2021 U.S. Treasury Market Conference 00:00 AM Fed Governor Bowman gave a speech 00:20 2022 FOMC Voting Committee, Cleveland Federal Reserve Chairman Meester delivers opening remarks at the 2021 Financial Stability Online Conference 01:40 AM Fed Governor Waller delivers a speech 05:05 AM FOMC Ticket Committee and Chicago Fed Chairman Evans talks about the current economy at an event in 2021 Situation and monetary policy
US stocks closed higher on Tuesday, and US retail sales data showed strong consumer spending, alleviating concerns that the Fed may take more aggressive measures as inflation rises.
Data show that retail sales in October jumped 1.7% from the previous month, the largest increase since March and higher than the 1.4% expectation, indicating that Americans have started holiday shopping ahead of schedule to avoid shortages of goods caused by tight supply chains.
Brian Jacobsen, senior investment strategist at Allspring Global Investments, said that this is really a relief because the retail outlook is still quite optimistic. The future outlook is that prices are rising, but consumer spending is still strong, and the supply chain seems to be under pressure, but We can still put the goods on the shelf.
The positive data helped investors get rid of the influence of St. Louis Fed President Brad's speech. Brad called on the Fed to take a more hawkish stance in response to rising inflation. On the contrary, San Francisco Fed Chairman Daley called on the Fed to remain patient in the face of high inflation. She predicts that as the epidemic subsides, high inflation may subside on its own.
Investors have also been paying attention to who is nominated by US President Biden to be the chairman of the Federal Reserve. Powell's term will end in February 2022. Biden said on Tuesday that he will make a final decision in about four days.
Spot gold fell from a high in more than five months on Tuesday and reported at US$1,850.63 per ounce in late trading. It reached US$1,87.15 per ounce earlier, the highest since June 14. The optimistic US October retail sales data pushed the US dollar to strengthen, which made gold. It is more expensive for holders of other currencies.
US retail sales in October increased more than expected, boosting the economy at the beginning of the fourth quarter and pushing the dollar to a 16-month high. Edward Moya, senior market analyst at OANDA, said the report shows that consumption can cope with high prices and maintain a fairly strong momentum, which is positive for risk appetite. This is a fairly strong retail sales report, so the gold prospects are facing increasing risks. Gold will slowly try to rise, but it is still possible to rise to $1,900 per ounce.
Since last Tuesday, the price of gold has risen by more than 2%. Previous data showed that consumer prices in the United States soared in October. Han Tan, chief market analyst at Exinity, said that as long as the Federal Reserve does not change its patience in raising interest rates, the view that the US inflation rate has not yet peaked should keep gold prices in good shape.
New York crude oil prices closed down on Tuesday, and they have been oscillating between ups and downs during the session, driven by factors such as the possible release of strategic oil reserves in the United States and concerns about fuel demand conversion.
After the Biden administration signaled that it was considering releasing crude oil from its strategic reserves, the U.S. Energy Information Administration stated that the impact of this move on oil prices would only be temporary, echoing the views of several analysts. At the same time, concerns about supply have risen as the Russian pipeline delays have led to soaring natural gas prices and have once again heightened concerns about power plants switching to oil as fuel.
Ed Moya, senior market analyst at Oanda Corp., said crude oil prices are still very volatile because energy traders are waiting for the Biden administration to make a decision on whether to use the strategic oil reserve. The energy market seems to believe that even if the US uses the strategic oil reserve, the benefits It will also be minimal.
John Kilduff, the founding partner of Again Capital LLC, said that the demand peak winter is coming, the market is still bullish and the market supply is tight. If they do not release their strategic reserves, prices will still rise easily.
The U.S. dollar hit a 16-month high on Tuesday. Previous data showed that American consumers turned a blind eye to price increases. Retail sales in October were higher than expected, while the euro plummeted, affected by growth concerns and another surge of new crown cases in Europe.
