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On March 17, UN Secretary-General Guterres issued a statement through his spokesman on the 16th, calling on all parties to "exercise maximum restraint" in Yemen and stop "all military activities". The statement said: "We note with concern that the United States launched multiple attacks on areas controlled by the Houthi armed forces in Yemen overnight, causing casualties. We are also concerned about the continued threat of the Houthi armed forces to resume attacks on ships in the Red Sea." The statement said: "Any further escalation may increase regional tensions and trigger a vicious cycle of retaliation, which will further undermine the stability of Yemen and the region and bring major risks to the countrys already severe humanitarian situation."March 17th, according to the Associated Press, French President Macron proposed some tasks that may be performed by the Ukrainian military support force. Paris and London are working with other countries to form a so-called "coalition of the willing" that may be deployed after a ceasefire with Russia and Ukraine. Macron said that the goal of the French and British blueprint is not to deploy "large numbers" of soldiers in Ukraine, but to envision stationing troop contingents at key locations. According to French media reports, Macron talked about the participating countries (of the willing coalition), each of which deployed thousands of soldiers to "key locations" in Ukraine. Macron was quoted as saying that their tasks may include providing training and supporting Ukraines defense to demonstrate long-term support for Kiev. Macron added that the proposed contingent from NATO alliance member states will become a "security guarantee" for Ukraine, and "several European countries, but also non-European countries, have expressed their willingness to join this plan after confirmation."March 17, according to the Times, at the "Coalition of the Willing" leaders meeting on March 15, British Prime Minister Starmer proposed a plan to send a Western peacekeeping force of more than 10,000 soldiers to Ukraine. Sources said that the total size of the Ukrainian peacekeeping force "will definitely exceed the 10,000 people that London is prepared to send."On March 17, CICCs research report pointed out that Ideal Auto (02015.HK)s fourth-quarter performance last year exceeded market expectations due to strong sales and reduced expenses, and its gross profit margin was lower than Ideal due to orders for MEGA and other models, interest-free plans, and provisions due to product portfolio. The bank maintains Ideals "outperform" rating. In terms of non-GAAP, considering that the company is mass-producing electric vehicles, it lowered its profit forecast for this year by 11% to RMB 12 billion, and maintained its profit forecast for next year. The bank is optimistic about the companys new models and artificial intelligence strategy, and maintains its H-share target price of HK$155 and its US stock target price of US$40.March 17th, the Federal Reserve is expected to keep its policy rate unchanged this week, but Barclays economists warned that the impact of the tariff shock may be more severe than the FOMC showed in its Summary of Economic Projections (SEP). "We believe that the risks this year are tilted toward delaying rate cuts," they said in a research note. Barclays expects the Feds SEP to show rising inflation and unemployment expectations and lower GDP growth, but Barclays economists expect the GDP slowdown and inflation to be greater than the SEP. They added: "Although we expect the SEP to show that the benchmark interest rate will be lowered once this year, we still believe that the committee will eventually cut interest rates twice this year, by 25 basis points each time, in June and September."

International gold prices are stable, investors are waiting for non-agricultural data; ETF market supports bears

Eden

Oct 26, 2021 11:00

On Friday (October 8), international gold prices were basically stable, and the volatility narrowed further, as investors waited for the US non-agricultural employment report to be released in order to seek more trading guidance from it. The report will determine the pace at which the Fed will reduce its easing process in the future.

At 15:39 GMT+8, spot gold price fell slightly by 0.02% to US$1755.37 per ounce; the main COMEX gold contract fell 0.22% to US$1755.3 per ounce; the US dollar index rose 0.12% to 94.326.


As the summer peak of new crown virus infections begins to fade, US job growth may accelerate in September, boosting the demand for high-contact services such as dining out, and allowing the Fed to start reducing the scale of monthly debt purchases.

Jeffrey Halley, senior market analyst for OANDA Asia Pacific, said that as local investors buy precious metals to hedge against risk events, gold has gained support during the Asian session. But he added: "The final trend of gold prices will be determined by tonight's non-agricultural employment report. If the number of new non-agricultural jobs in September is no less than 500,000, there will be no suspense when the Fed starts to reduce the scale of debt purchases this year, which is expected to boost. U.S. yields and the U.S. dollar, gold is expected to resume its downward trend."

The market predicts that non-agricultural jobs in the United States may increase by 500,000 in September. The weekly jobless claims data released overnight showed that the number of initial jobless claims in the United States recorded the largest drop in three months last week. This indicates that the labor market recovery is experiencing the most recent as this wave of viral infections begins to recede. After slowing down, it is regaining momentum.

Fed Chairman Powell hinted last month that as long as U.S. employment growth is “reasonably strong” in September, the Fed can begin to reduce the size of its monthly debt purchases by US$120 billion after the November 2-3 policy meeting.

The U.S. Senate passed a bill to raise the debt ceiling, which will be passed to the House of Representatives for final approval. The U.S. Senate on Thursday took a step toward passing a move to increase the Treasury Department’s $480 billion borrowing authority, which is sufficient to maintain the Treasury’s borrowing and spending until at least the beginning of December.

U.S. Treasury Secretary Yellen said in an interview with CNN on Thursday that she is pleased to see that the Senate is taking action to suspend the debt ceiling, but she added that the implementation of the debt ceiling is causing more and more damage to the United States. The dangerous conflict has caused the American people and the global market to question whether the United States is paying its bills seriously."

According to the latest data released by the World Gold Council (WGC), the global gold ETF net outflow in September was 15.2 tons (approximately US$830 million, and the scale of asset management decreased by 0.4%); in the context of rising U.S. bond yields and a strong US dollar, gold prices fell , At the end of September, the total global gold ETF size fell to 3592 tons (2010 billion US dollars), the lowest since April.

In September, global gold ETFs (Exchange Traded Funds) recorded net outflows for the second consecutive month; Asian funds recorded net inflows, which failed to offset the outflows of European and North American funds.