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August 24th - According to the Fujian Provincial Flood Control and Drought Relief Headquarters, affected by the monsoon trough and Typhoon Chanlavy, coastal and southern Fujian experienced heavy rain today (August 24th), with 24-hour cumulative rainfall of 60-130 mm, locally reaching 250 mm, and a maximum hourly rainfall of 90 mm. At 10:30 AM on the 24th, the Fujian Provincial Flood Control and Drought Relief Headquarters upgraded its flood control emergency response to Level III while maintaining its typhoon emergency response at Level IV.August 24th - According to the China Earthquake Networks Center, a 4.7-magnitude earthquake struck Changning County, Yibin City, Sichuan Province (28.33°N, 104.98°E) at 8:26 AM on August 24, 2026, with a focal depth of 5 kilometers. Following the earthquake, the China Earthquake Administration activated a Level IV emergency response, coordinating with the China Earthquake Networks Center and the Sichuan Provincial Earthquake Administration to conduct emergency response, requiring relevant units to hold joint consultations, strengthen seismic monitoring and analysis, and promptly report relevant information.August 24th - It is expected that from August 24th to 26th, under the combined influence of Typhoon No. 19 "Zitan" and Typhoon No. 20 "Janlavy", heavy rainfall will occur in eastern and southern Guangxi, Guangdong, northern and western Hainan, Fujian, central and southern Jiangxi, central and southern Hunan, and southeastern Zhejiang. The cumulative rainfall is expected to be 50-80 mm, with some areas in southeastern Guangxi, Leizhou Peninsula of Guangdong, northwestern Hainan, southern coastal areas of Zhejiang, and coastal areas of Fujian receiving 90-150 mm of cumulative rainfall, and some areas exceeding 200 mm. It is predicted that the Zuojiang River in Chongzuo section of Guangxi will experience floods exceeding the guaranteed level, and the Yujiang River in Nanning section will experience floods exceeding the warning level. The main stream of the upper reaches of the Heilongjiang River from Huma to Zhangdiyingzi Township and the Dongji section of the middle reaches of the main stream, the Haiqing section of the Ussuri River, and Taihu Lake will remain above the warning level. Major rivers such as the Beijiang, Dongjiang, and Hanjiang Rivers in the Pearl River Basin, the Nandujiang and Changhuajiang Rivers in Hainan, the Minjiang, Jiulongjiang, and Feiyunjiang Rivers along the Zhejiang and Fujian coasts, the middle reaches of the Yellow River between Shanxi and Shaanxi, the Yongding River and Hutuo River in the Haihe River Basin, and the Yalu River, the border river in Northeast China, will experience rising water levels. Some small and medium-sized rivers in the rainstorm area may experience floods exceeding the warning level.The Hang Seng Tech Index fell further to 4%, with MINIMAX-W (00100.HK) dropping more than 10%.Blue Cloud Software Technology Solutions has signed a $150 million master services agreement with SpaceX (SPCX.O) Malaysia.

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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