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The Hang Seng Tech Index fell by more than 2%.On June 11, it was reported that from June 9 to 10, Zhao Long, Governor of Fujian Province, conducted a special investigation on the development of the service industry in Fuzhou and chaired a symposium with service industry enterprises to solicit their opinions and suggestions. He emphasized the need to deepen digital empowerment, expand application scenarios, cultivate and develop new business forms and models such as "artificial intelligence + services," and promote the extension of productive service industries towards specialization and the high end of the value chain. He also stressed the importance of increasing high-quality supply, strengthening brand cultivation, improving the standard system, and promoting the high-quality, diversified, and convenient development of consumer service industries, focusing on key areas such as resident services, elderly care and childcare, health services, and cultural, tourism, and sports services.Hong Kong-listed tech stocks saw some gains, with Kuaishou (01024.HK) rising over 3%, Bilibili (09626.HK) and Tencent Holdings (00700.HK) both rising over 2%, and NetEase-S (09999.HK), Tencent Music (01698.HK), Meituan (03690.HK), Baidu (09888.HK) and other stocks following suit.N Jinge opened 450%.June 11th – Today (June 11th), the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism jointly launched the 2026 National Tour of Famous Consumer Products, taking multiple measures to enhance the matching of supply and demand for consumer goods and promote the upgrading of consumption quality. It is understood that the 2026 National Tour of Famous Consumer Products will host a series of activities, including debut shows and exhibitions of trendy fashion products, continuously soliciting famous Chinese consumer products, focusing on areas such as experiential manufacturing, fashion consumption, and the silver economy, and exploring innovative products, key technologies, and application scenarios. The event will include a cultural and creative market, revitalizing old factory buildings to create "time workshops" and other popular tourist attractions, promoting the integrated development of the consumer market; simultaneously, pop-up stores will be set up in urban business districts and transportation hubs, improving the rural logistics network, and building high-quality consumption spaces in rural areas. This event will also include more than 20 key activities such as a consumer products conference, an industry innovation competition, and an arts and crafts expo, covering multiple provinces and cities throughout the year, providing strong support for stabilizing growth, expanding consumption, and benefiting peoples livelihoods.

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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