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January 30th - Since the beginning of the year, Shenzhens secondhand housing market has seen a continuous rise in transaction volume, while the new housing market is also showing signs of recovery. Related data shows that the number of secondhand homes sold in Shenzhen has maintained an upward trend for three consecutive weeks, with 1,051 new homes sold, a 14.5% increase compared to the previous week. Among these, commercial and office properties saw a significant increase in transactions, rising by 69.4% month-on-month, becoming a major driver of new home sales. Behind this market recovery, favorable policies have been a key driving force. Starting January 1, 2026, Shenzhen will implement new standards for secondhand housing transaction taxes and fees: properties held for two years or more will be exempt from value-added tax, and for properties held for less than two years, the value-added tax rate will be reduced from 5% to 3%, directly lowering the cost of homeownership. Furthermore, the Peoples Bank of China recently announced a reduction in the minimum down payment ratio for commercial property loans to 30%, significantly lowering the barrier to entry for commercial property purchases.January 30th - RSM Chief Economist Joseph Brusuelas: My assessment of Kevin Warsh is based on his public statements, speeches, and performance during his tenure at the Federal Reserve, with reference to Fed meeting minutes. My conclusion is that his first reaction (to monetary policy issues) is hawkish; he has almost never encountered a possibility of an interest rate hike that he dislikes. However, he made mistakes in his policy response after the financial crisis; he genuinely failed to understand the nature, scale, and impact of this Great Depression-like shock. Warsh continued to cite inflation as the primary risk between 2007 and 2008, when a massive deflationary shock had already been triggered: the US banking system nearly collapsed, and credit markets froze.January 30th - According to China Energy Engineering Corporation (CEEC), Ni Zhen, Party Secretary and Chairman of CEEC, held talks with Zhang Chuanwei, Party Secretary and Chairman of Mingyang Group, on January 30th. The two sides conducted in-depth exchanges on deepening cooperation in areas such as technological innovation, offshore wind power, green hydrogen ammonia and methanol, and international business.On January 30, Elias Haddad, global head of market strategy at Brown Brothers Harriman, pointed out that if Warshs vision for Federal Reserve policy is implemented, the US yield curve may steepen further due to lower short-term interest rates, while long-term interest rates may remain stable or even rise due to insufficient credibility of US fiscal policy.Iranian Foreign Minister Araqchi: Iran will maintain and expand its defense capabilities.

Gold Dropped Over Recession Worries, But China's Optimism Boosted Copper

Skylar Williams

Jan 19, 2023 11:01

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On Thursday, gold prices partially recovered from a two-day losing streak amid escalating concerns about an impending recession and the direction of U.S. monetary policy, while copper prices stayed stable on the back of growing optimism regarding the Chinese economic recovery.


Wednesday's results on U.S. retail sales and industrial output for December were worse than anticipated, stoking fears of a larger economic downturn in the United States as the nation contends with restrictive monetary policy and relatively high inflation.


Even as pricing pressures lessen, the Federal Reserve's beige book expects modest economic expansion in the following months. In December, producer price inflation came in below expectations.


Despite this, other Fed members, such as Loretta Mester and James Bullard, have advocated for additional interest rate hikes, as inflation remained significantly above the yearly target of 2%. In addition, they projected that U.S. borrowing rates will likely peak at 5%, whereas the majority of members advocated a more gradual increase in rates.


Spot gold rose 0.2% to $1,907.60 per ounce at 19:16 EDT, while gold futures rose 0.1% to $1,909.15 per ounce (00:16 GMT). Having reached its highest level in eight months earlier this week, gold has lost roughly 0.6% during the past two trading days.


According to data from the United Kingdom and the Eurozone, inflation remained elevated in both nations, indicating that their respective central banks will likely continue to boost interest rates. This may also have a negative effect on the price of gold bullion.


In recent sessions, however, the price of the yellow metal has surged due to rising worries of a worldwide recession, especially as more nations tighten monetary policy to combat excessive inflation. This led to gold establishing $1,900 per ounce as a strong support level.


Other precious metals maintained a limited trading range on Thursday. Despite the fact that both metals experienced significant losses this week, platinum futures rose 0.1% while silver futures sank 0.2%.


Copper prices eked out slight gains this week, as optimism on China's economic recovery prevailed over fears of an impending recession.


Futures for high-grade copper stabilized at $4.2260 a pound, keeping just below a six-month peak.


Gita Gopinath, deputy managing director of the International Monetary Fund, told Reuters that China could experience a rapid economic recovery in the second quarter of 2022, following the relaxation of the majority of anti-COVID policies.

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