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A spokesperson for the Iranian Foreign Ministry stated that Iran will not agree to the request made by International Atomic Energy Agency Director General Grossi to visit the damaged nuclear facilities.On July 13th, Citigroup strategists stated that the UK stock markets strong defensive nature and heavy commodity weighting are diminishing its appeal as geopolitical tensions ease. A team led by Beata Manthey downgraded the UKs rating in their global asset allocation from "overweight" to "underweight," favoring investments in the US and Japanese markets. The team maintained a "neutral" rating for European markets excluding the UK. The team stated, "The UK markets strong defensive nature and high commodity weighting have diminished its appeal in an environment of earnings growth and market leadership diffusion." Benefiting from its approximately 10% energy stock weighting, the UK benchmark FTSE 100 index performed exceptionally well until mid-April, with energy stocks such as BP and Shell benefiting from the oil price surge caused by the Iran conflict. Meanwhile, the indexs nearly 35% allocation to defensive sectors such as healthcare and consumer staples made it a relatively safe haven during periods of geopolitical tension or economic recession. However, since the US-Iran ceasefire was announced on April 8th, the FTSE 100 has significantly underperformed.Iranian Foreign Ministry Spokesperson: The region has been in turmoil and instability for the past four months due to the presence of US troops; we have always hoped that countries in the region can learn a lesson from this.Iranian Foreign Ministry spokesman: The mediators are continuing their efforts to facilitate a settlement between Iran and the United States, including recent efforts.July 13th - Recent changes to Cainiaos domestic supply chain have attracted widespread attention both internally and externally. According to sources familiar with the matter, the previous claim that Cainiaos supply chain had "floated onto Taotian" is inaccurate. In reality, it is an N-company within Alibabas e-commerce business group, operating independently alongside Taotian, and continuing to expand its external market business. As a crucial part of Alibabas logistics system, Alibaba will continue to increase its investment in this area.

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

 截屏2022-08-04 下午5.25.46_1024x576.png

 

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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