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Rosenblatt Securities raised its price target for Broadcom (AVGO.O) from $500 to $600.September 3rd - Jeff Bezos Blue Origin is developing its planned satellite network, and its employees are being poached from another Bezos company, Amazon. According to LinkedIn data, the billionaires space company has poached at least 47 senior employees from Amazons Leo satellite project in the past year. Analysis of their online posts reveals that many are currently involved in the development of Blue Origins emerging satellite communications project, TeraWave. Amazon Leo plans to begin selling broadband internet services to customers by the end of this year, eventually targeting homes, businesses, and governments worldwide. Blue Origins TeraWave, announced in January, is seeking regulatory approval to build an equally ambitious satellite network of thousands of satellites to serve enterprise and government customers with high data transmission demands that previously required custom fiber optic connections.A Reuters poll released Thursday indicated that the European Central Bank (ECB) will raise interest rates for the second and final time on September 10, marking its shortest rate hike cycle in 15 years. Most economists in the poll believe that rising energy prices are unlikely to trigger widespread inflationary pressures. Despite renewed tensions in the Middle East in recent days and a sharp rise in global bond yields over the past week, forecasters focusing on the ECB maintain that the central bank is unwilling to add further pressure to the fragile economy. Carsten Brzeski, global head of macro at ING, expects the ECB to raise rates by 25 basis points in September and then stop. He stated, "Given the public finance difficulties and soaring bond yields, its still hard to imagine the ECB really wanting to add fuel to the fire. In other words, its hard to imagine the ECB being willing to risk a recession to deal with what is still a typical supply-side shock."Deutsche Bank raised its price target for Dell (DELL.N) from $480 to $520.A Reuters poll shows economists expect the European Central Bank to raise interest rates for the second time in September, after which it will stop raising rates.

Gold Applauds Dollar's Weakness, But Anticipates Sixth Straight Month of Declines

Charlie Brooks

Sep 30, 2022 10:49

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Gold prices rose little on Friday as dollar pressure eased further, but remained poised for a sixth straight month of falls as rising interest rates had a significant impact on the outlook for the yellow metal.


As a result of a series of hawkish U.S. acts and statements, it was anticipated that the price of bullion would decline by around 3 percent in September. Federal Reserve. Earlier this month, the dollar's climb to 20-year highs also placed pressure on gold.


This week, though, the dollar's weakening aided gold's small rebound from two-year lows. As a result of widespread profit-taking, the U.S. dollar fell 0.7% on Thursday and is forecast to lose 1.3% over the course of the week.


Gold prices on the spot market rose 0.1% to $1,662.86 per ounce by 19:30 EST, while gold futures rose 0.2% to $1,671.20 per ounce (23:30 GMT). The price of gold was anticipated to grow by 1.2% this week.


However, the yellow metal remained under pressure as U.S. interest rates continued to rise. The yield on the 10-year Treasury note has maintained at its 12-year high. This year, rising yields have reduced the allure of gold by increasing the opportunity cost of holding the non-yielding asset.


Multiple Fed officials repeated this week their intention to continue rising interest rates, which is expected to keep gold prices subdued for the remainder of the year. As global economic conditions deteriorate, though, gold could regain some of its safe-haven appeal.


Copper prices were headed for their first weekly increase in three weeks as a result of the dollar's depreciation.


Copper futures rose 0.2% to $3.4335 per pound and 2.6% over the past week.


As a result of weak global economic development, the forecast for copper consumption was anticipated to deteriorate significantly in September.


Currently, the market is focused on Chinese manufacturing activity data due later today. It is projected that factory activity in the largest copper importer in the world has fallen for the third consecutive month.


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