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On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.Ukrainian Prime Minister: Russia’s attack on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv and Poltava regions.November 8th - Pfizer has finalized its $10 billion acquisition offer for Metsera, a startup focused on weight-loss drugs, after a bidding war with Novo Nordisk. Novo Nordisk stated that after careful evaluation, it decided not to raise its offer and will continue to monitor business expansion and other acquisition opportunities. Under the agreement, Pfizer will complete the transaction at a maximum price of $86.25 per share, including an initial cash payment of $65.60 per share, and an additional consideration of up to $20.65 per share if certain performance targets are met.November 8th - On November 7th local time, Canadian Prime Minister Mark Carney stated that the increasingly close economic relationship between Canada and the United States over the past decades has come to an end. Carney said that Canada once enjoyed some economic advantages due to its close ties with the US, but this has now become a weakness. He described this change as rapid and almost seamless, and called for a swift and radical shift in Canadas economic strategy.

Forecast for the Gold Price: XAU/USD bulls return, market remains tense

Alina Haynes

Dec 27, 2022 10:57

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According to yesterday's analysis, Gold Price Forecast: XAU/USD bulls must commit at critical trendline support, the Gold price has found demand at the aforementioned support region and has moved back in line with the larger bullish trend. On Friday, ahead of the Christmas holidays and long weekend, the price of gold inched up, aided by Friday's falling inflation statistics.

 

US consumer spending rose 0.1% in November after rising 0.4% in October, indicating that inflation is moderating, but not enough for markets to anticipate a policy shift from the Federal Reserve or a halt in their rate-hike trajectory. The index of personal consumption expenditures (PCE) decreased by 0.5 percentage points from October to 5.5% annually. Excluding volatile food and energy costs, the index increased on a monthly and annual basis by 0.2% and 4.7%, respectively, in accordance with expectations. The increased revision of October PCE inflation data is terrible news for the gold market.

 

Thursday's US Gross Domestic Product and Jobless Claims figures revealed that the nation's economy returned quicker than previously predicted and that the labor market remains extremely tight. Overall, the plethora of data offers little to alter the belief that the Fed will stick to its plan to combat inflation in 2023. The non-yielding, non-interest-bearing asset is on course for a second consecutive year fall as a result of these rate hikes enacted to curb price pressure.

 

According to Brown Brothers Harriman analysts, the markets continue to remain skeptical of the Fed. "After reaching a high of 5.5% following the most recent FOMC meeting, the terminal rate as observed on the swaps market has fallen down to approximately 5%," analysts explained. "Similarly, WIRP predicts a 50 bp increase on February 1 is priced in at only 33%, followed by a final 25 bp increase on March 22. We cannot see why the markets continue to oppose the Federal Reserve. With the exception of a few communications blunders here and there, chairman Jerome Powell and his colleagues have been firm about the need to raise interest rates for an extended period of time. Recent US data indicate that the labor market remains robust and that the Fed must take additional action.


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