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On September 6, the board of directors of China Reinsurance approved and disclosed a plan to issue domestic shares to specific targets. The issuance, to be subscribed by the Ministry of Finance in cash, aims to raise a total of RMB 3 billion. After deducting relevant issuance expenses, all proceeds will be used to increase China Reinsurances core tier 1 capital. The final fundraising amount and issuance plan are subject to final approval from relevant regulatory authorities. The issuance price is RMB 1.33 per share, representing a premium over China Reinsurances recent H-share secondary market price. Approximately 2.256 billion shares are planned to be issued, and the subscribers have committed to holding these shares for the long term.Ukrainian President Volodymyr Zelenskyy said on Sunday, ahead of a meeting with the U.S. peace envoy in Kyiv, that Ukraine wants an end to the war and needs security guarantees.September 6th - According to the emergency rescue command center for the "8.26" mudslide disaster in Gyirong County, Tibet Autonomous Region, as of 6 p.m. on September 5th, the disaster has resulted in 43 deaths and 519 missing persons.September 6th - Iranian Parliament Speaker Mohammad Ghalibaf stated in an open parliamentary session today (September 6th) that the recent attacks by Iranian armed forces on US bases "are just the beginning," and that the US should recognize that "the rules of the game have changed." Any future actions against Iranian interests and security will be met with a "faster, fiercer, and more painful" response.On September 6th, special commentator Su Xiaohui stated that Russia and Ukraines agreement to halt attacks on each others capitals for three days, ostensibly to technically ensure the safety of the US delegations trip, actually reflects the ongoing intense power struggle between the two sides. Both are trying to shift the pressure from the US onto their adversaries. Overall, with the Middle East deadlock unresolved, the USs current European diplomatic trip aims to demonstrate its continued diplomatic capability to advance major agendas. Ukraines earlier proposal to halt attacks on the Russian capital was essentially passing the buck to Russia, accusing Russia of undermining the negotiation process; Russias swift response, returning the buck, reflects that both Russia and Ukraine value the USs role, wanting to respond to US diplomatic considerations while simultaneously seeking US support for their own positions.

Gold Maintains Its 8-Month High Ahead of A Data-Rich Week

Haiden Holmes

Jan 16, 2023 11:00

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On Monday, gold prices stabilized at recent highs as investors locked in profits and exercised caution ahead of a flurry of major economic data releases and central bank meetings from across the globe this week.


In recent weeks, the price of gold has increased significantly due to an increase in bets that the U.S. Federal Reserve will raise interest rates at a slower rate in the future months, thereby reducing the pressure on non-yielding assets.


Statistics indicating that inflation fell further in December supported this notion, which weighed on the dollar and yields on U.S. Treasury assets.


Fears of a recession in the world's leading economies prompted a rise in safe-haven demand for gold in 2018, as the effects of rapid interest rate hikes through 2022 became apparent.


This week, a deluge of data from the United States, Japan, China, the United Kingdom, and the Eurozone will shed light on any additional signs of sluggish development in major economies. China and Japan's interest rate decisions are also under scrutiny, with particular focus on the Bank of Japan following its unexpectedly hawkish tone at its December meeting.


Spot gold fell 0.1% to $1,918.49 per ounce, while gold futures held constant at $1,925.00 per ounce as of 19:33 E.T. (00:33 GMT). Since May 2022, both variables were near their best values.


Monday's trade volumes on the metals markets are anticipated to be low due to a U.S. holiday.


Last week, copper prices reached a seven-month high. On Monday, copper prices declined slightly. In anticipation of a resurgence in Chinese demand this year as a result of China's relaxation of most of its stringent anti-COVID regulations, bids for the red metal skyrocketed.


Copper futures fell 0.3% to $4.2060 per pound, but are up more than 10% so far this year.


In addition to robust demand patterns in China, the world's largest copper consumer, prices of the red metal are predicted to benefit from potential supply delays among important Latin American suppliers.

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