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On August 19, the State Council Taiwan Affairs Office held a regular press conference. A reporter asked: According to Taiwanese media reports, relevant parties in Taiwan are calling for the restoration of more direct flights between the two sides of the Taiwan Strait. Is the spokesperson aware of the relevant progress? Spokesperson Zhu Fenglian stated that the efforts of relevant parties and enthusiastic individuals in Taiwan to advocate for the restoration of more direct flights between the two sides fully reflect the shared desire of compatriots on both sides of the Strait to fully restore the normalization of direct air passenger flights. However, it is understood that the Taiwan Civil Aviation Authority rejected the charter flight application on the grounds that it was not within the scope of holiday charter flights. The DPP authorities should face up to the realistic demand for direct air passenger flights between the two sides of the Strait, follow the will of the people, and remove the unreasonable restrictions on cross-strait air transport as soon as possible.On August 19th, the Shanghai Municipal Science and Technology Commission issued the "15th Five-Year Plan for the Development of Shanghai Zhangjiang High-Tech Industrial Development Zone." The plan proposes to improve the science and technology investment and financing system, strengthen the functions of the professional angel investment service platform, and optimize the early-stage investment ecosystem. It also aims to improve venture capital exit channels, vigorously develop private equity secondary market funds (S funds) and M&A funds, support the creation of an equity investment cluster, support qualified high-quality technology companies to list on the Science and Technology Innovation Board (STAR Market), encourage enterprises to utilize the pilot policy of M&A loans to implement supply chain M&A, and make good use of structural monetary policies such as re-lending for technological innovation and technological transformation. Furthermore, it encourages technology companies to issue innovation and entrepreneurship corporate bonds and investment institutions to issue technology innovation bonds. The plan also promotes the construction of a demonstration area for the integration of finance and technology industries, and encourages private capital, foreign capital, and other social capital to participate in park construction and industrial innovation.Reserve Bank of Australia Deputy Governor Hauser: The economy will not face a recession, only a slowdown.Reserve Bank of Australia Deputy Governor Hauser: Concerned about inflation, with increased upside risks to inflation.Reserve Bank of Australia Deputy Governor Hauser: Monetary policy needs to reduce inflation, which requires reducing demand in the economy.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

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In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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