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On August 21, the preliminary reading of S&P Global Eurozone Composite PMI Output Index rose to 52.1 from 52.0 in July, the highest level since November and exceeding market expectations of 51.7. For the past five months, final figures have consistently exceeded preliminary readings. New orders grew at their fastest pace in 40 months; meanwhile, export orders, including intra-Eurozone trade, saw their first increase since the Russia-Ukraine war in February 2022. The survey also showed some easing of price pressures. S&P Global economist Chris Williamson stated, “Manufacturing once again led the way, while services played a supporting role, achieving relatively robust growth for the second consecutive month after a sluggish second quarter. We are again seeing businesses increasing inventory as a precautionary measure due to continued disruptions to Middle Eastern supply chains, helping to support goods-producing sectors. However, there are also some encouraging signs: demand for AI-related technologies is growing, while higher defense spending is driving equipment demand, which has particularly helped Germany achieve increasingly significant output growth.”The European Central Banks 3-year CPI forecast for the Eurozone in July is 2.7%, compared to a previous reading of 2.80%.The European Central Banks 1-year CPI forecast for the Eurozone in July is 2.9%, down from 3.00% previously.On August 21, the State Administration for Market Regulation announced the launch of ten landmark projects for strengthening the quality supply chain in 2026. The expected results will precisely fill urgent gaps in key areas and further enhance quality support for key industries. The projects will continue to focus on key areas such as high-end instruments and meters, new energy, and industrial robots, with ongoing in-depth research and development. Simultaneously, keeping pace with industrial iteration and development, the projects will expand into new areas such as embodied intelligent robots and solid-state power batteries. Targeting industry development hotspots, the projects will add key areas such as industrial mother machines, drones, and advanced synthetic biology manufacturing. This year, the overall layout of the quality supply chain strengthening project emphasizes strategic planning, cutting-edge technology, and effectiveness, coordinating all elements of the quality infrastructure chain, including standards, metrology, inspection and testing, and certification and accreditation, and deploying 166 key tasks on a rolling basis.The Eurozones preliminary services PMI for August was 51.7, below the expected 51.5 and the previous reading of 51.7.

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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