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On March 13th, Apple announced adjustments to its App Store commission policy in mainland China. More importantly, Apple pledged to consistently provide Chinese developers with competitive commission rates no higher than those in other markets. Why did Apple lower its "Apple tax"? Apples official statement revealed a key piece of information: the adjustment was made "based on communication with Chinese regulatory authorities." Considering the magnitude and attitude of Apples adjustment, its easy to infer that Chinese regulatory authorities have effectively exerted pressure on Apple. In fact, the "Apple tax" is being reduced globally. In recent years, countless developers, regulatory agencies, user groups, and even governments have challenged Apples high commission rates. According to incomplete statistics, Apple has been sued, investigated, reported, and legally banned in at least 10 countries and regions worldwide due to allegations of monopolistic practices related to the App Store. Under anti-monopoly regulatory pressure, Apple has already lowered commissions in several countries and regions. This reduction in commissions for the Chinese App Store, "based on communication with Chinese regulatory authorities," not only improves the treatment of Chinese developers but also reflects the continuous improvement of digital market rules and the enhancement of regulatory authority in the process of deepening the normalization of anti-monopoly supervision.The yield on five-year Japanese government bonds rose 4.0 basis points to 1.665%. The yield on 20-year Japanese government bonds rose 3.0 basis points to 3.090%.Futures News, March 13th: Economies.com analysts latest view: Spot gold continued to rise in the latest intraday trading, benefiting from the stability of the key support level of $5100, providing positive momentum for its attempt to recover some of its previous losses. At the same time, prices are attempting to alleviate the oversold conditions indicated by the Relative Strength Index (RSI). Nevertheless, gold still faces downward pressure after breaking through the short-term uptrend line. Furthermore, the continued trading below the EMA50 is also creating dynamic pressure, which may limit the possibility of a full recovery for gold in the short term.March 13th - Hong Kong stocks opened slightly lower again, after a brief surge to turn positive. At midday close, the Hang Seng Index was down 0.48%, and the Hang Seng Tech Index was down 0.41%. Most large-cap tech stocks rallied, with Alibaba (09988.HK), Meituan (03690.HK), and JD.com (09618.HK) all rising over 1%. Energy stocks, affected by supply disruptions in the Middle East, remained active, fertilizer stocks rose, building materials and cement stocks generally increased, and telecommunications and high-speed rail infrastructure stocks saw some recovery. However, airline stocks continued their decline, while gold, shipping, and semiconductor stocks generally fell.On March 13, Maybank (Thailand) analyst Chak Reungsinpinya wrote in a research report that rising oil prices could benefit Thailands energy sector and lead to higher refining margins. The analyst stated, "The disruption to energy flows caused by the Iranian war is unprecedented." Even if the Middle East conflict is resolved within weeks rather than months, energy prices are likely to remain high. The bank upgraded its rating on Thailands energy sector from "neutral" to "positive."

Gold Price Prediction: The XAU/USD pair recovers towards the $1,930 barrier as the US Dollar retreats amid contradictory signals

Daniel Rogers

Jan 19, 2023 15:07

Gold price (XAU/USD) gains bids to trim yesterday's losses, breaking a three-day downtrend, as the US Dollar struggles to defend late Wednesday's corrective bounce off the lowest level since May 31, 2022. Recent remarks by Dallas Federal Reserve (Fed) President Lorie Logan could provide more support for the XAU/USD recovery.

 

In her maiden statement as a Fed representative, Fed's Logan advocated for a slower rate hike pace but also acknowledged the possibility of a higher stopping point, whereas the majority of Fed policymakers appeared bullish on Wednesday.

 

Previously, James Bullard, president of the Federal Reserve Bank of St. Louis, stated that US interest rates must increase further to reduce inflationary pressures. In the same vein, Loretta Mester, president of the Federal Reserve Bank of Cleveland, lauded the Fed's efforts to manage inflation. In addition, the president of the Kansas City Fed, Esther George, stated that the central bank must restore price stability, "which includes reverting to 2% inflation."

 

Notably, the disappointing US data allowed gold markets to restore upward momentum and challenge the Fed hawks. US Retail Sales had a 1.1% MoM decline in December, compared to market predictions of -0.8% and prior readings of -1.0%. This decline was the largest in a year (revised). On the same note, the Producer Price Index plummeted to its lowest level in six months with a -0.5% MoM figure, compared to a -0.1% MoM figure that was anticipated and a 0.2% MoM result from the previous month (revised).

 

In addition, the Bank of Japan's (BOJ) unexpected inaction and diminishing fears of the Federal Reserve's (Fed) aggressive monetary policy activities weighed on United States Treasury bond yields and the Gold price on Wednesday. In spite of the BOJ's inaction on monetary policy and interest rates, 10-year US Treasury bond yields reached their lowest level in four months as of press time, hovering around 3.37 percent.

 

Analysts at Goldman Sachs anticipated greater China development and preferred chances for a rise in energy demand from the dragon kingdom. However, elsewhere, contradictory concerns about China appeared to have hampered Gold purchases. In recent times, though, worries about the US-China friction have outweighed optimism. US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He met in Germany on Wednesday, which initially bolstered risk appetite with the BOJ's inactivity. However, the diplomats' mention of the disagreements sparked market fears of a new round of friction between the United States and China. Prior to this, the South China Morning Post (SCMP) stated that Beijing'should be cautious' as the United States and Taiwan seek stronger economic ties.

 

In light of these performances, markets remain cautiously hopeful on Thursday, resulting in a Gold price recovery. Mildly bid US stock futures, a weakening US Dollar Index (DXY), and declining US Treasury bond yields could be indicative of market sentiment.


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