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Japanese Foreign Minister Toshimitsu Motegi: Strongly protests Russian President Vladimir Putins visit to the disputed islands.On August 13th, Meituan (03690.HK) launched the first official version of its "stop meter at red lights" feature for delivery riders in Beijing, with road testing already underway in pilot areas. It is understood that in the first half of this year, Meituans delivery safety technology team conducted internal testing of the product on some roads in Beijing and built a prototype, providing a model for pilot implementation across the country. Currently, pilot road testing is being conducted on some roads in Chaoyang District, Tongzhou District, and the Economic and Technological Development Area of Beijing, which have already integrated traffic data. The time spent by Beijing delivery riders waiting at red lights will be gradually calculated separately and added to the delivery time. Meituan revealed that more than 20 other cities are also under evaluation, and the feature will be launched in cities that meet the requirements.On August 13th, it was reported that Zhenbao Technology, a listed company in Chinas semiconductor component sector, has invested in and will construct a semiconductor component R&D and production base in Optics Valley. The project has a total investment of 520 million yuan and a construction period of three years. The base will focus on three core product categories: silicon carbide components, high-purity silicon precision components, and aluminum nitride ceramic materials and related components. These are essential consumables for front-end manufacturing processes such as chip etching and thin-film deposition. Once operational, the base will rapidly expand the companys existing production capacity, providing convenient services to wafer manufacturing companies in Central China and shortening delivery cycles.On August 13, according to a report by The Times of Israel on the 12th, a US State Department official criticized Israeli Defense Minister Katz, pointing out that his remarks about "preparing for a long-term occupation of southern Lebanon" contradicted previous commitments made by the Israeli government. Katz reportedly claimed earlier on the 12th in southern Lebanon that "Israeli forces will remain in the security zone of Lebanon, Syria, and Gaza to defend Israel." He also stated that he had instructed the Israeli military to take all necessary measures to prepare for a long-term presence in the region. A US State Department official stated, "The United States expects all parties to act in accordance with the framework agreements they have agreed to, and Israel has made it clear that it has no territorial ambitions in Lebanon. Maintaining a permanent military presence in southern Lebanon is neither in line with the commitments made in that framework agreement nor conducive to long-term peace and security between the two countries." The official emphasized that the United States "fully supports Lebanons territorial integrity and sovereignty."August 13 - According to Russias TASS news agency today (August 13), Russian President Vladimir Putin visited Iturup Island, one of the four islands in the Southern Kuril Islands (known as the "Northern Territories" in Japan). One of the main obstacles preventing Russia and Japan from concluding a peace treaty is the dispute over the ownership of the Southern Kuril Islands.

Gold and copper hardly change in response to economic worries

Aria Thomas

Sep 28, 2022 10:49

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Wednesday gold and copper prices were relatively unchanged as the dollar stayed near 20-year highs due to fears of an economic slowdown.


At 19:39 EDT, spot gold was $1,628.67 per ounce, while gold futures were $1,639.0 per ounce (23:39 GMT). On Tuesday, both surged momentarily as the dollar slid from 20-year highs, alleviating the pressure on gold.


Continuing stock market declines and fears of a recession pushed funds back into the currency. This year, rising interest rates and the Fed's aggressive stance have made the dollar a safer refuge than gold.


In 2022, during the Russia-Ukraine conflict, the price of gold plummeted by 27 percent. Prices have breached two important support levels, and additional declines are anticipated.


The dominance of the U.S. dollar has harmed commodities, particularly gold. ING analysts found that higher rates raise the opportunity cost of owning gold.


The bank expects gold to end the year near $1,650 per ounce, with significant respite coming when the Fed modifies its hawkish stance.


Copper prices remained elevated as traders anticipated a near-term fall in demand.


Copper futures prices dropped to $3.2920 per pound.


Copper prices have declined this year due to concerns that a recession will diminish industrial demand and activity.


Investors are concerned about weakening economic statistics from China, the world's largest copper importer, and slow industrial activity in Europe and the United States.


The Chinese manufacturing data released on Friday is expected to reveal a further decline.