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On July 18, Chen Jining, Secretary of the Shanghai Municipal Committee of the CPC, met with Richard Sutton, Turing Award laureate and Chief Scientist of Openmind Research Institute, who was in Shanghai to attend the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence. Chen Jining introduced the development of artificial intelligence in Shanghai. He said that artificial intelligence is one of the three leading industries that Shanghai is focusing on developing. Adhering to the people-centered and benevolent principles, Shanghai maintains strategic agility and perseveres, focusing on strengthening basic research, cultivating and optimizing the innovation ecosystem, and accelerating the construction of a high ground for artificial intelligence development and governance innovation. Mr. Sutton is a renowned scholar in the field of artificial intelligence. He welcomed him to seize this rare historical opportunity to more closely integrate his research advantages with Shanghais innovation advantages, talent advantages, and ecosystem advantages, and to deepen communication, cooperation, and open collaboration in strengthening basic research and talent exchange and training, so that this cutting-edge technology can better benefit human society. Shanghai will continue to create an open and inclusive innovation ecosystem, provide efficient and convenient matching services, and better support global scientists and talents to innovate, start businesses, and achieve their dreams in Shanghai.On July 18, Kuwait Oil Company (KOL) stated in a press release that a "critical" facility was subjected to multiple fierce attacks by Iran, resulting in multiple casualties and significant damage. The injured have received medical treatment, and the facility has been evacuated. KOL is coordinating with relevant departments to respond to the attack. The press release did not specify the exact location of the attacked facility.According to the Kuwait News Agency, the Kuwait Petroleum Corporation (KPC) stated that an Iranian attack damaged an oil facility, resulting in injuries and significant property damage.According to the Jordanian National News Agency, Jordan intercepted and shot down four drones that had violated its airspace.July 18th - Question: It is reported that the British government announced on the 16th that it has nationalized British Steel under the Steel Industry (Nationalization) Act, taking over the company previously controlled by Chinas Jingye Group, and will establish a compensation mechanism through secondary legislation to independently assess compensation matters. British Prime Minister Starmer stated that the decision safeguards the future of the British steel industry and protects skilled jobs. What is Chinas comment on this? Foreign Ministry Spokesperson: The Chinese Ministry of Commerce has already responded, which you can refer to. I would like to emphasize that this matter has attracted great attention from the Chinese public. How the UK handles this matter will directly affect Chinese investors perception of the UKs investment environment and the Chinese publics perception of the British governments credibility. China and the UK have signed an investment protection agreement, and the legitimate rights and interests of investors must be fully protected in accordance with the law. China urges the UK to earnestly respect market principles and the spirit of contracts, and find a mutually acceptable solution, including how to compensate. China supports enterprises in using legal means to protect their rights and is closely monitoring the developments of the matter; it will take measures to protect its rights if necessary.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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