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On November 9th, internal documents from Meta Platforms (META.O) revealed that approximately 10% of the companys revenue, or about $16 billion, will come from fraudulent and prohibited advertising in 2024, highlighting loopholes in its advertising oversight. The internal Meta document shows that the social media giant has failed to identify and block a large number of illegal ads for at least the past three years, exposing billions of users on its platforms Facebook, Instagram, and WhatsApp to content including investment scams, online gambling, and prohibited medical products. The company estimates that its platforms push approximately 15 billion fraudulent ads to users daily.Conflict Situation: 1. Russia – ① Russian Ministry of Defense: A Ukrainian drone was shot down in the Moscow region. ② Russia launched a large-scale airstrike against Ukraine, damaging energy and transportation facilities in many parts of Ukraine. ③ Russian Ministry of Defense: Russian troops have occupied the village of Vovche in Ukraines Dnipropetrovsk Oblast. 2. Ukraine – ① Ukraine claims Russia launched a large-scale attack on its energy facilities. ② Ukrainian Prime Minister: Russian attacks on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv, and Poltava regions. Other Situations: 1. US – ① US media: Hungary will be exempt from US sanctions when purchasing Russian energy. ② Ukrainian President Zelensky: Russia launched 450 drones and 45 missiles to attack Ukraines energy sector and infrastructure. 2. Ukraine – Rotating power outages will be implemented in most parts of Ukraine on the 9th. 3. Russia – ① Russian Foreign Minister Lavrov: At the instruction of Russian President Putin, Russia has begun drafting proposals regarding possible Russian nuclear testing programs. ② Russia claims it has not received any statements from the US regarding the resumption of nuclear testing through diplomatic channels. 4. Other – Both external power supply lines to the Zaporizhzhia nuclear power plant have been repaired.On November 9th, Senate Majority Leader John Thune stated that positive progress had been made in bipartisan negotiations to end the federal government shutdown. Lawmakers are working to reach an agreement to temporarily reopen the government and introduce three longer-term appropriations bills for several agencies. According to Republican senators, lawmakers had hoped to release the full text of three full-year appropriations measures for fiscal year 2026 on Saturday, including agriculture, food and nutrition programs, military construction programs, veterans programs, and congressional operating funds. The proposal would fund these initiatives until September 30, 2026. However, by the end of the workday this week, the two parties had not reached an agreement on reopening the government, nor had they released the full-year appropriations bill to the public. The Senate will attempt negotiations again during a rare Sunday session.On November 9th, Russian Foreign Minister Sergey Lavrov stated on the 8th local time that Russia has not yet received any explanation from the US through diplomatic channels regarding President Trumps remarks about resuming nuclear testing. He also stated that Russian President Vladimir Putins instructions regarding nuclear testing are being implemented. Lavrov noted that it is currently unclear whether Trump was referring to nuclear weapons delivery vehicle testing or subcritical testing.November 9th - On November 8th local time, Ukraines state electricity company announced that most parts of Ukraine would experience rotating power outages in two to four rounds from 00:00 to 23:59 on November 9th. The various restrictions in place will remain in effect until the end of the day.

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).