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On January 21st, Daiwa Securities issued a research report re-evaluating its forecast for Tencents (00700.HK) performance last quarter. The report anticipates a slowdown in the groups domestic gaming business due to seasonal factors and a high base effect, while the international gaming business is expected to stabilize after an exceptionally strong third quarter. Furthermore, the report states that recruitment costs for AI talent and GPU leasing will put upward pressure on operating expenses. The report lowered its forecast for the groups gaming revenue for the period due to Tencents overall weak revenue performance last quarter, expecting domestic gaming revenue to reach RMB 37.3 billion, representing a year-on-year increase of 12% but a quarter-on-quarter decrease of 13%. Daiwa lowered its 2026-2027 earnings per share forecast for Tencent by 1-2%, reiterated its "Buy" rating, but lowered its target price from HKD 750 to HKD 725.Apples status page indicates that the issues with the App Store, Apple TV, and iTunes Store have been resolved.Piper Jaffray: Lowered its target price for Netflix (NFLX.O) from $140 to $103.On January 21st, several securities industry professionals stated that the official opening of the Hainan Free Trade Port is a significant milestone in my countrys financial opening-up process, and securities firms have a significant role to play in this process. Currently, securities firms are deeply involved in the construction of the Hainan Free Trade Port through multiple paths, including cultivating local industrial chains, expanding cross-border asset management business, and assisting in state-owned enterprise reform. Beyond industrial empowerment, cross-border asset management is becoming another key area for securities firms expansion in Hainan. According to information on the official website of the Hainan Securities Regulatory Bureau, seven institutions, including Jinyuan Securities and Wanhe Securities, have already completed the registration for pilot cross-border asset management business in the Hainan Free Trade Port.On January 21, China Merchants Bank issued an announcement regarding the optimization of the implementation of the fiscal subsidy policy for personal consumer loans. According to the relevant provisions of the "Notice on Optimizing the Implementation of the Fiscal Subsidy Policy for Personal Consumer Loans (Caijin [2026] No. 1)," China Merchants Bank will provide services to eligible personal consumer loan customers and credit card installment customers under the adjusted subsidy policy starting January 1, 2026. Personal consumer loan customers who have previously signed the "Supplementary Agreement on Personal Consumer Loan Subsidy" will automatically be subject to the latest subsidy policy starting January 1, 2026. China Merchants Bank does not charge any service fees for processing personal consumer loans and credit card installment interest subsidies and has not cooperated with any loan intermediaries or individuals.

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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