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Hong Kong-listed tech stocks weakened amid volatility, with Xiaomi Group (01810.HK), Tencent Holdings (00700.HK), Alibaba (09988.HK), and many others falling by more than 3%. Bilibili (09626.HK), Alibaba Health (00241.HK), Kuaishou (01024.HK), Baidu (09888.HK), JD.com (09618.HK) and other stocks followed suit.On April 30th, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve announced early this morning Hong Kong time that it would maintain the target range for the federal funds rate at 3.50-3.75%. The Feds decision to keep interest rates unchanged was in line with market expectations. The market generally believes that the future direction of U.S. monetary policy remains highly uncertain, depending on inflation trends and the employment market situation, particularly given the continued tensions in the Middle East leading to high oil prices, the impact of which on U.S. inflation remains to be seen. In Hong Kong, the monetary and financial markets are operating smoothly. Under the linked exchange rate system, Hong Kong dollar interbank rates generally converge with U.S. dollar rates, while shorter-term rates are also affected by the supply and demand of Hong Kong dollar funds in the local market, such as seasonal factors and capital market activity. The uncertainty surrounding future U.S. interest rate trends will also impact Hong Kongs interest rate environment. Citizens should fully consider and manage interest rate risks when making decisions regarding property purchases, investments, or borrowing. The Hong Kong Monetary Authority (HKMA) will continue to closely monitor market changes and maintain monetary and financial stability.On April 30th, the Trusted Data Space Sub-Forum of the 9th Digital China Construction Summit was held in Fuzhou on April 29th. Liu Liehong, member of the Party Leadership Group of the National Development and Reform Commission and Secretary of the Party Leadership Group and Director of the National Data Administration, emphasized that the next step is to better leverage the roles of a proactive government and an effective market, using high-value scenarios as a driving force to accelerate the construction of a value closed loop for data, encompassing "resource supply—product co-creation—value realization—benefit sharing." This involves deeply developing high-value scenarios driven by applications, continuously expanding data supply based on value, promoting innovative development through products, and building a win-win ecosystem with a focus on mechanisms, thus propelling the Trusted Data Space from pilot exploration to large-scale development.April 30 – The 22nd session of the Standing Committee of the 14th National Peoples Congress (NPC) concluded on the morning of April 30 at the Great Hall of the People in Beijing. The meeting voted and adopted the newly revised Prison Law and Social Assistance Law; decided to remove Han Jun from his post as Minister of Agriculture and Rural Affairs and appoint Zhang Zhu as Minister of Agriculture and Rural Affairs, and Zhang Chengzhong as Minister of Emergency Management. President Xi Jinping signed Presidential Decrees No. 74, 75, and 76 respectively. Chairman Zhao Leji presided over the closing session. The meeting also voted and adopted the NPC Standing Committees decisions on approving the Treaty between the Peoples Republic of China and the Republic of Azerbaijan on Mutual Legal Assistance in Criminal Matters, and the Treaty on Permanent Good-Neighborliness, Friendship and Cooperation between the Peoples Republic of China and the Republics of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.On April 30th, Anhui Zhijie completed its business registration update, appointing Guo Rui as its legal representative and chairman, marking a new stage in its Brand 2.0 strategy. It is understood that Guo Rui previously worked at Procter & Gamble, Huawei, and Honor. The companys first flagship 500,000-level high-end MPV, the Zhijie V9, has already received over 20,000 orders, reaching a crucial milestone for its market launch.

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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