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Indias Trade Minister: India is increasing regulatory barriers with Japan to help expand exports.On July 2nd, Futures News reported that the situation in the Middle East improved this period, with the US and Iran reaching a memorandum of understanding. Affected by this, crude oil prices remained weak, with the change rate deepening into negative territory. According to Zhuochuang Informations calculations, as of the close of trading on July 1st, the crude oil change rate for the 9th working day was -19.31%, with gasoline and diesel prices expected to decrease by 855 yuan/ton. With only one working day left before the price adjustment window, there is a high probability of a significant reduction in retail prices of refined oil products at 24:00 on July 3rd. This reduction would be the first "three consecutive drops" this year, with a significant cumulative decrease, further reducing fuel costs for consumers as the summer vacation begins.On July 2nd, Minister Li Lecheng of the Ministry of Industry and Information Technology chaired a Party Group meeting on the afternoon of July 1st. The meeting emphasized the need to practice the people-centered development philosophy, follow the Partys mass line in the new era, formulate and implement the "15th Five-Year Plan" series for the industrial and information technology sectors, consolidate the steady and positive trend of the industrial economy, focus on improving the quality of the manufacturing supply system and the service level of the information and communication industry, earnestly address the urgent needs and concerns of the people, and strive to ensure that the people have a more substantial sense of gain, a more sustainable sense of happiness, and a stronger sense of security. The meeting stressed the importance of enhancing the ability to fight. It called for strengthening awareness of potential dangers, adhering to bottom-line thinking, carrying forward the spirit of struggle, shouldering heavy responsibilities, rising to challenges, and preventing and resolving risks and hidden dangers from all aspects. The meeting also emphasized strengthening the security protection of national critical information infrastructure, improving network and data security capabilities, and firmly safeguarding the bottom line of artificial intelligence security.July 2nd – The State Council Taiwan Affairs Office held a regular press conference this morning, hosted by spokesperson Zhu Fenglian. ETtoday reporter from Taiwans ETtoday asked: "Currently, the value and proportion of goods exported to the mainland under the ECFA are showing a downward trend. There are concerns that the remaining early harvest list items under the ECFA will continue or may be completely terminated. What is your comment on this?" Zhu Fenglian replied: "In June 2010, based on the political foundation of the 1992 Consensus, the two sides of the Taiwan Strait signed the Cross-Strait Economic Cooperation Framework Agreement (ECFA). Over the years, we have earnestly fulfilled our commitments, promoting and guaranteeing the effectiveness and implementation of the ECFA, bringing tangible benefits to relevant enterprises and people on the island, especially small and medium-sized enterprises and farmers and fishermen. Before taking office, the DPP attacked the ECFA; after taking office, it seriously obstructed its implementation. Not only did it fail to take concrete measures to remove discriminatory trade restrictions against the mainland, but it also continuously and escalated its actions by revising rules and setting up obstacles, maliciously hindering and undermining normal cross-strait economic exchanges and cooperation, forcing relevant mainland departments to suspend tariff reductions on some ECFA products. The responsibility for this lies entirely with the DPP authorities."Türkiyes car sales rose 11.4% year-on-year in June, but fell 8.19% year-on-year in the first half of the year.

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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