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JPMorgan Chase lowered its price target for Apple (AAPL.O) from $345 to $340.On July 31st, the National Development and Reform Commission (NDRC) held its July press conference. An NDRC spokesperson stated that to accelerate the planning and construction of the "six networks," the NDRC, together with relevant departments and local governments, has precisely formulated specific plans or implementation schemes for each network, striving to quickly generate tangible results. Next, the NDRC will work with relevant parties to emphasize multi-network synergy, hardware and software synergy, and scenario synergy, expediting the refinement and implementation of specific plans and accelerating construction according to local conditions and industry needs. Jiang Yi, Director of the Policy Research Office and spokesperson for the NDRC, introduced that during the 15th Five-Year Plan period, the planned investment in new power grids exceeds 5 trillion yuan. Through innovation in power grid architecture, transmission and energy storage technologies, and power supply services, it aims to better meet electricity demand and the consumption of new energy sources, and enhance the ability to respond to natural disasters and recover quickly. During the 15th Five-Year Plan period, the planned investment in underground pipeline networks is approximately 5 trillion yuan, which will accelerate the improvement of weaknesses in gas, water supply and drainage, and heating, enhancing the safety and resilience of urban infrastructure and the quality of life for the people.On July 31, Jiang Yi, Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, stated at a press conference that it is necessary to strengthen the monitoring and prevention of artificial intelligence risks, establish and improve the technology monitoring, risk warning, and emergency response system, adhere to the principle that the development of artificial intelligence should be led by people, used by people, and for the benefit of people, and actively respond to the impact of artificial intelligence on economic operation, employment distribution, and other aspects.On July 31, Jiang Yi, Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission (NDRC), stated at a press conference that my countrys independent innovation in artificial intelligence (AI) accelerated in the first half of the year, achieving breakthroughs across the entire industry chain and multiple links. Domestic companies such as DeepMind and Lunar Dark Side released open-source large-scale models with parameters reaching trillions, and the global downloads of domestically developed large-scale models exceeded 10 billion. Going forward, the NDRC will coordinate high-quality development and high-level security to ensure that AI, like a thoroughbred horse, runs both fast and steadily. First, it will accelerate independent innovation, focusing on cutting-edge areas such as the basic theory, training, inference efficiency, multimodal development, and intelligent agents of large-scale models, strengthening basic research and technological innovation. Second, it will emphasize application, accelerating the construction of national AI application pilot bases. Third, it will deepen the ecosystem, vigorously cultivate AI-derived enterprises, and focus on maintaining a dynamic balance between development and security, accelerating the legislative process for an AI law.The yen erased more than half of its gains against the dollar following overnight intervention.

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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