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Hong Kong stocks opened higher and continued to rise, with the Hang Seng Index up more than 1% in the morning session and the Hang Seng Tech Index up 1.62%.On Monday, August 17, the Hang Seng Index opened 186.56 points higher, or 0.74%, at 25,303.41; the Hang Seng Tech Index opened 53.58 points higher, or 1.14%, at 4,761.2; the H-share Index opened 71.04 points higher, or 0.85%, at 8,411.87; and the Red Chip Index opened 18.92 points higher, or 0.46%, at 4,151.61.Hong Kong stocks opened higher, with the Hang Seng Index up 0.74% and the Tech Index up 1.14%. Gold and chip stocks generally rose. SenseTime (00020.HK) jumped over 7%, while Zijin Mining International (02259.HK) and JD.com (09618.HK) rose over 3%.Hang Seng Index futures opened 0.79% higher at 25,291 points, a premium of 174 points.August 17th - It is reported that the implementation plan for this years new policy-based financial instruments has recently been issued to local governments, who will then submit project applications accordingly. Unlike last year, this year the government will provide interest subsidies for eligible funds from these new policy-based financial instruments; in terms of investment allocation, it will emphasize key support for private investment and industrial projects. By 2025, policy-based financial instruments will primarily invest in the digital economy, artificial intelligence, consumer infrastructure, and urban renewal areas such as transportation, energy, and underground pipeline construction and renovation. This year, the allocation of new policy-based financial instruments has been further optimized, with a greater emphasis on supporting private investment projects and industrial projects.

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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