The US dollar index rose 0.41% to 95.90, hitting 95.97 earlier, the highest since July 2020. US data shows that retail sales have increased the most since March, and manufacturing output has rebounded.
U.S. retail sales in October increased by 1.7%, which is estimated to increase by 1.4%. This may be due to the continuing epidemic, and Americans eagerly started holiday shopping in advance to avoid empty shelves due to shortage of some goods.
Since last week's data showed that the U.S. Consumer Price Index (CPI) had its biggest rise since 1990, the U.S. dollar has been rising, which has intensified speculation that the Fed may raise interest rates sooner than expected.
Mazen Issa, senior foreign exchange strategist at TD Securities, said that if you look at the U.S. market, you will find that there are more speculations, at least in the implicit market pricing. It is expected that there will be more than one rate hike next year. In the U.S. CPI report last week After the dam was released, the dam just broke, and the US dollar and foreign exchange markets must follow this trend. Today's retail sales report adds fuel to the fire.
The euro fell 0.5% to 1.1309 against the US dollar, setting a new 16-month low due to option-related and momentum selling; next look at the psychological support at 1.1300, and then at 1.1290 Fibonacci retracement. Danske Bank analyst Lars Merklin said that we believe the repricing of the euro against the dollar is a fundamental/macroeconomic repricing of the value of the euro and the dollar. If the global narrative changes, the position will be a factor, otherwise, the euro against the dollar may continue to fall.
Mitsubishi UFJ Financial and Currency Analyst Lee Hardman said in a client report that fears that the situation may escalate and lead to vigorous tightening of restrictions in the coming months are damaging sentiment towards European currencies.
Among the G-10 currencies, only the pound rose against the dollar; the pound rose 0.1% to 1.3430 against the dollar; positive UK employment data increased the reason for the Bank of England’s December meeting to raise interest rates. Roberto Cobo Garcia of the Spanish Bank for Foreign Affairs said that we believe that if global market sentiment does not deteriorate significantly and political negotiations between the EU and the UK do not cause a major impact on the market, then these data and the intervention of the Governor of the Bank of England yesterday should be Help the pound before the December meeting.
The dollar against the yen rose 0.63% to 114.85, a new high since March 2017; the dollar against the Swiss franc hit a one-month high of 0.9312.
The Australian dollar fell 0.6% to 0.7303 against the US dollar; RBA Chairman Philip Lowe opened the door to the possibility of raising interest rates before 2024, and policymakers acknowledged that the accelerated rise in consumer prices last quarter has changed the inflation situation. The New Zealand dollar fell 0.79% to 0.6992 against the US dollar.
[US API crude oil inventories increased by 655,000 barrels in the week of November 12, Cushing crude oil inventories decreased by 491,000 barrels, gasoline inventories decreased by 2.792 million barrels, and refined oil inventories increased by 107,000 barrels]
[St. Louis Federal Reserve Bank Chairman Brad: Interest rates of 3%-4% are not my basic expectations. Interest rates should be added to the pre-epidemic level. The end of debt reduction in the first quarter of next year will provide an earlier option for interest rate hikes. A more hawkish action is meaningful and can manage the risks caused by rising prices. The United States is expected to achieve higher productivity growth. Will support two interest rate hikes in 2022, which will depend on the data]
[U.S. President Biden: No decision has been made on the candidate for the chairman of the Federal Reserve. The decision on the candidate for the chairman of the Federal Reserve will be announced in about four days]
[US Treasury Secretary Yellen: By the second half of 2022, inflation may subside. New debt ceiling guidelines will be issued soon. Reiterate that if the debt ceiling is not raised, the United States will face downgrade risks. It is impossible to imagine that Congress will let the debt default happen. After December 3, there is not much time to deal with the debt ceiling. Reiterate that the debt ceiling procedure is hurting oneself. The cash from the Ministry of Finance will not last long after December 3]
[U.S. retail sales in October increased by 1.7% month-on-month (expected value of 1.5%), the third consecutive month of growth, and the growth rate was the highest since March, due to rising prices and resilience of household demand. However, although the total retail sales are much higher than before the epidemic, as companies pass on increasing labor and input costs to consumers, U.S. prices are rising at the fastest rate in 30 years, which may affect consumer confidence. This in turn leads to a slowdown in future demand]
[U.S. Department of Energy's downplay of SPR's impact on the oil market] Acting Administrator Steve Nalley of the U.S. Energy Information Administration (EIA) predicts that crude oil prices will fall by US$10/barrel in 2022, and U.S. crude oil production will increase substantially in 2022, still below 2019 The level of the year. EIA is studying the impact of US energy exports on prices. The impact of the release of the Strategic Petroleum Reserve (SPR) is quite short-lived. The release of oil reserves will reduce oil prices by US$2 per barrel. Blocking U.S. LNG exports will curb production.
