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According to Hong Kong Stock Exchange filings, HSBC Holdings (00005.HK) spent HK$19.9 million to repurchase 1.3 million shares on August 14.Iranian Foreign Ministry spokesman Baghae: Fundamentally, the problem between us and the United States is not about mediation; the problem lies in the American way of thinking, its misjudgments, and its clinging to methods and means that have been proven to fail countless times, while the US administration continues to repeat the same mistakes. The result will inevitably be no different from the past.Iranian Foreign Ministry spokesman Bagaei: Admitting mistakes can be a prerequisite for making the right decisions, but I doubt whether US policymakers have that courage.On August 17, Wang Guanhua, spokesperson for the National Bureau of Statistics and deputy director of the Department of Comprehensive Statistics of the National Economy, stated at a press conference held by the State Council Information Office that the effects of comprehensively addressing involutionary competition continue to emerge. With the continued effectiveness of capacity control in key industries and the comprehensive rectification of involutionary competition, the supply and demand relationship in some industries has improved. In July, the prices of lithium-ion battery manufacturing and photovoltaic equipment and component manufacturing rose by 8.9% and 2.8% year-on-year, respectively. In the next stage, relevant departments will further expand domestic demand, optimize supply, focus on cultivating and strengthening new growth drivers, comprehensively address involutionary competition, create a fair competitive market environment, continue to ensure supply and stabilize prices, and promote the stable operation of industrial product prices.On August 17, according to the Iranian news agency IRNA, a spokesperson for the Iranian Foreign Ministry, in response to the US governments announcement of unprecedented sanctions against Iran (including a land blockade), stated: "These measures will not have any impact on Irans position. Whether in this war or over the past 50 years, the US has trapped itself in a vicious cycle of war, discrimination, pressure, and sanctions. If you recall, during the Democratic administration, the concept of so-called paralyzing sanctions was proposed, followed by the maximum pressure campaign during the Trump administrations first term. These actions demonstrate the inhumane nature of the Americans; they cut off our peoples drug supply, used every means to pressure Iran, and ultimately resorted to illegal military aggression, and are still suffering the consequences. Rest assured, these tried and ineffective old methods will not produce new results. Undoubtedly, not only now, but long ago, we prepared necessary contingency plans based on our assessment of various scenarios in which the US might continue to act maliciously against Iran in various ways. Iran will certainly use all means to deal with the new situation."

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

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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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