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August 17th - According to Shanghai Customs statistics, in the first seven months of this year, Shanghais ship exports reached 40.09 billion yuan, a year-on-year increase of 64.1%, with high-end vessels such as liquid cargo ships and large container ships accounting for 83.9%. Shanghai is an important industrial base for high-end shipbuilding and marine engineering equipment in my country, possessing a relatively complete system for R&D, design, assembly, construction, core components, and supply chain services. Surveys show that major shipbuilding companies in Shanghai currently have full production capacity and ample order backlogs, with some companies production schedules extending to 2030.According to Shanghai Customs statistics, in the first seven months of this year, Shanghais ship exports reached 40.09 billion yuan, a year-on-year increase of 64.1%, with high-end vessels such as liquid cargo ships and large container ships accounting for 83.9%. Shanghai is an important industrial base for high-end shipbuilding and marine engineering equipment in my country, possessing a relatively complete system for R&D, design, assembly, construction, core components, and supply chain services. Surveys show that major shipbuilding companies in Shanghai currently have full production capacity and ample order backlogs, with some companies production schedules extending to 2030.On August 17th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.1020%, and the lowest was 0.7100%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0120%, and the lowest was 0.9000%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0550%, and the lowest was 0.9020%.On August 17th, Jia Yueting, founder, partner, and chief product and user ecosystem officer of Faraday Future (FF), announced that FF robots have entered a new stage of rapid revenue growth and are exploring independent financing and listing for robots.On August 17th, Futures News reported that South Africas platinum group metals (PGM) production declined by 8.4% year-on-year in June, becoming the main factor dragging down the countrys total mining output, which fell by 4.0% year-on-year in June. PGM production had surged by 36.5% year-on-year in April due to a low base, but turned negative in May and June, indicating that the recovery on the supply side was slower than expected. Mineral sales benefited from high year-on-year growth in international platinum and palladium prices. The data are preliminary; the National Bureau of Statistics does not break down the physical production of individual platinum and palladium products.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

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In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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