[Beijing Stock Exchange opened two days generally stable and investors’ willingness to enter the market was positive] Two days before the Beijing Stock Exchange opened, trading of 81 stocks was generally stable, with a total turnover of 14.072 billion yuan. Among them, 10 new stocks rose by an average of 175.01%, with a turnover of 5.895 billion yuan. 68 non-suspended translation stocks went up and down, with a turnover of 8.177 billion yuan. The trading of 10 new stocks was relatively active, with an average turnover rate of 89.22% over the two days. On November 16, the two smart city concept stocks of Zhisheng Information and Hanxin Technology were among the top gainers, rising 12.71% and 4.37% respectively. The price continued the rising trend of the previous day. New investors were willing to enter the market and the pace of capital entry was stable. (Securities Times)
[Multiple positive signals are released, and consumer stocks are increasingly popular] As the end of the year is approaching, the large consumer sector, which has been released by multiple positive signals, has become active again. On November 16, the pharmaceutical and biological, food and beverage, household appliances and other sectors continued to lead the strong gains. Wind data shows that as of the close of the day, the food and beverage, biomedical, leisure services, and household appliances sectors of Shenwan's first-level industries rose 2.28%, 2.23%, 0.64%, 0.54%, the turnover of the two cities exceeded one trillion yuan for 18 consecutive trading days. Many institutions said that the main line of market investment in the future may shift to a more stable sector, and the consumer market is expected to return. Everbright Securities predicts that there will be a directional change in the main line of market investment in 2022, and the overall style will shift to a more stable sector, focusing on re-returning consumer markets, such as liquor, medicine, aviation, airports, hotels, home appliances, new energy vehicles, and food And other industries or directions. (Economic Information Daily)
Commodity closing, COMEX December gold futures closed down 0.7%, reported 1,854.10 US dollars per ounce. WTI December crude oil futures closed down 0.12 US dollars, or 0.15%, to 80.76 US dollars per barrel; Brent January crude oil futures closed up 0.38 US dollars, or 0.46%, to 82.43 US dollars per barrel.
U.S. stock closing situation: The Dow Jones Industrial Average rose 54.77 points, or 0.15%, to 36142.22; the S&P 500 index rose 18.1 points, or 0.39%, to 4700.9 points; the Nasdaq index rose 120.01 points, or 0.76%, to 15973.86 point.
