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On September 5th, the U.S. State Department issued a statement on the 4th, saying it had approved the sale of military equipment to Saudi Arabia and Oman, with estimated sales of $5.75 billion and $188 million respectively. The statement said the arms sale to Saudi Arabia includes 5,004 500-pound bombs, 5,000 2,000-pound bombs, and corresponding guidance systems, estimated at $5 billion; and 60 engines for Abrams main battle tanks, estimated at $750 million. The State Department also approved the sale of F-16 fighter jet support services and related equipment to Oman. According to U.S. media reports, these foreign military sales still require approval from the U.S. Congress.Sources say the White House has begun reviewing candidates to succeed the U.S. Deputy Secretary of Defense.On September 5th, it was announced that Hong Kong Chief Executive John Lee will release the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)" on September 16th, followed by a new Policy Address. He emphasized that the "First Five-Year Plan for Hong Kong" will formulate macro-strategies, clarify development directions, and align with the national "15th Five-Year Plan"; the Policy Address will focus on specific measures. The two are interconnected and mutually reinforcing. Lee pointed out that in the past few years, under the formulation and implementation of the measures outlined in the Policy Address, continuous efforts have been made in various aspects such as finance, innovation and technology, and education. These efforts have ensured the effective operation of the Central Gold Clearing System, built a commodity trading ecosystem, continuously attracted leading global companies to the Lok Ma Chau Loop Hong Kong Industrial Park, and constructed the North City University Town, bringing new momentum and opportunities to Hong Kong.On September 5, the Russian Foreign Ministry issued a statement on its official website on September 4, lodging a strong protest against Ukraines navigational notice claiming that "Russian airspace is no longer safe," which it deemed a distortion of facts and misleading to users of Russian airspace. The Russian side stated that Ukraines remarks posed a direct threat to civil aviation, and relevant Russian departments are in contact with the International Civil Aviation Organization (ICAO) and have issued an urgent appeal to the ICAO Secretary General. The statement reiterated Russias unwavering commitment to ensuring the safety of civil aviation.September 5th - According to the Fujian Provincial Flood Control and Drought Relief Headquarters, rainfall in Fujian Province has weakened. At 5:00 AM today, Typhoon Krowang was approximately 240 kilometers northwest of Naha City in the Ryukyu Islands, with maximum sustained winds near its center reaching level 9. It is expected that Krowang will move southward at a speed of 15-20 kilometers per hour, passing near the fishing grounds outside Fujian during the day with little change in intensity. The Fujian Provincial Flood Control and Drought Relief Headquarters terminated its flood control emergency response at 9:00 AM on September 5th but maintained a Level IV typhoon emergency response.

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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