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July 2, London spot gold prices rose 25.7% in the first half of 2025 (January 1 to June 30), the largest half-year increase since the second half of 2007. "International gold prices will remain in a volatile upward channel in the second half of the year." Bai Xue, senior deputy director of Fang Jinchengs research and development department, believes that the markets risk aversion demand will still exist in the second half of 2025, which will provide long-term support for gold prices. In addition, the global central banks willingness to allocate gold is still strong. As the credit risk of the US dollar intensifies, central banks of various countries will strengthen their gold reserve layout based on strategic security and asset allocation needs.U.S. Treasury Secretary Benson: (When asked if he thinks Federal Reserve Chairman Powell will cut interest rates before the fall) I think they may act earlier than the fall, but they will definitely cut interest rates in September at the latest.U.S. Treasury Secretary Benson: Its "a little confusing" that tariffs didnt push the Fed to cut rates.On July 2, the Egyptian Ministry of Petroleum issued a statement saying that it had received a report from the oil and gas production company OSOCO that the barge "Adam Ocean 12" capsized in the Zait Mountain area in the Gulf of Suez. A working group led by the Egyptian Minister of Petroleum and Mineral Resources and the Minister of Labor has rushed to the scene of the accident to assess the situation and supervise the rescue operation. According to official sources, there were about 30 people on the barge. The bodies of the four victims have been found, 23 people have been successfully rescued, and several missing people are still being searched and rescued. The source said that the capsized barge was operating in the Red Sea at the time. The cause of the accident is still under investigation.US President Trump: Our representatives held long and productive talks with Israel today regarding Gaza. Israel has agreed to the necessary conditions to finalize a 60-day ceasefire. During this period, we will work with all parties to try to end the war.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Jumps on China PMI

Steven Zhao

Mar 01, 2023 15:37


Market Overview

It was a bullish Wednesday morning session for the Asian markets, with the Hang Seng Index leading the way. The Asian markets brushed aside bearish sessions for the Dow and the NASDAQ Composite Index. US economic indicators disappointed on Tuesday, with consumer confidence weakening for a second consecutive month and house price growth slowing.


The CB Consumer Confidence Index fell from 106.0 to 102.9 in February, with the S&P/CS HPI Composite n.s.a rising by 4.6% year-over-year in December. House prices were up 6.8% in November. Elevated US mortgage rates continue to impact buyer demand, with US mortgage rates bouncing back after a brief retreat.


On Tuesday, the NASDAQ Composite Index fell by 0.10%, with the Dow Jones and S&P 500 seeing losses of 0.71% and 0.30%, respectively. This morning, the US Futures reversed early losses. The Dow mini was up 16 points, with the NASDAQ mini flat.


Private sector PMI numbers from China delivered support to riskier assets this morning. After a China data void, today’s stats provided investors with much-needed relief. The all-important Caixin Manufacturing PMI increased from 49.2 to 51.6 in February. Economists forecast a PMI of 50.2. Significantly, the manufacturing sector expanded for the first time since July 2022.

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