Wednesday preview
| time | area | index | The former value | Predictive value |
| 07:50 | Japan | October not seasonally adjusted merchandise trade account (100 million yen) | -6228 | -3200 |
| 07:50 | Japan | Commodity trade account after October seasonal adjustment (100 million yen) | -6248.14 | -6092 |
| 15:00 | U.K | October CPI annual rate (%) | 3.1 | 3.9 |
| 15:00 | U.K | October core CPI annual rate (%) | 2.9 | 3.6 |
| 15:00 | U.K | The annual rate of input PPI without seasonal adjustment in October (%) | 11.4 | 12.1 |
| 15:00 | U.K | October retail price index annual rate (%) | 4.9 | 5.7 |
| 18:00 | Eurozone | October CPI annual rate-unseasonally adjusted final value (%) | 4.1 | |
| 18:00 | Eurozone | October core CPI annual rate-unseasonally adjusted final value (%) | 2.1 | 2.1 |
| 21:30 | Canada | October CPI annual rate (%) | 4.4 | 4.7 |
| 21:30 | Canada | October unseasonally adjusted CPI monthly rate (%) | 0.2 | 0.7 |
| 21:30 | America | Annualized monthly rate of new housing starts in October (%) | -1.6 | 1.5 |
| 21:30 | America | The total number of new housing starts in October (10,000 households) | 155.5 | 158 |
| 23:30 | America | Changes in EIA crude oil inventories in the week ending November 12 (10,000 barrels) | 100.2 | 110 |
| 23:30 | America | Changes in EIA refined oil inventories in the week ending November 12 (10,000 barrels) | -261.3 | -150 |
| 23:30 | America | Changes in EIA gasoline inventories in the week ending November 12 (10,000 barrels) | -155.5 | -75 |
17:00 European Central Bank announces semi-annual financial stability report
22:10 FOMC Permanent Voting Committee and New York Federal Reserve Chairman Williams delivered an online keynote speech at the 2021 U.S. Treasury Market Conference 00:00 AM Fed Governor Bowman gave a speech 00:20 2022 FOMC Voting Committee, Cleveland Federal Reserve Chairman Meester delivers opening remarks at the 2021 Financial Stability Online Conference 01:40 AM Fed Governor Waller delivers a speech 05:05 AM FOMC Ticket Committee and Chicago Fed Chairman Evans talks about the current economy at an event in 2021 Situation and monetary policy
List of major global markets
US stocks closed higher on Tuesday, and US retail sales data showed strong consumer spending, alleviating concerns that the Fed may take more aggressive measures as inflation rises.
Data show that retail sales in October jumped 1.7% from the previous month, the largest increase since March and higher than the 1.4% expectation, indicating that Americans have started holiday shopping ahead of schedule to avoid shortages of goods caused by tight supply chains.
Brian Jacobsen, senior investment strategist at Allspring Global Investments, said that this is really a relief because the retail outlook is still quite optimistic. The future outlook is that prices are rising, but consumer spending is still strong, and the supply chain seems to be under pressure, but We can still put the goods on the shelf.
The positive data helped investors get rid of the influence of St. Louis Fed President Brad's speech. Brad called on the Fed to take a more hawkish stance in response to rising inflation. On the contrary, San Francisco Fed Chairman Daley called on the Fed to remain patient in the face of high inflation. She predicts that as the epidemic subsides, high inflation may subside on its own.
Investors have also been paying attention to who is nominated by US President Biden to be the chairman of the Federal Reserve. Powell's term will end in February 2022. Biden said on Tuesday that he will make a final decision in about four days.
Precious metals and crude oil
Spot gold fell from a high in more than five months on Tuesday and reported at US$1,850.63 per ounce in late trading. It reached US$1,87.15 per ounce earlier, the highest since June 14. The optimistic US October retail sales data pushed the US dollar to strengthen, which made gold. It is more expensive for holders of other currencies.
US retail sales in October increased more than expected, boosting the economy at the beginning of the fourth quarter and pushing the dollar to a 16-month high. Edward Moya, senior market analyst at OANDA, said the report shows that consumption can cope with high prices and maintain a fairly strong momentum, which is positive for risk appetite. This is a fairly strong retail sales report, so the gold prospects are facing increasing risks. Gold will slowly try to rise, but it is still possible to rise to $1,900 per ounce.
Since last Tuesday, the price of gold has risen by more than 2%. Previous data showed that consumer prices in the United States soared in October. Han Tan, chief market analyst at Exinity, said that as long as the Federal Reserve does not change its patience in raising interest rates, the view that the US inflation rate has not yet peaked should keep gold prices in good shape.
