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On June 19th, the Guangdong Provincial Peoples Government issued a notice titled "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan outlines the construction of an AI-enabled software information service system, the vigorous development of general-purpose and industry-specific large-scale models, and the promotion of key businesses such as AI programming, digital marketing, and gaming and entertainment. It also aims to incubate and cultivate AI+software ecosystem unicorn companies. Furthermore, the plan calls for the in-depth implementation of core software development projects, focusing on basic software and industrial software in key areas, organizing major scientific and technological research, and achieving breakthroughs in key core technologies.The Central Bank of Russia stated that it will assess the necessity of further interest rate cuts at its upcoming meeting.The Central Bank of Russia cut interest rates by 25 basis points, while the market had expected a 50 basis point cut.On June 19th, the Guangdong Provincial Peoples Government issued a notice regarding the "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan includes implementing a tiered cultivation plan for internet enterprises, establishing a full-cycle cultivation system, fostering a group of backbone enterprises with a value exceeding 10 billion yuan, and striving to create world-class internet enterprises with a value exceeding one trillion yuan. It also aims to build a new highland for the digital content industry, create digital cultural IPs with national influence, accelerate the construction of smart audiovisual cloud industrial parks, support the innovative development of platforms such as internet music, live streaming, long and short videos, and online games, and cultivate new business models such as immersive experiences and virtual digital humans. Furthermore, it promotes the digital upgrade of life services, facilitates AI-enabled life service scenarios, and creates a nationwide AI-driven vertical life service platform.The Russian central bank set its interest rate at 14.25% on June 19, compared with an expected 14.00% and a previous value of 14.50%.

Gold Price Prediction: XAU/USD clings to 29-month low near $1,650; Ukraine, Fed's Powell in spotlight

Daniel Rogers

Sep 26, 2022 12:01

Gold price (XAU/USD) licks its wounds around a two-year bottom, at $1,645 during Monday's Asian session, as bears take a breather following the week's largest daily decline ahead of important catalysts. The contradictory news regarding Europe and Russia may further put pressure on metal prices. Despite this, bears remain optimistic despite the widespread rush to endanger safety.

 

Germany's ability to secure a gas contract with Abu Dhabi, as well as Russia's lack of rapid response to Group of Seven (G7) chatter about mustering guts against Moscow, indicated a correction in mood. Recently, a holiday in New Zealand and a light calendar in Asia allowed the XAU/USD bears to catch their breath.

 

During the past week, the gold price was pushed down by high US PMIs, weak activity data from the bloc, Russia's stern warning to the West, and the Group of Seven's (G7) readiness to respond with penalties. In addition, the XAU/USD was pulled down by hawkish central bankers and fears of recession.

 

Nonetheless, the initial readings of the S&P Global PMI for the month of September indicated that the European economy contracted significantly, hampered by rising energy prices. The German Services PMI reached its lowest level in two years, while its European counterpart reached its lowest level in 19 months. In addition, Manufacturing PMIs reached their lowest level in twenty months. In September, the US S&P Global Manufacturing PMI increased to 51.8 from 51.5, and the US S&P Global Services PMI improved from 44.6 to 49.0.

 

Jerome Powell, chairman of the Federal Reserve, stated elsewhere on Friday, "We are committed to deploying our tools." Following him, Fed Vice Chair Lael Brainard stated that 'hard' inflation is impacting low-income people. Raphael Bostic, president of the Atlanta Federal Reserve, told CBS' "Face the Nation" over the weekend that he still believes the central bank can reduce inflation without substantial job losses, given the economy's sustained pace, as reported by Reuters, citing the Fed official's interview.

 

According to a recent CBS interview, Ukraine's president Zelenskiy stated that "Putin's nuclear threats may have been a bluff, but now they might become a reality." The United States, meanwhile, warned of "catastrophic repercussions" if Moscow used nuclear weapons in Ukraine, after Russia's foreign minister stated that territories hosting heavily condemned referendums would receive full security if annexed by Moscow.

 

Wall Street closed in the red, US Treasury yields increased, and the US Dollar Index (DXY) reached a new multi-year high against this backdrop. Consequently, S&P 500 Futures record modest losses at the latest.

 

Intraday movements will be heavily influenced by Italy's election results and a statement by European Central Bank (ECB) President Christine Lagarde. Nonetheless, the week will be dominated by the Ukraine-Russia conflict, comments from Fed Chair Powell, and US Durable Goods Orders for direction.


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