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According to Nikkei: Brazils foreign minister stated that Brazil is prepared to increase its crude oil exports to Japan.On May 18th, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, recently conducted research on the construction of computing power networks in Beijing, Hebei, and Inner Mongolia. Inner Mongolia boasts abundant wind and solar resources and a high proportion of green electricity. Ding Xuexiang visited the Inner Mongolia Power Group and the Ulanqab Zero-Carbon Computing Power Base of China Gold Data to investigate the collaboration between computing and electricity, and the development of low-carbon computing power. He emphasized that the rapid growth in electricity demand for computing power has placed higher demands on energy supply. It is necessary to coordinate the allocation of energy resources with the construction of computing facilities, achieving a balance between electricity supply and computing power. He supported the use of new power system models such as "source-grid-load-storage," explored and promoted direct green electricity connections, actively promoted energy-saving technologies, strengthened smart energy management, and cultivated a green foundation for the development of integrated computing power networks. Since the beginning of this year, the international energy market has experienced significant fluctuations. It is essential to solidly ensure domestic energy supply and price stability, meet the energy needs of production and daily life, and ensure the stable operation of the economy and society.On May 18th, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, recently conducted research on the construction of computing power networks in Beijing, Hebei, and Inner Mongolia. He emphasized the need to thoroughly implement the spirit of General Secretary Xi Jinpings important instructions, follow the deployment of the "15th Five-Year Plan" outline, strengthen top-level design and scientific planning, promote the construction and intensive and efficient utilization of the national integrated computing power network, and empower high-quality economic and social development. Ding Xuexiang visited the China Unicom North China (Langfang) Data Center, the China Mobile Hohhot Intelligent Computing Center, and the Hefei Intelligent Computing Hohhot Base to investigate the participation of enterprises in the construction and use of computing power networks. He pointed out that my country has abundant data resources and broad application scenarios. These advantages should be utilized to coordinate the construction of computing power facilities, the development of model algorithms, and the supply of data resources, thus consolidating the foundation for digital and intelligent development. He stressed the importance of self-reliance and self-improvement, creating a favorable innovation ecosystem, strengthening collaborative research and development among industry, academia, and research institutions, accelerating the resolution of key technical challenges, formulating and improving standards and specifications, and promoting the rapid transition of domestically produced software and hardware from "usable" to "easy to use," firmly grasping the initiative in development. We will adhere to market demand orientation, emphasize application guidance, innovate service models, and promote the improvement of computing power efficiency, accessibility, and ease of use.A spokesperson for the European Commission stated that the process of renewing the steel safeguard measures is underway, and we are in communication with all our partners, including Switzerland.A spokesperson for the European Commission stated that the steel safeguard measures should apply to all EU partners, including Switzerland, with only European Economic Area countries receiving partial exemptions.

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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