New York crude oil prices closed down on Tuesday, and they have been oscillating between ups and downs during the session, driven by factors such as the possible release of strategic oil reserves in the United States and concerns about fuel demand conversion.
After the Biden administration signaled that it was considering releasing crude oil from its strategic reserves, the U.S. Energy Information Administration stated that the impact of this move on oil prices would only be temporary, echoing the views of several analysts. At the same time, concerns about supply have risen as the Russian pipeline delays have led to soaring natural gas prices and have once again heightened concerns about power plants switching to oil as fuel.
Ed Moya, senior market analyst at Oanda Corp., said crude oil prices are still very volatile because energy traders are waiting for the Biden administration to make a decision on whether to use the strategic oil reserve. The energy market seems to believe that even if the US uses the strategic oil reserve, the benefits It will also be minimal.
John Kilduff, the founding partner of Again Capital LLC, said that the demand peak winter is coming, the market is still bullish and the market supply is tight. If they do not release their strategic reserves, prices will still rise easily.
Foreign exchange
The U.S. dollar hit a 16-month high on Tuesday. Previous data showed that American consumers turned a blind eye to price increases. Retail sales in October were higher than expected, while the euro plummeted, affected by growth concerns and another surge of new crown cases in Europe.
The US dollar index rose 0.41% to 95.90, hitting 95.97 earlier, the highest since July 2020. US data shows that retail sales have increased the most since March, and manufacturing output has rebounded.
U.S. retail sales in October increased by 1.7%, which is estimated to increase by 1.4%. This may be due to the continuing epidemic, and Americans eagerly started holiday shopping in advance to avoid empty shelves due to shortage of some goods.
Since last week's data showed that the U.S. Consumer Price Index (CPI) had its biggest rise since 1990, the U.S. dollar has been rising, which has intensified speculation that the Fed may raise interest rates sooner than expected.
Mazen Issa, senior foreign exchange strategist at TD Securities, said that if you look at the U.S. market, you will find that there are more speculations, at least in the implicit market pricing. It is expected that there will be more than one rate hike next year. In the U.S. CPI report last week After the dam was released, the dam just broke, and the US dollar and foreign exchange markets must follow this trend. Today's retail sales report adds fuel to the fire.
The euro fell 0.5% to 1.1309 against the US dollar, setting a new 16-month low due to option-related and momentum selling; next look at the psychological support at 1.1300, and then at 1.1290 Fibonacci retracement. Danske Bank analyst Lars Merklin said that we believe the repricing of the euro against the dollar is a fundamental/macroeconomic repricing of the value of the euro and the dollar. If the global narrative changes, the position will be a factor, otherwise, the euro against the dollar may continue to fall.
Mitsubishi UFJ Financial and Currency Analyst Lee Hardman said in a client report that fears that the situation may escalate and lead to vigorous tightening of restrictions in the coming months are damaging sentiment towards European currencies.
Among the G-10 currencies, only the pound rose against the dollar; the pound rose 0.1% to 1.3430 against the dollar; positive UK employment data increased the reason for the Bank of England’s December meeting to raise interest rates. Roberto Cobo Garcia of the Spanish Bank for Foreign Affairs said that we believe that if global market sentiment does not deteriorate significantly and political negotiations between the EU and the UK do not cause a major impact on the market, then these data and the intervention of the Governor of the Bank of England yesterday should be Help the pound before the December meeting.
The dollar against the yen rose 0.63% to 114.85, a new high since March 2017; the dollar against the Swiss franc hit a one-month high of 0.9312.
The Australian dollar fell 0.6% to 0.7303 against the US dollar; RBA Chairman Philip Lowe opened the door to the possibility of raising interest rates before 2024, and policymakers acknowledged that the accelerated rise in consumer prices last quarter has changed the inflation situation. The New Zealand dollar fell 0.79% to 0.6992 against the US dollar.
