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On November 24th, it was learned from the Yangshan Port Maritime Safety Administration that the export volume of "new three items" of goods transported by sea, represented by new energy vehicles, is constantly rising at Yangshan Port, and the accompanying transportation safety issues are becoming increasingly prominent. Recently, the Yangshan Port Maritime Safety Administration uncovered a case of false declaration of documents for new energy vehicles during export port approval. The company involved used another companys qualifications during the declaration process, posing a serious safety hazard to the maritime transport of dangerous goods. It is understood that the declared goods consisted of two new energy vehicles powered by lithium batteries. When law enforcement officers compared data through the intelligent maritime supervision system, they discovered discrepancies between some key information in the declaration materials and the actual situation, and immediately launched an in-depth investigation.Hong Kong-listed AI stocks continued their upward trend, with iDreamSky (01119.HK) rising over 7%, Meitu (01357.HK) gaining nearly 5%, and China Literature (00772.HK), GDS Holdings (09698.HK), and Baidu (09888.HK) all rising over 4%.On November 24th, it was reported that Indonesian ride-hailing company GoTo is replacing its CEO, paving the way for a potential merger with rival Grab, a move that would create a Southeast Asian super app. GoTo announced on Monday that Patrick Walujo is stepping down after more than two years as CEO. The company had previously stated that Walujo would remain in the position until 2029, having taken over in June 2023. According to sources familiar with the matter, some shareholders believe Walujo was resistant to a deal with Grab, GoTos biggest competitor, with whom the two companies have been engaged in intermittent merger talks for years. As competition intensifies, shareholders have been urging GoTo to finalize the deal as soon as possible. The companys share price has fallen by more than 80% since its IPO in 2022. The merged entity would hold a 90% share of Indonesias ride-hailing and food delivery market, becoming a super app in Southeast Asias largest economy with a market capitalization exceeding $24 billion. Vallouyo will be succeeded by Hans Patuwo, the groups chief operating officer, but the appointment needs to be approved at the extraordinary general meeting on December 17.Julius Baer Group: Victoria McLean will serve as Chief Compliance Officer of Julius Baer Group and join the Executive Committee.November 24th, Futures News: Economies.com analysts latest view: Spot gold fell during the previous trading day, mainly due to negative pressure from its price trading below the EMA50 moving average. At the same time, the Relative Strength Index (RSI) began issuing negative signals after the price action showed clear overbought conditions, further reinforcing the possibility of increased selling pressure on spot gold in the short term.

Forecast for Gold Price: XAU/USD surpasses $1,650 on falling wedge breakthrough; US PCE inflation observed

Daniel Rogers

Sep 30, 2022 10:46

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Gold price (XAU/USD) is anticipating its first weekly increase in three weeks as metal investors push $1,663 following the confirmation of the falling wedge bullish chart pattern the day before. In doing so, gold celebrates a weaker U.S. dollar but disregards the market's dismal conditions.

 

Consequently, the US Dollar Index (DXY) recorded another negative day, reestablishing the weekly low around 111.95. After the latest readings of the US Gross Domestic Product (GDP) for the second quarter confirmed the early projections of -0.6%, the greenback fell against the six major currencies.

 

It should be noted that the firmer printing of the US Weekly Initial Jobless Claims, which fell to 193K for the week ending September 24 compared to 209K before (updated from 213K) and the market's forecast of 215K, may have also weighed on the DXY. The US Initial Claims for Unemployment fell to their lowest level since April.

 

While respecting the data, St. Louis Federal Reserve Bank President James Bullard praised the decline in weekly Initial Jobless Claims and stated, "We will push inflation to 2% in a reasonable compact time frame." Elsewhere, Federal Reserve Bank of Cleveland President Loretta Mester stated on Thursday that they are not yet in a position to consider stopping interest rate hikes.

 

In addition to the Fed's aggressive rhetoric, anxieties originating from the United Kingdom, Russia, and China also test sentiment and the XAU/USD bulls, but they were unable to halt the price decline.

 

It's hard to avoid the conclusion that fiscal easing announced will prompt a significant and necessary monetary policy response in November," said Bank of England Chief Economist Huw Pill. On the other hand, record high German inflation, Russia's willingness to annex more parts of Ukraine, and the chatter over China's inability to tame its recession woes were also challenging the risk appetite.

 

As a result of these bets, Wall Street benchmarks reversed all Wednesday gains, while Treasury yields recovered.

 

Traders will pay special attention to the Fed's preferred inflation gauge, namely the Core Personal Consumption Expenditures (PCE) Price Index for September, which is anticipated to increase 4.7% year-over-year compared to the prior reading of 4.4%. If the actual outcome is stronger than anticipated, the XAU/USD exchange rate may struggle to rise.

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