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On February 27, Jurrien Timmer, head of global macro at Fidelity Investments, said that slightly more than half of the components of the S&P 500 index showed bullish signals. However, Timmer said, "It seems that everyone is waiting. You dont want to sell stocks in case the roller coaster arrives safely. But who else will buy after the strong inflow of funds since the US election?" "The S&P 500 weighted index is still below the high set on November 29, and only 53% of stocks are above the 50-day moving average. We are in a buy rumor, wait for news mode." Typically, stocks that move above the 50-day moving average are considered to be in an upward trend. The S&P 500 performed poorly in February as market enthusiasm for artificial intelligence and the election waned.On February 27, Citi said that the performance of Hong Kong Exchanges and Clearing Limited (00388.HK) last quarter was roughly in line with expectations, with a net profit of 3.8 billion yuan in the fourth quarter of 2024, a quarterly increase of 20% and a year-on-year increase of 46%, 2% higher than market expectations. The companys total revenue last quarter was 6.4 billion yuan, a quarterly increase of 19% and a year-on-year increase of 31%. Core revenue was 4.7 billion yuan, a quarterly increase of 26% and a year-on-year increase of 40%, which was basically in line with market expectations. The bank said that Hong Kong Exchanges and Clearing Limiteds investment income last quarter was 1.2 billion yuan, a quarterly decrease of 1% and a year-on-year increase of 12%, exceeding market expectations by 3%. Total operating expenses increased by 14% quarter-on-quarter and 5% year-on-year, in line with expectations. The EBITDA profit margin was 73.6%, an increase of 6.4% year-on-year. The second interim dividend per share was 4.9 yuan, and the annual dividend payout ratio reached 90%. The bank maintained a buy rating on Hong Kong Exchanges and Clearing Limited with a target price of HK$370.According to Interfax: Russia will extend its gasoline export license until the end of August.European Bank for Reconstruction and Development: Lowered its regional economic growth forecast to 3.2% from the previous 3.5%, and expects the average growth rate to be 3.4% in 2026.European Bank for Reconstruction and Development: Lowered its GDP forecast for Ukraine in 2025 from 4.7% to 3.5%, and lowered its forecast for Hungary from 3.3% to 2.0%.

Gold Price Prediction: XAU/USD recovers within the weekly bearish trend, Covid; Treasury yields in focus

Daniel Rogers

Nov 22, 2022 14:56

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Early Tuesday morning, the gold price (XAU/USD) reaches $1,745 for the first daily increase in four. In doing so, the precious metal applauds the wide US Dollar decline during a likely sluggish day preceding Wednesday's crucial data/events.

 

Consequently, the US Dollar Index (DXY) falls intraday by 0.25 percent to 107.55, halting a three-day rally. Recent challenges to the hawkish concerns surrounding the US Federal Reserve are reflected in the dollar's metric, which tracks US Treasury yields (Fed).

 

The US 10-year Treasury yields decline for the first time in four days, falling one basis point to around 3.81% as of press time, as the most recent remarks from Federal Reserve (Fed) members fail to buttress the previously hawkish attitude.

 

In a CNBC interview, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated, "I think we can ease down from 75 in the December meeting." Previously, Atlanta Federal Reserve President Raphael Bostic rejected the 75 basis point move and challenged the DXY bulls. In addition, October readings of -0.05 for the Chicago Fed National Activity Index, compared to the prior reading of 0.17, posed a challenge to US Dollar bulls.

 

On the other hand, a seven-month high in daily coronavirus cases from China rekindled fears of a supply bottleneck and gave US Dollar purchasers optimism ahead of tomorrow's preliminary monthly activity data and Federal Open Market Committee (FOMC) Meeting Minutes.

 

In addition, the most recent articles from Nikkei Asia imply that China is likely hoarding the metal while selling US Treasury bonds, which gives buyers of gold reason for optimism.

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