EUR/USD 1.16099
-0.065%
Gold 4063.59
-1.513%
Oil 61.492
-0.151%
USD/JPY 152.969
0.249%
GBP/USD 1.33180
-0.050%
GBP/JPY 203.726
0.205%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 24th, newly released PMI survey data showed that the UKs private sector grew faster than expected in October, ending a year-long manufacturing contraction and suggesting that the economy is beginning to recover from the impact of the Labour governments tax hikes. S&P Globals preliminary data released on Friday showed that the UKs composite PMI rose to 51.1 from 50.1 in September, exceeding economists forecast of 50.5 and remaining above the 50 mark that separates expansion from contraction. Businesses reported that input cost pressures had eased to their lowest level since November of last year, and new orders also improved. This helped slow the pace of job losses to the lowest level since May, when businesses were just beginning to adjust to government policies that increased labor costs. The manufacturing sector saw the most significant improvement, achieving its first growth since October of last year.The onshore RMB closed at 7.1230 against the US dollar at 16:30 on October 24, down 9 points from the previous trading day.On October 24, CIMC Vehicles announced that its third-quarter revenue was 5.259 billion yuan, a year-on-year increase of 2.65%, while its net profit was 219 million yuan, a decrease of 21.72%. For the first three quarters, its revenue was 15.012 billion yuan, a year-on-year decrease of 5.13%, while its net profit was 622 million yuan, a year-on-year decrease of 26.23%.Japanese Prime Minister Sanae Takaichi told Indian Prime Minister Narendra Modi on the X platform that she looks forward to working with him to further promote the Japan-India special strategic global partnership.The UKs preliminary composite PMI for October was 51.1, a two-month high; the UKs preliminary services PMI for October was 51.1, a two-month high; the UKs preliminary manufacturing PMI for October was 49.6, a 12-month high.

In response to China's stimulus, gold recovers sharply from a six-week low, while copper prices rise

Aria Thomas

Sep 06, 2022 11:22

28.png


On Tuesday, gold prices dramatically rallied from a six-week low as a worsening energy crisis in Europe increased demand for safe-haven assets, while copper extended gains in anticipation of fresh Chinese stimulus measures.


Spot gold jumped 0.5% to $1,718.95 per ounce by 21:03 ET, while gold futures rose 0.5% to $1,730.0 per ounce (01:03 GMT). Both instruments rallied from a six-week low early in the month.


After Russia severed a crucial gas pipeline to Europe, putting the area at risk of a severe energy crisis, the demand for conventional safe havens rose. The euro reached new 20-year lows this week, as the crisis is expected to have a substantial impact on economic growth in the eurozone. It is largely anticipated that the European Central Bank will begin to hike interest rates at a meeting later this week.


As traders awaited additional clarity on the future of U.S. monetary policy, Tuesday's dollar index rally appeared to have stopped. However, expectations of future Federal Reserve rate hikes bolstered the dollar's position near 20-year highs.


This year, rising interest rates have had a negative impact on gold prices, as speculators have sought higher yields from the dollar and Treasuries. In addition, it is largely expected that the Federal Reserve will maintain its rate-hiking pace this month.


In addition, other precious metals rose significantly on Tuesday. Platinum jumped by 0.6%, while silver rose by 2%. Both metals rebounded from their 15-month lows.


Copper prices climbed 0.2% among industrial metals, with gains continuing after China hinted at an expansion of economic stimulus measures.


Copper Futures expiring in December rose 0.2% to $3.4665 a pound on Tuesday, following a roughly 2% increase on Monday.


As the economy barely grew in the second quarter, Chinese government authorities announced on Monday that the country would likely enhance its pace of stimulus measures in the third quarter.


This year, the second-largest economy in the world confronts significant headwinds from COVID-19 lockdowns and a probable energy crisis.

Suggestion