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Chinas total electricity consumption in August rose 1.7% year-on-year, unchanged from the previous month.Chinas total electricity consumption in August was 1,033.2 billion kilowatt-hours, compared to 1,040 billion kilowatt-hours in the previous month.September 20th - From January to August, total electricity consumption in China reached 7,173 billion kilowatt-hours, a year-on-year increase of 4.3%. By sector, primary industry electricity consumption was 104.6 billion kilowatt-hours, a year-on-year increase of 3.3%. Secondary industry electricity consumption was 4,529.7 billion kilowatt-hours, a year-on-year increase of 4.4%; among which, industrial electricity consumption was 4,488 billion kilowatt-hours, a year-on-year increase of 4.6%, and high-tech and equipment manufacturing electricity consumption was 845.1 billion kilowatt-hours, a year-on-year increase of 9.3%. Tertiary industry electricity consumption was 1,425.6 billion kilowatt-hours, a year-on-year increase of 7.1%; among which, charging and swapping services and internet data services consumed 114.7 billion and 69.5 billion kilowatt-hours respectively, with growth rates reaching 55.1% and 42.5% respectively. Residential electricity consumption was 1,113.2 billion kilowatt-hours, a year-on-year increase of 0.3%.SpaceX: 27 Starlink satellites have been confirmed for deployment.The U.S. National Hurricane Center: The low pressure may intensify in the next 24 hours and is expected to turn into a tropical storm on Sunday.

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

 截屏2022-08-04 下午5.25.46_1024x576.png

 

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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