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On July 6, South Korean President Lee Jae-myung instructed officials on Monday to expedite the major chip and artificial intelligence (AI) projects announced last week. He warned that delays in licensing approvals, land acquisition, and securing electricity and water supplies could undermine South Koreas efforts to dominate advanced industries. "In this situation, the outcome seems to depend on who acts faster, who can gain the lead first," Lee said at a government meeting. "Speed is everything." Lee pointed out that the Yongin Industrial Complex, which took six years from site selection to groundbreaking, was already considered relatively fast. He stated that processes that were previously handled sequentially should be streamlined and called for shortening environmental assessments and other approval processes as much as possible. He demanded that electricity and water infrastructure be secured in advance, stating that electricity will be a particularly critical issue for the chip projects. Lee also indicated that despite the continued expansion of renewable energy supply, companies remain concerned about baseload power capacity, and therefore ordered officials to address these issues ahead of schedule.Hong Kong-listed PCB stocks declined, with Kingboard Laminates (01888.HK) falling over 10% and Kingboard Holdings (00148.HK) falling over 5%.Hong Kong-listed tech stocks rallied, with Bilibili (09626.HK) and Tencent Holdings (00700.HK) rising over 3%, Meituan (03690.HK) up 2.4%, and Alibaba (09988.HK) up 1.9%.The Hang Seng Tech Index rose 1%, the Hang Seng Index rose 0.8%, and auto stocks strengthened, with Leapmotor (09863.HK) rising nearly 7%.July 6th - From July 2nd to 3rd, the National Data Administration convened a field meeting in Beijing on the National Data Elements Comprehensive Pilot Zones (with a focus on medical data circulation and utilization). The meeting summarized and exchanged experiences in building national data elements comprehensive pilot zones, promoted the safe, compliant, and efficient circulation and utilization of data resources in the medical field, and deepened the integration of Digital China and Healthy China initiatives. The meeting emphasized the need to further strengthen top-level design and mechanism innovation. Local governments should enhance collaboration between data management departments and health departments, improve incentive mechanisms, and mobilize the enthusiasm and initiative of hospitals, doctors, and market operators to create a positive cycle for medical data circulation.

Gold Price Analysis: XAU/USD bulls assault $1,750 as market participants prepare for Jackson Hole

Alina Haynes

Aug 25, 2022 14:50

 截屏2022-08-24 下午3.50.19_1024x576.png

 

After a two-day rally, the gold price (XAU/USD) remains on the defensive at $1,752 during Thursday's Asian session. In doing so, gold reflects the market's nervousness in advance of significant data/events and in response to the mixed results of recently revealed information.

 

In spite of this, US Durable Goods Orders for July fell to 0.0%, compared to 0.6% projected and a revised up 2.2% prior estimate. Nondefense Capital Goods Orders excluding Aircraft, however, surpassed the 0.3% market consensus to reach 0.4%, up from 0.9% previously. Additionally, Pending Home Sales improved to -1.0% MoM in July, compared to -4.0% projected and -8.9% previously (revised down from -8.9%). Annually, Pending Home Sales declined by 19.9%, compared to the previous annual decline of 20%.

 

On the other hand, economic fears support the US dollar's safe-haven demand, as S&P Global Market Intelligence's Executive Director of Economic Research, Sara Johnson, said in a statement on Wednesday that global growth is expected to remain subdued in late 2022 and 2023, while inflation is anticipated to moderate over the next two years.

 

However, predictions that China will overcome its recessionary troubles and that Fed Chairman Powell will reiterate his cautious words at Jackson Hole appeared to have weighed on the DXY bulls. "Various Chinese official media organizations are defending the yuan following its recent fall, arguing that the country's robust exports could offset a stronger dollar and hawkish Federal Reserve rate hikes," Reuters reported on Wednesday. Due to China's role as one of the world's major gold consumers, gold traders are increasingly concerned about the dragon nation.

 

XAU/USD may experience a pullback if Fed Chair Jerome Powell surprises markets with a hawkish tone amid recession fears, given the current mixed market conditions and the US dollar's reluctance to re-establish its multi-year high.

 

The second edition of the US GDP for the second quarter will be added to the US Personal Consumption Expenditure (PCE) for the same period to beautify the calendar intraday. However, Jackson Hole will receive the most of the focus for new initiatives.

 

Despite recent inactivity, the gold price maintains the rebound above the prior resistance line from mid-April, suggesting more higher momentum towards a 10-week-old resistance line near $1,788.


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