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February 9th – At a regular press conference on February 9th, Foreign Ministry Spokesperson Lin Jian addressed a reporters question regarding the Japanese House of Representatives election. Lin Jian stated that China urges the ruling Japanese authorities to face up to, rather than ignore, the concerns of the international community, and to follow the path of peaceful development rather than repeating the mistakes of militarism. He stressed the need to abide by the four political documents between China and Japan, rather than betray them. He asserted that if the far-right forces in Japan misjudge the situation and act recklessly, they will inevitably face resistance from the Japanese people and a strong counterattack from the international community. Chinas policy towards Japan remains stable and consistent and will not change due to any single Japanese election. He reiterated Chinas urging to Japan to retract its erroneous remarks regarding Taiwan made by Kaohsiung City and demonstrate its basic sincerity in upholding the political foundation of China-Japan relations through concrete actions.February 9th - Data from the Comprehensive Transportation Spring Festival Travel Rush Task Force shows that on February 8th, 2026 (the 7th day of the Spring Festival travel rush, the 21st day of the twelfth lunar month, Sunday), the total cross-regional passenger flow reached 227.713 million person-times, an increase of 2.3% compared to the previous day and 2.3% compared to the same period in 2025 (Monday). Among them, railway passenger volume was 13.442 million person-times, a decrease of 2.7% compared to the previous day and 1.1% compared to the same period in 2025.According to TASS, Russian Foreign Minister Lavrov stated that Russia remains open to cooperation with the United States, but it is the United States itself that is creating artificial obstacles.February 9th Futures News: On February 9th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 131,447 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 3,880 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 13,580 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 26,490 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,464,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 23,140 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.February 9th, Futures News: As of 15:00 Beijing time, spot platinum rose 0.50%, and spot palladium rose 3.81%.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

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