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Hong Kong-listed AI application stocks continued to decline, with MINIMAX-W (00100.HK) falling more than 13%, Zhipu (02513.HK) falling more than 9%, and Xunze (03317.HK) and WeRide-W (00800.HK) following suit.On June 5th, it was reported that Toyota has halted the development of the Lexus LF-ZC all-electric sedan. Originally planned for production at Toyotas Tahara plant in Japan by the end of 2026, the LF-ZC was postponed to mid-2027, and now it has been suspended. A Toyota China representative responded, "The suspension of this models development is mainly due to changes in market demand. This is part of the companys overall vehicle development project adjustments, but it does not mean the company has abandoned BEVs (battery electric vehicles)." Industry insiders believe this adjustment stems from changes in electric vehicle policies in the US and Europe. For example, the US has eliminated the $7,500 federal tax credit for new electric vehicles; the EU has withdrawn its policy of banning the sale of internal combustion engine vehicles by 2035 in principle. Another factor is increased market competition, especially given the clear advantage Chinese brands have over Japanese automakers in the new energy vehicle sector.June 5th - The Huawei Cloud INSPIRE Innovator Conference opened at the Shanghai West Bund International Convention and Exhibition Center. At this new product launch event, Huawei Cloud officially proposed the new paradigm of Agentic Infra and released a series of new Agentic AI products, including the Agentic Infra integrated intelligent infrastructure, a new generation model training and promotion platform, and an enterprise-level intelligent agent platform.June 5th, Futures News: Economies.com analysts latest view: In recent intraday trading, spot gold prices failed to break through the key resistance level of $4,500 and subsequently declined. This pullback was also suppressed by the 50-day EMA, forming strong technical resistance and blocking recent attempts to rebound. Furthermore, the Relative Strength Index (RSI) began to show bearish divergence after entering overbought territory, further increasing downward pressure. These negative signals have amplified the markets selling momentum, making the short-term outlook remain cautious.June 5th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices rose slightly in recent intraday trading, having previously found support near the EMA50. The recent pullback has helped establish higher lows, laying a more solid foundation for the continuation of the subsequent rebound trend. Technical indicators also show signs of improving momentum, with the RSI forming a bullish divergence after hitting oversold levels. These positive signals increase the likelihood of further upward movement, especially if oil prices can continue to hold the current support level.

Forecast for the price of gold: XAU/USD eases below the $1,804 barrier as Fed hawks back off due to weaker US inflation

Alina Haynes

Aug 11, 2022 11:58

 截屏2022-08-10 上午11.45.08_1024x576.png

 

US inflation-driven gains in the price of gold (XAU/USD) are fading as the metal declines to $1,790 on Thursday during the opening Tokyo session. The recent decline in the price of precious metals may be related to conflicting worries about the US Federal Reserve's (Fed) upcoming actions as well as Sino-American friction.

 

On Wednesday, the US Consumer Price Index (CPI) fell to 8.5% YoY in July, below the 8.7% consensus and the 9.1% reading from June. According to Reuters, US President Joe Biden stated on Wednesday that there are some indications that inflation may be decreasing after the US released its inflation data. In the coming months, there may be more challenges for us to overcome, Biden continued. US President Biden continues, "We still have work to do, but we're on track."

 

Following the CPI report on Wednesday, traders of futures linked to the Fed's benchmark interest rate reduced their bets on a third consecutive 75-basis-point raise at its policy meeting on September 20-21 and now see a half-point increase as the most likely scenario, according to Reuters.

 

Neel Kashkari, president of the Minneapolis Fed, recently stated that the Fed is "far, far away from declaring success" on inflation. Additionally, the decision-maker stated that he hasn't "seen anything that changes" the need for the Fed to raise its policy rate to 3.9% by year's end and to 4.4% by the end of 2023. Charles Evans, president of the Chicago Fed, said in another place that a recession would likely require unfavorable circumstances to occur. Also labeling inflation "unacceptably" high, Fed's Evans

 

Additionally, according to sources cited by Reuters, US President Biden is reconsidering his China tariff policy in light of Taiwan's response, which put the XAU/USD bulls on the defensive.

 

S&P 500 Futures print modest gains near 4,220 by press time against this backdrop after Wall Street rose and US Treasury yields were largely unchanged the day prior.

 

Moving on, the monthly Producer Price Index (PPI) for July and the weekly US Jobless Claims numbers may amuse gold traders. However, in light of recent risk-negative headlines, special focus should be placed on the qualitative variables.

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