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June 26 – On June 26, the institutional reform of the Executive Committee of the Hengqin Guangdong-Macao In-Depth Cooperation Zone was officially launched, with the newly established and renamed working bodies fully operational. This round of reform closely adheres to the original mission of serving the moderate diversification of Macaos economy, systematically optimizing and integrating the Executive Committees organizational structure, functional allocation, and boundaries of authority and responsibility, further constructing a scientific, standardized, efficient, and characteristic responsibility framework system for Hengqin.On June 26, Wang Hongzhi, a member of the Party Leadership Group of the National Development and Reform Commission and Director of the National Energy Administration, stated at a press conference held by the State Council Information Office that energy demand will continue to grow during the 15th Five-Year Plan period. We will always prioritize energy security, adhere to a bottom-line mentality and a systematic approach, and focus on three key areas. First, we will ensure the "development" and "reservation" of fossil fuels. Coal is our greatest source of stable energy supply, and we must base our efforts on this national condition to build strong coal bases. For oil and gas, we will increase domestic exploration and development efforts, stabilize oil production, and increase natural gas supply. At the same time, we will strengthen energy reserves, improve the oil and gas reserve system, enhance coal-to-oil and gas production capacity and technology reserves, and improve coal production capacity reserves. Only in this way can we ensure unwavering security. Second, we will significantly increase the supply of non-fossil energy. Third, we will expand our network of energy cooperation partners.June 26 - On the morning of June 26, President Xi Jinping met with Tariq Rahman, Prime Minister of the Peoples Republic of Bangladesh, who was on an official visit to China, at the Great Hall of the People in Beijing.Sources say Iraqs national oil company SOMO has tendered for crude oil shipments in July.U.S. stock index futures continued to decline, with Nasdaq 100 futures falling more than 1%, S&P 500 futures down 0.42%, and Dow Jones futures down 0.08%.

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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