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Hong Kong-listed auto stocks continued to rise in the afternoon, with Li Auto (02015.HK) and BYD (01211.HK) up more than 4%, NIO (09866.HK) up nearly 4%, and XPeng (09868.HK) and Great Wall Motor (02333.HK) up more than 2%.On January 28th, Hengrui Medicine announced that its subsidiary, Shandong Shengdi Pharmaceutical Co., Ltd., received a "Drug Clinical Trial Approval Notice" from the National Medical Products Administration, authorizing the company to conduct a Phase III clinical trial of its independently developed Class 1 innovative oral small molecule GLP-1 receptor agonist, HRS-7535 tablets, for the indication of hypertension complicated by overweight or obesity. HRS-7535 tablets are a novel oral small molecule GLP-1R agonist; currently, there are no other oral small molecule GLP-1R agonists on the market globally.ASMLs stock price rose 7.3% on the TRADEGATE platform compared to yesterdays closing price.On January 28th, according to futures market news: 1. WTI crude oil futures trading volume was 1,070,018 lots, an increase of 331,219 lots from the previous trading day. Open interest was 2,036,077 lots, an increase of 32,401 lots from the previous trading day. 2. Brent crude oil futures trading volume was 208,054 lots, an increase of 55,495 lots from the previous trading day. Open interest was 267,545 lots, an increase of 10,832 lots from the previous trading day. 3. Natural gas futures trading volume was 923,107 lots, a decrease of 177,024 lots from the previous trading day. Open interest was 1,626,209 lots, a decrease of 7,743 lots from the previous trading day.1. Nomura: Powell is not expected to give a clear signal on future rate cuts, and may reiterate that current policy is "in good shape," adding that current interest rates are "within a neutral and reasonable range." 2. Morgan Stanley: Powell is expected to rely on recent strong economic data, stable hiring, and declining unemployment to justify a pause in rate cuts. 3. Bank of America: Powell is expected to use cautious language, and investors will closely watch his assessment of the December unemployment rate decline and his view on whether strong economic growth is consistent with higher neutral interest rates. 4. Rabobank: Powell may be asked about forward guidance such as the timing and conditions of the next rate cut. He will likely use the default phrase of "meeting-by-meeting" and "data-dependent," but may further elaborate on the criteria for rate cuts. Powell may also be asked about his court subpoena, and he may be more hawkish than in previous press conferences. 5. Allianz: Market focus will be on the strength of Powells response to recent government challenges to the Feds independence, which may have a greater market impact than the interest rate decision itself. 6. First US Financial: Powell is likely to emphasize that last years cumulative rate cuts have given the Fed more room for maneuver, while closely monitoring the latest data and broader funding conditions. Further rate cuts are still possible later this year if inflation continues to moderate or economic growth slows more than expected.

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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