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February 7th - US President Trump tweeted: "We need more competition to fight our enemies—the national television networks that spread fake news. Facilitating a good deal like Nexstar-Tegna will help combat fake news because it will bring more, higher-level, and more sophisticated competition. Those who oppose it dont fully understand the benefits for them, but they will in the future. Get this deal done!"February 7th - Ukrainian President Volodymyr Zelenskyy posted a message on the 7th local time, stating that he received a briefing from the Ukrainian negotiating team following their talks with the US and Russia. The Ukrainian negotiating team provided him with a detailed overview of the progress of the negotiations. He stated that Ukraine needs to achieve substantial results, and one of the most important foundations for a peaceful resolution is effective security guarantees.February 7th - While the control dispute at Nexperia remains unresolved, another Chinese acquisition of a British chip company is attracting increasing attention. February 7th was the deadline set by the UK government for the mandatory sale of the FTDI acquisition, subject to national security review. This overseas acquisition by China, completed in 2021, is now entering its final countdown to mandatory sale. Back in November 2024, the UK government formally notified the Chinese consortium that it must transfer all its shares in Future Technology Devices International Limited (FTDI), a UK USB bridge chip company, by the stipulated time. The UK cited the National Security and Investments Act (NSIA), which came into effect in 2022, citing "potential threats to national security." An industry insider stated that the Chinese consortium has been trying to secure more time. The latest extension application is still awaiting a response from the UK, and based on past experience, there is still a certain probability of the extension being approved.February 7th - It was learned from the Ministry of Water Resources that, in order to further improve the construction, operation, and management mechanisms of major water conservancy projects, the Ministry of Water Resources and the National Development and Reform Commission recently issued the "Implementation Opinions on Improving the Construction, Operation, and Management Mechanisms of Major Water Conservancy Projects." Major water conservancy projects are important infrastructure for promoting high-quality economic and social development, playing a crucial supporting role in ensuring flood control, water supply, food security, and ecological security. The opinions are divided into four parts: general requirements, improving the high-quality construction mechanism, improving the high-level operation mechanism, and improving the high-efficiency management mechanism. The opinions require that, focusing on the national water network construction goals of "complete systems, safety and reliability, intensive and efficient, green and intelligent, smooth circulation, and orderly regulation," the government should guide and the market should participate, coordinating "hard investment" and "soft construction," improving the construction and operation mechanism of projects with clear responsibilities, diversified investment, and a focus on both quality and efficiency, and forming a comprehensive, data-driven, and efficient management and guarantee system to achieve high-quality construction, high-level operation, and high-efficiency management of major water conservancy projects.Algeria plans to cancel its air services agreement with the United Arab Emirates.

Gold Hits 10-Month Low Due to Fed/One-Two Dollar's Punch

Haiden Holmes

Jul 07, 2022 11:20


Is gold safe at $1,700? Given how far south the yellow metal has traveled in only two days, the question is legitimate.


August gold futures on the New York Comex concluded Wednesday's trading at $1,736.0 per ounce, down $27.40, or 1.6%. The day's minimum value was $1,730.95.


Gold's most recent nadir provides a $30 cushion between the next horror scenario and longs in the game — $1,600 area.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, warned that if gold fails to achieve $1,768 it will continue under pressure and aim for $1,722-$1,698.


The dollar's rebound and the Federal Reserve's hawkish attitude have virtually pushed gold to September 2021 lows.


Wednesday was the first occasion since December 2002 when the Dollar Index, which measures the dollar against six major currencies, topped 107 points. Since November of last year, the dollar has climbed steadily on projections of quick rate hikes by the Federal Reserve, which have barely started to materialize.


Gold's malaise also coincides with the Fed's relentless rate hike talk. The Fed's vow to tame the inflation beast by increasing the Fed funds rate before the end of the year has damaged bullion prices for weeks. However, central bank authorities have shown no hesitation to pursue this purpose.


According to minutes from a central bank policy meeting held last month, the Fed considers there is a serious danger of high inflation getting entrenched in the US economy and that modest interest rate hikes are the only way to balance runaway prices with growth.


During the outbreak, the Fed held interest rates between zero and 0.25 percent for two years until boosting them in March of this year. Since then, rates have hit between 1.5 and 1.75 percent. The central bank has declared that it will continue to hike interest rates until inflation, which has hit 40-year highs of more than 8 percent yearly, returns to its objective rate of 2 percent annually.


This month, the Fed is expected to continue with another quarter-point rate rise.


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