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Lenovos CEO stated that tariffs have a limited immediate impact on the business. While theres still uncertainty about Trumps 100% chip tariffs, the company will not be disadvantaged. Confidence in the fiscal 2026 outlook has strengthened compared to the previous quarter. Despite geopolitical uncertainty, AI PC shipments remain on track.The Hang Seng Index in Hong Kong opened up 152.95 points, or 0.6%, at 25,766.62 points on August 14 (Thursday); the Hang Seng Tech Index in Hong Kong opened up 38.69 points, or 0.69%, at 5,669.47 points on August 14 (Thursday); the CSI 300 Index opened up 62.98 points, or 0.69%, at 9,213.03 points on August 14 (Thursday); and the H-share Index opened up 9.95 points, or 0.23%, at 4,389.59 points on August 14 (Thursday).Japans Topix index fell 1%.On August 14, Brazilian President Lula approved the launch of the "Brazil Sovereignty Plan," which will implement various measures to counter the impact of increased US tariffs and encourage investment in strategic sectors to safeguard Brazils economic development. According to an announcement released by the Brazilian presidential palace that same day, the Brazilian government will provide preferential loans to businesses affected by US tariffs through various guarantee funds, with financing also available to small and medium-sized enterprises. The government will allow severely impacted businesses to defer federal tax payments and extend tax rebates for companies planning to export to the US, encouraging sales to other countries. Furthermore, the government will modernize the export guarantee system and increase support for mid- and high-tech, green economy exporters.On August 14th, the Ifo Institute, a German economic research think tank, released a survey on the 13th local time, showing that nearly half of German economists gave a negative review of the economic policies of Chancellor Merzs new government. The Ifo Institute stated that the economists surveyed believed the new government lacked structural reforms. The survey, conducted from July 29th to August 5th, surveyed 170 German economics professors. The results showed that 42% of respondents gave a negative assessment of the economic policies of Merzs "Black-Red Coalition" (a ruling coalition of the Christian Democratic Union and the Social Democratic Party) in its first 100 days in office, while only 25% gave it a positive rating.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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