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On May 21st, Goldman Sachs released a research report stating that Baidus (09888.HK) first-quarter results this year showed accelerated growth in cloud revenue, especially GPU-based cloud services. The bank expects Baidus AI-driven business to grow by over 30% year-on-year, primarily benefiting from the robust growth of its AI cloud infrastructure (over 50% year-on-year). The bank anticipates that by the end of 2026, the contribution of AI-driven business will surpass that of traditional/other businesses. Management revealed at an analyst conference that Baidu aims to outpace the market and major peers in cloud business growth in the coming quarters. The company observed that token usage is shifting from training to inference, which will help Baidu Cloud expand its customer reach. The report quoted management as saying that the Wenxin Yiyan model is currently lagging behind, and future R&D will focus on revitalizing model capabilities, prioritizing the development of Wenxin Yiyan to drive MaaS (Model as a Service) revenue. Goldman Sachs expects a mid-term gross margin target of 35% to 40% for the GPU cloud business, while the gross margin for traditional CPU and memory services will be 25% to 30%. Management aims to reduce the holding company discount by having AI-driven businesses account for more than 50% of total revenue and by rapidly growing core cloud/chip revenue.May 21 – The 2026 APEC Trade Ministers Meeting will be held in Suzhou, attracting approximately 700 representatives from 21 APEC economies and international organizations. A global investment promotion conference is also being held concurrently, attracting business representatives from over 30 countries and regions, with US-based companies making up the largest number of attendees. Suzhou hopes to leverage this event to promote international trade and economic cooperation. Data shows that foreign investment in Chinas high-tech industries increased by 30.7% year-on-year in the first quarter of this year, while R&D and design services grew by 127.8%. Foreign companies are accelerating their expansion in the Chinese market, particularly in the new energy and medical fields, increasing investment and R&D, and driving global trade and economic development.Analysts point out that Saudi Arabia has been forced to shut down some oil fields due to disruptions in oil exports caused by the war with Iran, which has led to a disruption in natural gas supply. It is expected that Saudi Arabia will burn more imported fuel oil for power generation this summer.According to Nikkei, the Arafura rare earth project in Australia will begin construction in September.According to data from Fubao Information, the average price of 99.99% gold on Fubao today is 998.9 yuan/gram (+13.4 yuan/gram), spot silver (#1) is 18678 yuan/kilogram (+688 yuan/kilogram), spot 99.95% platinum is 483.5 yuan/gram (+3 yuan/gram), spot 99.95% palladium is 332 yuan/gram (+1 yuan/gram), spot 99.95% rhodium is 2413 yuan/gram (-14 yuan/gram), spot 99.95% iridium is 1841 yuan/gram (-1 yuan/gram), and spot 99.95% ruthenium is 398 yuan/gram (unchanged).

The Devil Is In The Details: Gold Analysis - Federal Reserve Minutes

Larissa Barlow

Apr 07, 2022 10:33

Analyses of Federal Reserve Minutes 

While both the FOMC statement and Chairman Powell's press conference provide market participants with information about the FOMC's updated and revised monetary policy, it is the release of the minutes that provides investors with significantly greater clarity and understanding. The devil, as they say, is in the details.

 

The Federal Reserve issued the official minutes from its March FOMC meeting today, providing insight into the central bank's current plans to begin unwinding its balance sheet assets. Beginning in March 2020, the Federal Reserve will add around $4.6 trillion to its balance sheet by purchasing $120 billion monthly in mortgage-backed securities ($40 billion) and US Treasury securities ($80 billion), bringing their total to just over $9 trillion.

 

According to Federal Reserve Governor Lael Brainard, the Fed intends to employ a mix of interest rate rises and a quick run-off of the balance sheet to bring US monetary policy closer to neutral later this year.

 

However, the minutes released today imply that the Federal Reserve will unwind around $3 trillion over the next three years, reducing its $9 trillion balance sheet to $6 trillion. While the Fed appears to be indicating a quick runoff of its balance sheet, the reality is that the Federal Reserve's balance sheet will be nearly $2 trillion larger than it was prior to the epidemic.

 

"Participants continued their discussion on plans to reduce the size of the Federal Reserve's balance sheet in a manner consistent with the methodology outlined in the Committee's Principles for Reducing the Size of the Federal Reserve's Balance Sheet, announced following its January meeting."

 

Additionally, the minutes stated, "While no decision was made regarding the Committee's plan to reduce the Federal Reserve's balance sheet at this meeting, participants agreed that significant progress had been made on the plan and that the Committee was well positioned to begin the process of reducing the balance sheet's size as soon as after the conclusion of its upcoming May meeting."


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