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On March 12, UBTECH Robotics Corp. Ltd. (09880.HK) announced that all conditions precedent to the payment of the first installment of the share transfer agreement have been fulfilled, including the Shenzhen Stock Exchanges issuance of a Confirmation Letter for the Transfer of Shares on March 10, 2026. Furthermore, on March 11, 2026, China Securities Depository and Clearing Corporation Limited (CSDC) has registered all the sale shares to the Companys A-share securities account, and on March 12, 2026, it has provided the Company with a Confirmation Letter for Securities Transfer Registration. Therefore, as of the date of this announcement, the Group holds 29.99% of the equity interest in the target company and has become its controlling shareholder (taking into account the sellers waiver of voting rights related to the pre-accepted shares as detailed in the circular).On March 12, President Xi Jinping signed Presidential Decrees No. 70, 71, 72, and 73. Decree No. 70 states that the "Ecological and Environmental Law of the Peoples Republic of China," adopted at the Fourth Session of the 14th National Peoples Congress on March 12, 2026, is hereby promulgated and will come into effect on August 15, 2026. Decree No. 71 states that the "Law of the Peoples Republic of China on Promoting National Unity and Progress," adopted at the Fourth Session of the 14th National Peoples Congress on March 12, 2026, is hereby promulgated and will come into effect on July 1, 2026. Decree No. 72 states that the "Law of the Peoples Republic of China on National Development Planning," adopted at the Fourth Session of the 14th National Peoples Congress on March 12, 2026, is hereby promulgated and will come into effect on the date of promulgation. Presidential Decree No. 73 states that, in accordance with the "Decision of the Fourth Session of the Fourteenth National Peoples Congress on Approving the Report of the Standing Committee of the National Peoples Congress on the Work of Legal Review and the Handling of Relevant Laws and Decisions," adopted on March 12, 2026, the "Law of the Peoples Republic of China on Industrial Enterprises Owned by the Whole People" is repealed and is hereby promulgated.Norwegian Prime Minister: Europe is discussing setting a cap on natural gas prices; this approach is unwise.European Commission spokesperson: The implementation of the US-EU trade agreement should continue.A spokesperson for the European Commission stated that they remain prepared to engage in constructive dialogue with the United States.

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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