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April 22nd - The Middle East conflict has led to rising global aviation fuel costs, putting pressure on airlines. According to data from aviation analytics firm Rescommend, 19 of the worlds 20 largest airlines plan to cut flights in May. Rescommends analysis shows that global airlines planned capacity in May is down by about 3% compared to early March. The agency previously predicted that global capacity would grow by 4% to 6% for the whole year, but now judges that in some cases, full-year capacity may even decline, by as much as 3%. On Tuesday, local time, Lufthansa announced that it would cancel approximately 20,000 flights between May and October. Furthermore, Lufthansa stated that it would suspend some low-profit routes from Munich and Frankfurt from now until around mid-October. Lufthansa stated that aviation fuel prices have doubled since the outbreak of the Middle East conflict. The latest measures may help it save approximately 40,000 tons of aviation fuel.Sources say the Sizlan oil refinery in Russia has halted oil processing following the drone attack on April 18.Tesla (TSLA.O) executive: Model YL deliveries will begin in India this quarter.April 22 – It was learned today that during a recent on-site inspection of drugs overseas, the National Medical Products Administration (NMPA) discovered that two Indian companies had implemented changes to their colchicine raw material production processes without obtaining approval or filing as required by relevant Chinese laws and regulations, which does not comply with the requirements of my countrys Good Manufacturing Practice (GMP) for pharmaceuticals and its appendices. Based on the Drug Administration Law of the Peoples Republic of China and other regulations, the NMPA has decided to suspend the import of colchicine raw materials from these two companies, effective immediately. These raw materials are prohibited from sale in my country and from use in pharmaceutical preparations. Drugs already produced using these raw materials will not be released. For drugs already marketed, the NMPA requires marketing authorization holders to immediately conduct investigations and assessments, and take necessary risk control measures based on the assessment results.On April 22, Foreign Ministry Spokesperson Guo Jiakun hosted a regular press conference. In recent years, China has made continuous breakthroughs in emerging fields such as artificial intelligence, quantum technology, and manned spaceflight, and the popularity of "Made in China" is catching up with that of "Created in China." However, some countries still question whether China has infringed on intellectual property rights and "stole" cutting-edge technologies in key areas, and have issued various bans against China on this basis. What is the spokespersons comment on this? Guo Jiakun stated that protecting intellectual property rights is protecting innovation and safeguarding high-quality development. China has become a major intellectual property power in the world, ranking first in international patent applications for many years. China is not only the "worlds factory" but is also growing into a "global innovation laboratory." The so-called "stealing" of intellectual property rights is completely unfounded. Chinas development relies on its own unremitting efforts and also benefits from mutually beneficial international cooperation.

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

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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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