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June 3rd - Recently, several private banks have collectively lowered interest rates on medium- and long-term fixed deposits. Many medium- and long-term fixed deposit products that previously offered interest rates in the "2%" range have now fallen back to the "1%" range, with some banks even discontinuing these products altogether. Experts interviewed analyzed that the advantage of high-interest deposits offered by private banks is gradually fading, and the industrys transformation is accelerating. Affected by interest rate changes, the logic of residents savings allocation has clearly shifted, and private banks urgently need to break free from the predicament of homogenization and seek long-term development through differentiated approaches.Japanese Finance Minister Satsuki Katayama: I agree with the views of the Bank of Japan Governor on several issues.Artificial Intelligence: 1. Microsoft launches AI software that can act as an administrative assistant. 2. Nvidia collaborates with Microsoft to develop a unified technology stack for agent-based AI. 3. The EUs AI data center plan is hampered by delays and funding issues. 4. Tencent Cloud: Reduces the price of its DeepSeek-V4 series models by up to 97.5%. 5. Anthropic is providing access to Mythos to an additional 150 institutions worldwide. 6. OpenAI plans to launch AI tools for the financial and legal sectors to compete with Anthropic. 7. Trump signs an executive order on AI, requiring AI companies to submit large-scale models to the government for review before releasing them. Integrated Circuits (Chips): 1. Arm CEO: The $15 billion sales target for its own chips may be achieved ahead of schedule. 2. SK Hynix plans to double its wafer capacity within five years. 3. Nvidia announces full-scale production of NVIDIA Spectrum-X Ethernet silicon photonics technology. 4. Microsoft launches a new quantum chip, aiming to build a practical quantum computer by 2029. Other: 1. SoftBank plans to invest $300 million in robotics startup Agile Robots. 2. IBM plans to invest over $10 billion in quantum computing over the next five years. 3. SpaceX seeks to reduce its IPO underwriting fee to 0.75%. 4. Jensen Huang stated that Marvell Technology will become the next trillion-dollar company. 5. my country achieves a major breakthrough in optical communication technology; the worlds first three-band ultra-low-loss multi-core optical cable line is officially opened. 6. Tencent Cloud: Reduces the price of its DeepSeek-V4 series models by up to 97.5%. According to Iranian media reports, the Iranian Revolutionary Guard launched missiles at a “US-affiliated vessel named PANAYA” in response to the US attack on an Iranian oil tanker near the Strait of Hormuz.1. Russian Ministry of Defense: High-precision long-range weapons were used to strike Ukrainian defense industrial facilities. 2. Ukrainian Air Force spokesperson: Russia launched eight Zircon hypersonic missiles in a nighttime attack on Ukraine, possibly the largest number launched during the Russia-Ukraine conflict. 3. Zelenskyy stated that the Russian attack has resulted in 22 deaths and 130 injuries in Ukraine. 4. Kyiv official: The death toll from hostile attacks in Kyiv has risen to 79. 5. Ukrainian President Zelenskyy: The delivery of anti-missile weapons cannot keep pace with the Russian missile attacks. 6. Hungarian Prime Minister: An agreement with Ukraine is expected this week, thus initiating the EU accession negotiation process. 7. According to Politico: Ukraine and Moldova are expected to begin formal EU membership negotiations in June.

Gold is in a holding pattern, whilst Copper declines due to China Jitters

Skylar Williams

Aug 19, 2022 11:20

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Gold prices held inside a limited range on Thursday despite inconsistent signals regarding U.S. monetary policy, but Copper prices fell after a profit warning from a big Chinese property developer heightened demand concerns.


Spot gold advanced 0.2% to $1,765.65 per ounce at 22:51 ET (02:51 GMT), while gold futures rose 0.15 percent to $1,778.75 per ounce. In contrast, both assets traded predominantly between $1,750 and $1,810 throughout the previous two weeks.


Gold prices dipped on Wednesday after the minutes of the Federal Reserve's July meeting revealed that the majority of members supported additional rate hikes to battle inflation. Although the central bank expects to reevaluate its rate of tightening in the future, it has indicated that it is likely to continue raising interest rates at a quick pace until inflation is well inside its 2 percent target range.


The dollar index and Treasury rates rose after the minutes were released. Last month, the Federal Reserve raised interest rates by 0.75 percent, and markets are currently divided about whether rates will rise by 0.5% or 0.75 percent in September.


Even if last week's data suggested that U.S. inflation had likely peaked, Fed members stated that it was still much too high to consider relaxing monetary policy.


The pricing of the majority of metals was adversely affected by the dollar's strength. Platinum prices fell 0.4% while silver futures fell 0.6%.


Copper prices fell 0.2% after one of China's leading property developers, Country Garden Holdings Company Ltd (HK:2007), warned of a significant earnings reduction due to a weakening real estate market.


A prolonged slowdown in China's real estate market is likely to have a negative impact on the country's overall economic activity, which could impact commodity demand. The nation is the largest copper importer in the world.


On Thursday, nickel prices decreased by 1.2%, while zinc futures decreased by nearly 4%. Similarly, the trend for iron ore prices is downward.

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