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On May 9th, the China Association of Automobile Manufacturers (CAAM) clarified that rumors circulating online claiming "new energy vehicle companies were summoned for talks and placed under investigation for battery locking issues" are false. A CAAM representative stated that the claims circulating online regarding "eight new energy vehicle companies being summoned for talks due to battery locking issues" and "three companies being placed under investigation" lack official source and are seriously inconsistent with the facts. All industry regulatory updates and enforcement measures should be based on official information from the relevant authorities. Furthermore, CAAM hopes that new energy vehicle companies will optimize their battery management systems, maintain transparency, protect consumers right to know and choose, establish efficient after-sales communication channels, actively handle complaints and disputes related to battery locking, and safeguard their brand reputation through honest business practices.On May 9, Ukrainian President Volodymyr Zelenskyy announced via social media that he had spoken with European Council President Costa, exchanging views on Ukraines cooperation with Europe and its integration into European integration. Zelenskyy stated that he and Costa focused on joint efforts to further Ukraines integration into Europe, clarifying Ukraines commitment to becoming a full member of the EU and that preparations are underway for initiating negotiations and subsequent decisions.On May 9th, the chairman of the Iranian Parliaments Energy Committee stated that production continues uninterrupted at multiple oil fields across the country. He asserted that the actions of adversaries targeting Iranian oil tankers are entirely illegal, and that pressure on Iranian oil exports has been ineffective. There are currently no official reports of an oil spill near Kharg Island. Earlier reports indicated that satellite images suggested a large-scale oil spill near Kharg Island, a key Iranian oil export hub, with pollution covering tens of square kilometers of sea surface.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, during which a report was heard on the construction of the national comprehensive transportation system. The meeting emphasized the need for coordinated advancement of transportation infrastructure construction, adhering to integrated planning and systematic integration, effectively utilizing existing resources and optimizing new supply. It stressed the importance of improving management and service levels, creating a more convenient travel environment to facilitate the smooth flow of people and goods, and promoting cost reduction, quality improvement, and efficiency enhancement in freight transportation. The meeting also called for deepening reform and innovation, building a unified and open transportation market, actively promoting the application of new technologies, developing new transportation business models safely and orderly, and cultivating more new growth points.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which discussed and promoted work related to resolving local government debt risks. The meeting pointed out that since the implementation of the comprehensive debt reduction plan, significant progress has been made in resolving debt risks. It is necessary to continue focusing on key areas and weak links, improve policies supporting debt reduction, enhance local governments ability to repay debts independently, and ensure the timely completion of debt reduction tasks. It is also necessary to establish and improve a long-term mechanism to resolutely prevent the creation of new hidden debt.

Gold Price Prediction: XAU/USD struggles to extend gains on encouraging ADP Employment data from the United States

Daniel Rogers

Jan 06, 2023 11:12

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After falling to almost $1,825.00 during the late New York session, the gold price (XAU/USD) has tried a recovery. The precious metal is battling to continue its rebound as robust United States Automatic Data Processing (ADP) Employment Change data has prompted the risk of the Federal Reserve (Fed) maintaining higher interest rate stability for an extended duration.

 

S&P500 suffered a major sell-off from the market participants, displaying a risk-aversion theme, as bigger additions of fresh payrolls in the United States job market will require the Fed to sustain its aggressive position on interest rates for a longer term. This has also caused a possibility of recession in the US economy. The Employment Change (Dec) jumped to 235K in contrast to the predicted 150K and the previous release of 127K. In addition, the weekly Initial Jobless Claims (IJC) have decreased to 204K compared to the expected 225K.

 

The US Dollar Index (DXY) achieved a roaring rally after sustaining above the important resistance of 104.00 and rose to reach 105.00. In addition, 10-year US Treasury yields detected demand and rose to approximately 3.72 percent.

 

Investors will closely monitor Nonfarm Payrolls (NFP) data on Friday. After noticing optimistic signals from ADP Employment Change, it is quite likely that the US NFP will report data that exceeds expectations. The unemployment rate is expected to remain unchanged at 3.7%.