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On July 29th, Chen Feihong, a member of the Party Committee and First-Level Inspector of the Shenzhen Financial Regulatory Bureau, revealed at the bureaus press conference for the first half of 2026 that the bureau continued to leverage its real estate financing coordination mechanism. As of the end of June, banks under its jurisdiction had approved 443 "whitelist" projects and issued loans totaling 436.524 billion yuan. Simultaneously, the bureau actively collaborated with departments such as housing and construction to jointly advance key urban renewal projects.The Federal Statistical Office of Germany reported that German import prices rose 6.1% year-on-year in June (market expectation: 6.0%). Import prices fell 0.7% month-on-month in June (market expectation: 0.7%).The yield on Japans 30-year government bonds fell 6 basis points to 3.92%.On July 29th, Gordon Shannon, co-head of investment-grade at TwentyFour Asset Management, stated in a report that investors should expect the Federal Reserve to adopt a "tightening hold" approach at its meeting, while still maintaining a considerable probability of a rate hike. Although he anticipates a 25-50 basis point rate hike later this year, the moderate CPI inflation in June and weak employment growth suggest the committee can wait for more data.July 29th - The Peoples Bank of China released its credit allocation data for the first half of the year yesterday (July 28th). In the first half of the year, RMB loans increased by 10.72 trillion yuan. Analysis of loan allocation reveals a significant structural change in credit flows during the first half of the year. Traditional real estate loan growth slowed, while loans focused on areas such as technological innovation saw impressive growth, indicating that financial resources are rapidly converging on new productive forces such as science and technology innovation and new infrastructure for computing power.

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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