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July 10th, a report from S&P Global Market Intelligence showed that German companies are most optimistic about the economy since early 2022, and plan to increase investment for the first time in two years. In its June "German Business Outlook," S&P said that companies emphasized that an upcoming increase in public spending, coupled with technological advances, is expected to support a broader economic upturn in the next 12 months. The report also showed that for the first time since June 2023, the number of companies planning to increase capital expenditures and research and development spending exceeded those expecting cuts. "German companies are gradually regaining confidence," said Phil Smith, deputy director of economics at S&P. However, he added, "The current geopolitical backdrop means that companies overall remain cautiously optimistic about the outlook and will never completely relax spending."July 10th, local time on July 9th, Ukrainian President Zelensky met with US Special Envoy for Ukraine Kellogg in Rome, Italy. Kellogg was a member of the US delegation to attend the International Conference on Ukraine Reconstruction held in Rome, Italy from July 10th to 11th. Zelensky said that the two sides discussed issues such as purchasing US weapons, conducting joint defense production, localizing weapons production in Ukraine, and sanctions against Russia. Previously, US President Trump promised to provide Ukraine with additional weapons.July 10, the Russian Ministry of Defense issued a war report on the 9th, saying that the Russian army carried out a cluster attack on the infrastructure of Ukrainian military airports. Ukraine said on the same day that Russia launched a new round of large-scale attacks on multiple Ukrainian cities. The Russian Ministry of Defense issued a war report saying that in the early morning of the 9th, the Russian army used long-range air-based high-precision weapons such as "Dagger" hypersonic missiles and long-range attack drones to carry out a cluster attack on the infrastructure of Ukrainian military airports. The strike target has been achieved and all established targets have been destroyed. The Russian air defense system shot down 9 guided air bombs, 4 US-made "HIMARS" rockets and 226 drones.A Russian airstrike in Kostyantynivka in Ukraines Donetsk region has killed three people, local emergency services said.July 10, a spokesman for the British Prime Ministers Office said on July 9 that British Prime Minister Starmer met with visiting French President Emmanuel Macron at 10 Downing Street that afternoon. Both sides agreed that combating illegal immigration and smuggling is a priority for both countries and joint action must be taken. A spokesman for 10 Downing Street said that Starmer and Macron also expressed their willingness to further deepen the partnership between the two countries, including strengthening defense cooperation, expanding bilateral trade and investment, and strive to make tangible progress in the above areas when the 37th UK-France summit is held on the 10th.

Due to the Fed's hawkishness, gold prices fall below $1,700, while copper prices rise

Haiden Holmes

Oct 11, 2022 11:31

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On Tuesday, gold prices remained above their yearly lows after a precipitous drop in response to hawkish Fed signals, while copper prices soared on the expectation that Chinese demand will sustain despite recent challenges.


Spot gold increased 0.1% to $1,669.76 per ounce at 20:20 EDT, while gold futures rose 0.1% to $1,675.25 per ounce (00:20 GMT). Both slumped almost 2% on Monday, their steepest decline in more than two weeks.


Lael Brainard, vice chair of the Federal Reserve, emphasized the need for a restrictive monetary policy and indicated that the economic impact of previous rate hikes is not yet known.


She said that the bank will hold off on major rate hikes until there is "confidence that inflation will decline," providing no indication that its hawkish stance will shift.


Her statements lifted the currency and caused a widespread selloff. In addition, this year's rising interest rates will increase the prospective cost of holding the yellow metal, which will increase the pressure on gold.


As the Russia-Ukraine war intensified, the dollar also strengthened. Gold has not been a safe haven this year, with the exception of the conflict's early stages.


As rising interest rates reduced metal demand, the price of gold declined from its yearly highs. Along with the Federal Reserve, major central banks in Europe and Asia are seeking to limit inflationary runaway.


In the foreseeable future, this should impact gold and other precious commodities.


As China returned from a week-long vacation on Monday, copper prices increased 1.5%.


Copper futures remained flat at $3.4410 per pound on Tuesday, following a strong opening.


In spite of sluggish economic growth, the demand for copper in China has remained stable as domestic consumers have stocked up.


Copper has declined significantly this year because to fears that a sluggish global economy will have a negative impact on demand. However, China, the largest copper importer in the world, shows no indications of reducing its demand.


Later this week, Chinese trade data may offer further information about copper imports.