International news
[US API crude oil inventories increased by 655,000 barrels in the week of November 12, Cushing crude oil inventories decreased by 491,000 barrels, gasoline inventories decreased by 2.792 million barrels, and refined oil inventories increased by 107,000 barrels]
[St. Louis Federal Reserve Bank Chairman Brad: Interest rates of 3%-4% are not my basic expectations. Interest rates should be added to the pre-epidemic level. The end of debt reduction in the first quarter of next year will provide an earlier option for interest rate hikes. A more hawkish action is meaningful and can manage the risks caused by rising prices. The United States is expected to achieve higher productivity growth. Will support two interest rate hikes in 2022, which will depend on the data]
[U.S. President Biden: No decision has been made on the candidate for the chairman of the Federal Reserve. The decision on the candidate for the chairman of the Federal Reserve will be announced in about four days]
[US Treasury Secretary Yellen: By the second half of 2022, inflation may subside. New debt ceiling guidelines will be issued soon. Reiterate that if the debt ceiling is not raised, the United States will face downgrade risks. It is impossible to imagine that Congress will let the debt default happen. After December 3, there is not much time to deal with the debt ceiling. Reiterate that the debt ceiling procedure is hurting oneself. The cash from the Ministry of Finance will not last long after December 3]
[U.S. retail sales in October increased by 1.7% month-on-month (expected value of 1.5%), the third consecutive month of growth, and the growth rate was the highest since March, due to rising prices and resilience of household demand. However, although the total retail sales are much higher than before the epidemic, as companies pass on increasing labor and input costs to consumers, U.S. prices are rising at the fastest rate in 30 years, which may affect consumer confidence. This in turn leads to a slowdown in future demand]
[U.S. Department of Energy's downplay of SPR's impact on the oil market] Acting Administrator Steve Nalley of the U.S. Energy Information Administration (EIA) predicts that crude oil prices will fall by US$10/barrel in 2022, and U.S. crude oil production will increase substantially in 2022, still below 2019 The level of the year. EIA is studying the impact of US energy exports on prices. The impact of the release of the Strategic Petroleum Reserve (SPR) is quite short-lived. The release of oil reserves will reduce oil prices by US$2 per barrel. Blocking U.S. LNG exports will curb production.
Domestic news
[Beijing Stock Exchange opened two days generally stable and investors’ willingness to enter the market was positive] Two days before the Beijing Stock Exchange opened, trading of 81 stocks was generally stable, with a total turnover of 14.072 billion yuan. Among them, 10 new stocks rose by an average of 175.01%, with a turnover of 5.895 billion yuan. 68 non-suspended translation stocks went up and down, with a turnover of 8.177 billion yuan. The trading of 10 new stocks was relatively active, with an average turnover rate of 89.22% over the two days. On November 16, the two smart city concept stocks of Zhisheng Information and Hanxin Technology were among the top gainers, rising 12.71% and 4.37% respectively. The price continued the rising trend of the previous day. New investors were willing to enter the market and the pace of capital entry was stable. (Securities Times)
[Multiple positive signals are released, and consumer stocks are increasingly popular] As the end of the year is approaching, the large consumer sector, which has been released by multiple positive signals, has become active again. On November 16, the pharmaceutical and biological, food and beverage, household appliances and other sectors continued to lead the strong gains. Wind data shows that as of the close of the day, the food and beverage, biomedical, leisure services, and household appliances sectors of Shenwan's first-level industries rose 2.28%, 2.23%, 0.64%, 0.54%, the turnover of the two cities exceeded one trillion yuan for 18 consecutive trading days. Many institutions said that the main line of market investment in the future may shift to a more stable sector, and the consumer market is expected to return. Everbright Securities predicts that there will be a directional change in the main line of market investment in 2022, and the overall style will shift to a more stable sector, focusing on re-returning consumer markets, such as liquor, medicine, aviation, airports, hotels, home appliances, new energy vehicles, and food And other industries or directions. (Economic Information Daily)
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