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On Monday, April 20, the Hang Seng Index opened 44.28 points higher, or 0.17%, at 26,204.61; the Hang Seng Tech Index opened 16.9 points higher, or 0.34%, at 5,059.58; the H-share Index opened 11.23 points higher, or 0.13%, at 8,856.25; and the Red Chip Index opened 8.71 points higher, or 0.2%, at 4,334.43.The Peoples Bank of China (PBOC) announced today that it conducted 500 million yuan of 7-day reverse repurchase operations, with a bid amount of 500 million yuan and a winning bid amount of 500 million yuan. The operation rate was 1.40%, unchanged from the previous rate.April 20th - Hong Kong and China Gas Company Limited and Tencent Holdings (00700.HK) recently reached a new round of strategic cooperation. The two parties will engage in in-depth cooperation in areas such as unified cloud resource management, digital platform construction, big data modeling and AI applications, user operation capability enhancement, and collaborative R&D tools.On April 20th, Morgan Stanley released a research report stating that it remains bullish on A-shares looking ahead to the end of the year, predicting a moderate upside of approximately 5-10% for the Chinese stock market by the end of the year. This is primarily attributed to factors such as easing e-commerce competition, a more balanced index composition, and the emerging advantages of upstream/green technology. The report reiterates its year-end target of 27,500 points for the Hang Seng Index and 90 points for the MSCI China Index. The report states that the Chinese stock market has lagged behind its major Asian peers year-to-date, mainly due to the continued pressure on the heavyweight internet sector amid the "ByteDance effect" and intensified e-commerce competition, which has masked the steady gains in sectors such as energy, materials, industrials, semiconductors, and healthcare. Furthermore, the report notes that the index compilation rules have resulted in insufficient weighting of well-performing upstream/technology companies in the indices, leading to an overall undervaluation of the Chinese stock market.On Monday, April 20, the Shanghai Gold Exchanges gold T+D contract fell 0.24% to 1049.9 yuan/gram in early trading; the Shanghai Gold Exchanges silver T+D contract rose 1.49% to 19836.0 yuan/kilogram in early trading.

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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