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On May 31, it was confirmed by multiple sources that the "Plan for Further Deepening the Reform of State-owned Assets and Enterprises (2026-2029)" has been issued. Public information shows that since May, Shandong, Henan, and Hubei provinces have held provincial party committee standing committee meetings to study the work of deepening the reform of state-owned assets and enterprises in their respective provinces. Yuxi High-tech Zone in Yunnan Province, Peixian County in Xuzhou City, Jiangsu Province, and Etuoke Banner in Inner Mongolia have successively conveyed and studied the "Plan." At the central enterprise group level, China Electric Equipment Group held a 2026 Deepening Reform and First-Class Construction Work Conference on May 12. The conference required the entire group to thoroughly study and understand the contents of the "Plan" and formulate reform plans and reform ledgers that conform to the actual development of the group. All subsidiaries at all levels should, in accordance with the unified deployment of the group, systematically plan the next round of reform actions and go all out to promote a high-quality and high-standard start to the deepening reform.According to Irans Tasnim News Agency, Iranian Parliament Speaker Qalibaf stated that the task of diplomacy is to translate military victories into political and legal outcomes.On May 31, Iranian Parliament Speaker Mohammad Ghalibaf, in his opening remarks at the first session of the third year of the 12th Parliament, stated that the fighters in the diplomatic arena have absolutely no trust in the words and promises of their enemies. Irans sole criterion is the attainment of tangible, objective results; only on this basis will Iran fulfill its commitments. Iran will never ratify any agreement until the legitimate rights and interests of the Iranian people are fully guaranteed.On May 31, it was reported that a San Francisco-based robotics startup plans to send an upgraded humanoid robot to Ukraine this year for continued military testing, according to a May 30 report from the United States. The company representative stated that the data collected in Ukraine will provide insights for future cooperation with the U.S. military, and the company plans to use the humanoid robot for frontline testing within 18 months. Neither the Ukrainian nor the U.S. Department of Defense has responded to the reports.On May 31, Aerolineas Argentinas announced the cancellation of its special World Cup flights to Miami, USA, due to rising fuel prices. In February, Aerolineas Argentinas announced special World Cup flights from Rosario, Córdoba, and Tucumán to Miami, USA, starting June 8, to facilitate viewing for fans in inland Argentina. Now, because rising fuel costs have impacted the expected profitability of these flights, Aerolineas Argentinas has decided to cancel them. Passengers who have already purchased tickets for these flights will be rebooked on alternative flights departing from Buenos Aires.

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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