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Japans core machinery orders month-on-month rate in July was -4.6%, in line with expectations of -1.70% and the previous value of 3.00%.Japans core machinery orders in July were 4.9% year-on-year, in line with expectations of 5.4% and the previous value of 7.60%.On September 18, Federal Reserve Chairman Powell, in response to questions about the central banks statutory requirement to achieve "moderate long-term interest rates" at a press conference following the interest rate decision on Wednesday, explained why the three missions given to the Federal Reserve by Congress can be reduced to two major tasks in practice. Central bank officials have long positioned their mission as a dual task, with monetary policy focusing on keeping inflation low and stable and ensuring a continued strong job market, with little emphasis on the third task. Powell told reporters that the third task is real, but in the eyes of central bankers, it is a derivative of the two more well-known goals stipulated by law. He said: "We believe that moderate long-term interest rates are the result of achieving low and stable inflation and maximum employment." For some time, Federal Reserve officials did not believe that the third task required "independent action."1. The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average up 0.57%, the S&P 500 down 0.1%, and the Nasdaq down 0.33%. American Express and Caterpillar rose over 2%, leading the Dow higher. The Wind US Tech 7 Index fell 0.66%, with Nvidia down over 2% and Amazon down over 1%. Chinese concept stocks generally rose, with Baidu Group up over 11% and ACM Semiconductor up over 9%. The Federal Reserve announced a 25 basis point interest rate cut as expected. The markets positive reaction to the policy shift provided support for U.S. stocks, but the divergent performance of technology stocks curbed overall gains. 2. U.S. Treasury yields rose across the board, with the 2-year Treasury yield up 4.99 basis points to 3.545%, the 3-year Treasury yield up 6.40 basis points to 3.533%, the 5-year Treasury yield up 6.77 basis points to 3.652%, the 10-year Treasury yield up 6.12 basis points to 4.089%, and the 30-year Treasury yield up 3.86 basis points to 4.690%. Federal Reserve Chairman Powell emphasized that inflation remains high and stated that future rate cuts will be data-dependent, prompting the market to reassess tightening risks. 3. International precious metals futures generally closed lower, with COMEX gold futures down 0.82% to $3,694.60 per ounce and COMEX silver futures down 2.15% to $41.99 per ounce. 4. International oil prices fell slightly, with the main US crude oil contract closing down 0.85% at $63.97 per barrel; the main Brent crude oil contract fell 0.82% to $67.91 per barrel. 5. Most base metals prices in London fell, with LME zinc down 1.64% to $2,943 per ton, LME copper down 1.51% to $9,974 per ton, LME tin down 1.41% to $34,390 per ton, LME aluminum down 1.01% to $2,689.50 per ton, LME lead down 0.25% to $2,005 per ton, and LME nickel up 0.11% to $15,445 per ton. Expectations of loose monetary policy pushed the US dollar index to a yearly low, providing support for dollar-denominated base metals from a cost perspective.On September 18, the Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points to 4.50%, and the Federal Reserve cut interest rates by 25 basis points overnight.

International gold prices rise, the U.S. index is not far from its one-year high; investors wait for two guidelines

Oct 26, 2021 11:02

On Tuesday (October 12), international gold prices rose, and the inflation outlook triggered by soaring energy prices was bullish, and the U.S. dollar index fell. However, under the expectation that the Fed is about to start reducing bond purchases, the US dollar index is still hovering near the one-year high of 94.504 touched last month.

At GMT+8 16:03, spot gold rose 0.19% to US$1757.42 per ounce; the main COMEX gold contract rose 0.10% to US$1757.5 per ounce; the US dollar index fell 0.03% to 94.341.


Market participants are now waiting for the minutes of the Fed’s September 21-22 policy meeting and the consumer price index, both of which will be announced later this week.

Stephen Innes, managing partner of SPI Asset Management, said: “Gold is relatively elastic, and the market is revolving around stagflation and economic growth prospects (arguments).” However, he also said that investors are reluctant to catch up until the minutes of the Fed’s September meeting are released. .

An analyst from ANZ Research said in a report: “In the context of generally low interest rates around the world, the risks surrounding slowing growth and rising inflation will still prompt investors to continue to strategically allocate gold,” adding that they The price of gold is expected to fall back after rising to US$1850 next year.

An ANZ Bank analyst said in a report: “Economy seems to be entering a more challenging cycle. We believe that investors and companies will pay attention to economic data and corporate performance before assessing the short-term situation. ."

Data released on Tuesday showed that Japan’s September wholesale inflation rate was at a 13-year high. Analysts say that rising input costs have added pressure to manufacturers that have been hit by supply restrictions and cast a shadow over the prospects of the world's third largest economy.

Toru Suehiro, senior economist at Daiwa Securities, said: "If the cost of raw materials accelerates, companies selling end products will face the dilemma of profit erosion. Since Japan is a net importer of fuel, this cost-driven inflation may harm the economy. ."

A survey released on Monday showed that British consumer confidence fell to a five-month low in September, as households struggled to cope with rising inflation and a shortage of some goods, which greatly reduced their confidence in their financial health.

In an interview with the Yorkshire Post, Bank of England Governor Bailey said that Britain’s inflation rate above the central bank’s 2.0% target is worrying and must be managed to prevent it from becoming a permanent trend. Earlier, Sanders, a member of the Bank of England’s Monetary Policy Committee (MPC), told the public that as inflationary pressures in the UK economy increase, it is necessary to prepare for a “significantly early” interest rate hike.

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