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Iran says it struck Israeli radar centers and airports on Saturday.The Israeli military has confirmed that Iran launched a missile.On March 29th, the Guangdong Provincial Administration for Market Regulation, in conjunction with the Guangzhou Municipal Administration for Market Regulation, held a symposium for platform enterprises. The meeting focused on issues such as regulating fair and rational competition in the platform economy, providing administrative guidance to platform enterprises, and jointly proposing implementation measures. The meeting pointed out that Guangdong Province and Guangzhou City, leveraging their traditional industrial advantages, have a large number of operators and significant business volume on leading platforms nationwide. Platform rules are crucial for the operation and development of small and micro-sized businesses. The meeting encouraged platforms to take effective measures to strengthen compliance, improve compliance levels, and focus on innovative, standardized, and win-win development. Efforts should be made to continuously strengthen compliance in areas such as regulating competitive behavior, respecting merchants independent operating rights, implementing quality grading and control, protecting the rights and interests of small and micro-sized businesses, empowering the incubation of high-quality brands, and protecting the legitimate rights and interests of consumers. This will jointly resist "involutionary" competition, promote high-quality development of the industry, and drive out inferior players with superior ones.March 29th - With the Iraq War nearing its one-month mark, shipping through the Strait of Hormuz continues to be disrupted, disrupting the global energy supply system and causing international oil prices to soar. Wan Zhe, a professor of economics at Beijing Normal University, stated that firstly, global inflation faces a full-scale rebound, and rising oil prices will be transmitted along the entire industrial chain. Costs across all industries, including energy, food, transportation, and chemicals, will surge, with economies highly dependent on energy imports, such as Europe, Japan, and India, facing even greater pressure. The US is a net energy exporter, but inflationary stickiness may become completely entrenched, putting the Federal Reserves monetary policy in a dilemma. Currently, the average price of gasoline in the US has surged by more than 30% in three weeks, directly reversing the previous downward trend in inflation and completely altering market expectations for interest rate cuts. A prolonged high-interest-rate environment will directly suppress the US real estate market, corporate financing, and stock market valuations. Especially this year is a US midterm election year, and gasoline prices are one of the most sensitive livelihood indicators for American voters. For global economic growth, there will be a slowdown, as high oil prices directly erode disposable income, squeeze non-energy consumption, and also increase production costs for businesses.On March 29th, the Victorian government announced in an email that residents of the state would not have to pay for public transport for one month, starting March 31st. The Tasmanian government stated in a press release that it would waive bus and ferry fares from March 30th to July 1st. Australia faces a significant risk to fuel supplies, with hundreds of petrol stations reporting fuel shortages and disruptions occurring in agriculture and mining. Australian Prime Minister Albanese reassured anxious households and businesses on Friday that short-term supplies were secure.

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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