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1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.83% to 46,946.41 points, the S&P 500 rose 1.01% to 6,699.38 points, and the Nasdaq Composite rose 1.22% to 22,374.18 points. Salesforce rose over 2%, with Amazon leading the gains at nearly 2%. The Wind U.S. Tech Big Seven Index rose 1.38%, with Facebook rising over 2% and Nvidia rising over 1%. The Nasdaq China Golden Dragon Index rose 0.95%, with Tencent Music rising over 6% and Li Auto rising over 5%. 2. All three major European stock indexes closed higher. The German DAX rose 0.5% to 23,564.01 points, the French CAC40 rose 0.31% to 7,935.97 points, and the UK FTSE 100 rose 0.55% to 10,317.69 points. 3. The WTI crude oil futures contract closed down 4.55% at $94.22 per barrel; the Brent crude oil futures contract fell 2.06% to $101.02 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures down 1.00% to $5011.30 per ounce and COMEX silver futures down 0.42% to $81.00 per ounce.On March 17th, UK Chancellor of the Exchequer Reeves vowed that the UK will adopt artificial intelligence faster than any other G7 country, calling the technology a key pillar of its economic growth strategy. According to a pre-released transcript of his speech from the Treasury, Reeves will outline his economic vision for the coming years in his annual Mais speech on Tuesday, listing artificial intelligence, regional development, and a closer relationship with the EU as the most important growth opportunities. Prior to Reeves speech, the government announced £2.5 billion in funding for artificial intelligence and quantum computing, including £1 billion for the purchase of commercial-scale quantum computers. This funding also includes a previously announced £500 million plan to establish a sovereign AI fund, launching next month, to invest in promising AI startups.Australian Trade Minister: I spoke with EU Trade Commissioner Maroš Šefčovič last night and am confident of reaching a trade agreement.NASA: The team currently plans to unload the Artemis 2 rocket no earlier than Friday, March 20.On March 17, Trump stated in a speech at the White House on Monday that he believed he would be "honored to take over Cuba," adding that he "could do whatever he wanted with this country." This came after the US forced Venezuela to halt crucial support to Cuba, leading to a gradual depletion of Cubas fuel supplies. He said, "I think Cubas end is near. Ive spent my whole life hearing people talk about the United States and Cuba. When will the United States act? Im sure I will have the honor—the honor of taking over Cuba." When asked to explain what "takeover" meant, Trump indicated that the US might intervene in "some form." He said, "Whether its liberating it, taking over it, frankly, I think I could do whatever I wanted with it. Theyre a very weak country right now." These remarks represent a further escalation in Trumps tone. Just last Friday, he also stated that a "friendly takeover" of Cuba might be feasible.

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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