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On March 15, Hungarian Prime Minister Orban said that Hungary should not allow the European Union to use huge common loans for various purposes, including to support Ukraine, because this would reduce future generations of Europeans to long-term bonded labor.March 15, data released by El Al recently showed that the companys profits in 2024 increased significantly, setting a record high. Since the outbreak of a new round of Israeli-Palestinian conflict on October 7, 2023, many international airlines have suspended flights to Israel, and the ticket prices of airlines that are still in operation have increased significantly. By maintaining the operation of most routes, El Als net profit reached a record high of US$130 million in 2023, and it soared to about US$545 million last year. Data shows that the companys operating income in 2024 also increased by about 37% compared with 2023. The Times of Israel reported that the company almost monopolized the route from Israel to North America, and the average passenger load factor was as high as 96%, which became the main factor for its substantial profit growth.March 15th news, U.S. Transportation Secretary Sean Duffy said on the 14th that the 737 MAX model produced by U.S. aircraft manufacturer Boeing has had many accidents in recent years, has lost the trust of the American people, and needs to be strictly regulated.March 15, according to NBC News, U.S. Vice President Cyrus Vance admitted on Friday that Musk made "mistakes" in the process of mass layoffs of federal employees, and emphasized that he believes "there are a lot of good people working in the government." Vances more moderate tone is in stark contrast to the drastic approach taken by Musk. In the first seven weeks of Trumps second presidential term, thousands of government employees were fired, which was the core of Musks work, and these layoffs have triggered multiple lawsuits and have been resisted by judges. Musk has broadly described federal workers as "liars" and believed that they are not trustworthy and cannot do their jobs well. When asked about Musks remarks, Vance said: "I think its obvious that some people are just getting paid but not working. But how many such people are there? I dont know, in a federal workforce of 3 million employees, I dont know if its a few thousand or a lot more than that. But this does not affect or detract from the fact that there are indeed a lot of good public servants doing important work."Market News: The United States has designated South Korea as a "sensitive" country in discussions about nuclear weapons.

Gold recovers after two days of losses as the dollar's spectacular ascent slows

Haiden Holmes

Jul 08, 2022 11:25


Following a two-day blitzkrieg that pushed the yellow metal's price to 10-month lows, gold bulls are currently enjoying a reprieve.


The question is whether or whether it will last. And may this time be the turning point for the fortunes of those who have invested heavily in bullion.


The answer may be very dependent on the dollar's future performance. This week, until Thursday, the Dollar Index, which measures the U.S. currency to six other majors, reached new 20-year highs.


Gold futures for August settled at $1,733.70 on the New York Comex on Thursday, a rise of $0.30. It touched a 10-month low of $1,730.70 on Wednesday, after dropping more than $75, or 4 percent, during the previous two days.


Gold's malaise is mostly attributed to market expectations that the Federal Reserve would conduct successive aggressive rate rises in a bid to combat inflation that has reached levels not seen in 40 years.


Fed officials have confirmed a substantial amount of this position, with Governor Chris Waller noting on Thursday that the central bank must "front-load" rate increases — that is, hike them early and forcefully if necessary — if it is serious about lowering inflation.


Waller argued that forecasts of a U.S. recession were "exaggerated," indicating that the economy could survive more rate increases without collapsing, and he supported a 75 basis point rate hike in July.


According to a number of analysts, the Federal Reserve kept interest rates too low for too long, and its catch-up might disrupt the recovery from the coronavirus pandemic made since last year, and perhaps precipitate a U.S. recession.


The Fed held interest rates between zero and 0.25 percent for two years during the outbreak until increasing them in March of this year. In April, it was raised by 25 basis points, or a quarter of a percentage point, and in May, by 50 basis points, or a half of a percentage point. In June, it increased rates by 75 basis points, or three-quarters of a percentage point – the highest rise in 28 years – to a range of 1.5 to 1.75 percent.


Inflation in the United States has been at four-decade highs since late last year, with the widely followed Consumer Price Index climbing at an annualized rate of 8.6 percent as of May. The inflation target of the central bank is merely 2 percent per year, and it has vowed to raise interest rates as much as necessary to achieve this.


Since the Atlanta Fed predicted a 1% decrease in gross domestic product (GDP) for the second quarter, there has been an uptick in recession talk around the United States. In the first quarter, the Commerce Department recorded an official GDP decline of 1.6%. Generally speaking, an economy is considered to be in recession if its GDP declines for two consecutive quarters.


Recent economic indications suggest that the United States may be on the cusp of an economic downturn.


The closely monitored indicator of the U.S. services sector hit a 20-month low in February, according to data released on Wednesday. According to monthly data issued by a private sector employment tracker on Thursday, the United States reported the highest number of job cuts in 16 months in June, indicating that the red-hot US labor market may be cooling. The Labor Department reported a decline in job openings from April to May, from 11,68 million to 11.25 million.


The Labor Department will release the more crucial June nonfarm payrolls data on Friday. Economists anticipate that around 268,000 payrolls were added in June, compared to 390,000 in May, keeping the unemployment rate at 3.6% for the third straight month. The Federal Reserve considers a rate of unemployment of 4 percent or less to signify full employment. To establish the employment market's sensitivity to interest rate changes, the central bank closely monitors all labor market statistics.