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Kazuo Ueda, Governor of the Bank of Japan: Depending on the scale of the US tariff increase, this could have a significant impact on trade activities of various countries.The Hang Seng Index in Hong Kong opened on April 2 (Wednesday) down 39.53 points, or 0.17%, to 23,167.31 points; the Hang Seng Technology Index opened on April 2 (Wednesday) down 8.68 points, or 0.16%, to 5,398.7 points; the CSI 300 Index opened on April 2 (Wednesday) down 21.3 points, or 0.25%, to 8,516.04 points; the H-share Index opened on April 2 (Wednesday) down 2.77 points, or 0.07%, to 3,829.16 points.Market news: Rapidus president said that the initial goal of Rapidus semiconductor manufacturing yield is to increase to 50%, and eventually to 80~90%.Hang Seng Index futures opened down 0.23% at 23,206 points, 8 points below the spot price.April 2nd news, US President Trumps so-called "Liberation Day" is likely to be just one of many steps in the ongoing trade war. Ethan Harris, former head of economic research at Bank of America, said that the United States is unlikely to make the policy clarity that investors, businesses and households desire. Harris said that even if the trade war ends, the US economy will still be weakened by policies in other areas, such as cutting government spending and employment. He said that one way to judge who is hurting whom in global trade is to look at the complaints submitted to the World Trade Organization. He pointed out that the United States receives more complaints than it issues. The United States is the plaintiff in 135 cases and the defendant in 168 cases. Harris added that this is another reason why many countries will retaliate against US tariffs.

Gold Price Prediction: XAUUSD pulls back toward $1,750 ahead of Biden-Xi talks, and the Fed's pivot is anticipated

Daniel Rogers

Nov 14, 2022 18:42

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During Monday's Asian session, the gold price (XAUUSD) consolidates the largest weekly gains since March 2020 near $1,762. In doing so, the precious metal records modest losses within a bullish chart pattern that is one week old.

 

Notably, the light schedule appears to have prompted the XAUUSD retreat near the highest levels in three months. Anxiety ahead of a meeting between US President Joe Biden and China's Prime Minister Xi Jinping on the sidelines of the Group of 20 Nations (G20) summit in Bali is also likely to have prompted the gold buyers to be questioned.

 

Christopher Waller, governor of the Federal Reserve, attempted to defend the bulls by stating, "Rates will not fall until there is 'clear, strong evidence' that inflation is falling."

 

Against this backdrop, S&P 500 Futures retreat from a one-month high, falling 0.30 percent intraday near 3,990, while US 10-year Treasury yields rise six basis points (bps) to 3.89%, recording their first daily gain in four days.

 

As the market attitude deteriorates, updates from Bali can provide amusement for XAUUSD traders. Any spark in China's relations with its global counterpart, as a result of China's support for Russia, should exert additional downward pressure on gold. However, the previous week's discussions of the Fed's easy rate hikes in December, coupled with the disappointing US consumer-centric data, appear to keep gold buyers optimistic.

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