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Hong Kong stocks closed higher, with the Hang Seng Index rising 0.14% and the Hang Seng Tech Index rising 0.74%. Southbound capital saw a net inflow of over HK$24.9 billion. New energy vehicle companies, aviation, telecommunications, biomedicine, domestic banks, and logistics concepts performed strongly, while non-ferrous metals, commercial aerospace, optical communications, chips, and photovoltaic solar energy concepts weakened.Volvo Cars CEO: U.S. tariffs had a significant impact in the fourth quarter.Oriental Selection (01797.HK) rose more than 10% in the afternoon.February 5th - ING analysts stated that ahead of the European Central Banks (ECB) interest rate meeting, the market generally believed that it would not take any action to change its policy direction. The regions economic growth outlook remains robust, and recent volatility in the foreign exchange and energy markets is clearly insufficient to trigger any immediate reaction. However, the ECBs "favorable position" is not without uncertainty; the market sees an opportunity for policy easing before the end of the year, with an implied probability of a rate cut this year of approximately 25%. Since the ECB will not release new forecasts at this meeting, the markets focus is on any potential adjustments to its communication methods and their impact on future policy responses. If the bank increases its focus on the foreign exchange market, or engages in more intense discussions surrounding it, this could be seen as lowering the threshold for further easing. This would confirm market expectations of a policy easing bias in the coming quarters.An Indian Ministry of Trade official said that India’s procurement volume will increase to $2 trillion over the next five years, of which the United States will provide $500 billion in supplies.

Gold Price Prediction: XAU/USD expects demand to exceed $1,810 amidst a risk-recovery

Alina Haynes

Dec 30, 2022 11:26

 截屏2022-12-29 下午4.57.32_1024x576.png

 

After a corrective dip to about $1,810.00 in the Asian session, the gold price (XAU/USD) has gained demand. The precious gold retraced after touching the $1,820.00 resistance level, but it is anticipated to resume its ascent as the risk aversion theme has diminished.

 

A strong rebound in the S&P 500 on Thursday, following a two-day decline, erased the market's risk-averse disposition. As value-buying arose, investors jumped in to provide support for United States shares. Meanwhile, a drop in the desirability of safe-haven assets led to a decline in the US Dollar Index. The USD Index fell close to 103.50, which has been a crucial support level this week. A substantial improvement in market mood reversed the four-day decline in US Treasury bonds.

 

After a surge in the number of weekly jobless claims, the U.S. dollar experienced intense pressure. The number of first-time claimants increased to 225K for the week ending December 23. This exemplified a slowing in the employment process among businesses brought on by rising interest rates.

 

Early Thursday morning in Asia, Reuters released a White House statement stating that President Joe Biden had signed a $1.66 trillion package to fund the United States government for fiscal year 2023. Reuters also reported that Congress passed the law last week and that Biden recently signed it while on vacation on the Caribbean island of St. Croix. New economic stimulus in the United States could contribute to a future decline in the US Dollar Index.

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