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Apple (AAPL.O) CEO Tim Cook: I have spoken with Trump about the Minnesota incident.January 28th – The State Council Information Office held a press conference this morning to introduce the high-quality development of state-owned enterprises (SOEs) and answer questions from reporters. A relevant official from the State-owned Assets Supervision and Administration Commission (SASAC) stated that over 70% of the revenue of central SOEs comes from sectors related to national security, the lifeline of the national economy, and peoples livelihoods. Strategic and professional restructuring and integration have been carried out in an orderly manner, with four new central SOEs established since 2023, resulting in continuous optimization of resource allocation.January 28th - The likelihood of a February rate hike by the Reserve Bank of Australia (RBA) is significantly increasing, with three of the countrys four major commercial banks now predicting a 25 basis point increase at the RBAs meeting on February 3rd. National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA) have been consistently calling for a rate hike since December, while ANZ Bank shifted its forecast to tightening after todays inflation data release. Following stronger-than-expected increases in both headline and cut-off mean inflation, ANZ now expects the RBA to raise rates by 25 basis points next week. However, the bank views this as a one-off "insurance" rate hike rather than the start of a sustained tightening cycle, reflecting uncertainty about the pace of inflationary pressure easing in the second half of 2026. After the inflation data release, the expected probability of a 25 basis point rate hike rose from approximately 62% to approximately 73%, highlighting the markets growing confidence that the RBA can no longer remain inactive in the face of persistently above-target inflation and a still-tight labor market. With the three major banks reaching an agreement on raising interest rates in February, market focus is shifting from "whether they will act" to "how they will interpret the action"—whether it is a risk management measure to deal with persistent inflation or the first step in a new round of tightening.On January 28, the Supreme Peoples Court held a press conference to introduce the handling of intellectual property cases since the establishment of the Intellectual Property Court on January 1, 2019. According to the report, in the seven years since its establishment, the Intellectual Property Court has actively practiced the concept that "protecting intellectual property is protecting innovation," achieving significant results in incentivizing and safeguarding technological innovation, maintaining fair market competition, serving high-level opening-up, and deepening judicial reform. It accepted 24,602 cases and concluded 23,069. It has effectively strengthened protection, applying punitive damages in 58 cases, totaling 2.05 billion yuan in compensation, with an average of over 35 million yuan per case; and awarding high-value damages exceeding 10 million yuan in 73 cases, totaling 5.24 billion yuan in compensation, with an average of nearly 72 million yuan per case.January 28th – The State Council Information Office held a press conference this morning, where relevant officials from the State-owned Assets Supervision and Administration Commission (SASAC) introduced the overall achievements and highlights of the high-quality development of state-owned enterprises (SOEs) during the 14th Five-Year Plan period. During this period, the total assets of central SOEs successively surpassed the thresholds of 70 trillion yuan, 80 trillion yuan, and 90 trillion yuan, with an average annual growth rate of 6.9%; their added value reached 51.3 trillion yuan, a 44.6% increase compared to the 13th Five-Year Plan period; and their total profits reached 12.7 trillion yuan, a 56.2% increase compared to the 13th Five-Year Plan period.

Copper Decreases Due to COVID Unrest in China, While Gold Decreases

Aria Thomas

Nov 28, 2022 16:15

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Copper prices fell significantly on Monday as a result of rising social discontent in China over more COVID-19 lockdowns, while gold prices dipped as investors awaited fresh hints of U.S. monetary policy from this week's big economic statistics.


Copper futures expiring in March declined 1.3% to $3.5835 a pound by 18:50 ET (23:50 GMT) on Tuesday as traders predicted further demand destruction in China.


China is seeing a wave of civil disobedience in reaction to its strict zero-COVID policy, with protests and police clashes in a number of major cities as popular discontent with lockdown measures increases.


In the last three years, the zero-COVID policy has resulted in a number of lockdown measures that have severely impeded business activity and the mobility of individuals.


This also lowered China's appetite for imports of raw materials, resulting in a decline in copper prices in expectation of a decline in demand. The country's potential for violent demonstrations is a new hindrance to economic progress.


Copper prices are down more than 20% so far this year, as the global economy has slowed owing to rising inflation and interest rates, and as a result, metal demand has declined.


The markets largely overlooked signs of a declining copper supply, as major copper producers in Chile and Peru lowered output.


In anticipation of this week's lectures by numerous Federal Reserve speakers, including Chairman Jerome Powell, gold prices decreased modestly as the dollar strengthened.


However, Friday will be overshadowed by crucial nonfarm payroll data from the United States. Due to the continued strength of the labor market, the Fed has ample room to continue raising interest rates, which is bad for metal markets.


Gold on the spot market fell 0.2% to $1,752.08, while gold futures fell 0.2% to $1,181.85. As the December contract expiry date approaches, gold prices saw a minor backwardation, where spot prices were higher than futures prices.


In reaction to Federal Reserve suggestions that it will raise interest rates at a slower rate in the coming months, the price of gold has increased dramatically during the previous two weeks.


Notwithstanding, uncertainty about where U.S. interest rates may peak led some profit-taking in bullion prices, especially as U.S. inflation continued to move well over the Fed's objective.

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