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On April 5th, German Foreign Minister Waldfol called on the EU to abolish the principle that decisions require unanimous consent from all member states in order for the EU to "truly grow." According to German sources on April 4th, Waldfol proposed abolishing the principle of unanimous consent in foreign and security policy formulation before the next European Parliament elections, so that the EU can "better act internationally and truly grow." Regarding the reasons for this suggestion, Waldfol said, "All our experiences in recent weeks regarding aid to Ukraine and sanctions against Russia show that this should be done." Since the escalation of the Ukraine crisis on February 24, 2022, Hungary has frequently disagreed with most EU countries on its policies towards Russia and Ukraine, opposing sanctions against Russia, Ukraines accession to the EU, and the provision of military aid to Ukraine. On March 19th of this year, Hungarian Prime Minister Viktor Orbán blocked a €90 billion aid loan from the EU to Ukraine at the EU summit.On April 5th, Hong Kong Financial Secretary Paul Chan published a blog post summarizing Hong Kongs economic outlook for the first quarter of 2026. Chan stated that with the first quarter of 2026 just concluded, the global situation remains complex and volatile, with the shadow of conflict in the Middle East continuing to weigh on market sentiment. Dragged down by external factors, the Hong Kong stock market experienced a correction, with the Hang Seng Index falling by approximately 2% year-to-date. However, trading remained active, with the average daily turnover in the first two months exceeding HK$260 billion, a year-on-year increase of 17%. Entering March, market activity further intensified, with the average daily turnover of Hong Kong stocks exceeding HK$300 billion, an increase of over 8% compared to the same period last year. This reflects investors increased asset allocation in Hong Kong amidst uncertainty, not only viewing Hong Kong as a reliable safe haven for funds but also benefiting from the stable growth of the mainland economy and the large number of high-quality companies listing in Hong Kong, providing them with numerous investment opportunities.On April 5th, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that Hong Kongs IPO market continued its strong performance from last year in the first quarter of this year. As of March 27th, the amount raised exceeded HK$103 billion, ranking first globally; including subsequent financing, the total amount raised was approximately HK$237 billion. More importantly, an increasing number of companies listing in Hong Kong are from emerging industries—artificial intelligence, semiconductors, robotics, autonomous driving, and biotechnology. Currently, there are over 500 applications waiting to list in Hong Kong. It can be said that as the external environment becomes increasingly uncertain, more companies see Hong Kong as an important window for financing and overseas expansion.According to Al Jazeera: A U.S. government official said the second crew member of the downed F-15E fighter jet has been rescued after a “fierce exchange of fire.”April 5th - According to the Financial Times, International Energy Agency (IEA) Executive Director Fatih Birol warned that if the Strait of Hormuz does not reopen to shipping, the amount of crude oil and refined products lost in April will be double the amount lost in March. Even after the conflict ends, it will take a long time to return to normal. "We are monitoring all critical energy assets in the region hourly," he said, referring to oil and gas fields, pipelines, refineries, and liquefied natural gas terminals. "Currently, 72 energy assets have been damaged, and a third of them are severely or very severely damaged," he added. Birol praised Saudi Arabias swift response to the crisis, noting that the country diverted more than two-thirds of its oil exports via a pipeline to the Red Sea. Birol stated that Saudi Arabias highest authorities assured him that the critical pipeline was well protected. However, Birol pointed out that if this route were attacked, the consequences for the global economy would be extremely severe.

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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