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November 30th - OPEC+ is about to hold a meeting to assess the global oil market. Given the increasingly apparent signs of oversupply, the alliances oil-producing countries are still expected to pause supply increases in the first quarter of next year. Several representatives indicated that the Saudi- and Russian-led alliance is likely to adhere to the plan reached earlier this month to make a modest production increase in December, followed by stable production levels for the first three months of next year. While this pause demonstrates some caution from OPEC and its partners after their rapid resumption of oil production earlier this year, it still leaves the global market facing a significant oversupply in early 2026, potentially putting further pressure on oil prices.Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.

Gold Price Forecast: Bear Flag, Powell Teases XAU/USD Sellers, $1,750 in Focus

Daniel Rogers

Aug 26, 2022 15:08

截屏2022-07-29 上午11.06.12.png 

 

Early Friday morning in Europe, gold price (XAU/USD) recovers off intraday low as sellers retreat from $1,750 support. Gold posts its first daily loss in three around the week's high.

 

The bullion's latest downturn may be due to market pessimism ahead of the Fed's favored inflation announcement and Jackson Hole address. China, Iran, and Taiwan may add to the negative mood.

 

China's county near Beijing declared lockdown due to covid, joining the US suspension of 26 Chinese carrier flights in response to Beijing's action. An expanded defense budget, a rise in US diplomats visiting Taipei, and US President Joe Biden's stern stance on Iran's position in Syria appear to have weighed on market sentiment.

 

Mixed US data, Fedspeak, and a drop in US Treasury yields supported gold's recent run-up. The second estimate of US GDP Annualized improved to -0.6% in Q2 from -0.9% flash estimates and -0.8% market projections. US Initial Jobless Claims declined to 243K for the week ended August 19, compared to 253K predicted and 245K revised.

 

Kansas City Fed President Esther George stated Thursday, "For the near term, higher rates appear appropriate." The policymaker also said it's too early to determine what to expect in September due to upcoming critical data. Philadelphia Fed President Patrick Harker said he wants to see the next inflation number before deciding on the September rate decision, but a 50 basis point boost would still be big. Atlanta Fed President Raphael Bostic told the WSJ, "I'd toss a coin between 50 bps and 75 bps," adding, "If data remains solid and inflation doesn't fall, it may create a case for another 75 bps."

 

China's over $1 trillion stimulus and a holistic strategy by local institutions helped metal prices.

 

S&P 500 Futures deviate from Wall Street's advances and fall to 4,195. US 10-year Treasury rates rose two basis points (bps) to 3.045% at press time, illustrating the risk-off mood.

 

Before Fed Chair Powell's Jackson Hole speech, XAU/USD traders may see an idle session. The Fed's chosen inflation gauge, the US Core PCE Price Index, may interest speculators. Forecasts predict YoY growth of 4.7%, down from 4.8%, and monthly growth of 0.3%, down from 0.6%.


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