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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Copper prices tumble after encountering resistance near $3.60; DXY completes correction

Alina Haynes

Aug 30, 2022 11:49

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Copper prices are falling sharply after detecting selling pressure near the crucial $3.625 barrier during the Asian session. The asset's pullback move after hitting a low of $3.5715 on Monday is losing momentum, and the end of the pullback move indicates a new leg of selling is imminent.

 

The basic metal is anticipated to continue under the control of bears in light of bearish market mood. The US dollar index (DXY) is poised for a fresh upward surge as investors have begun buying the DXY in response to Federal Reserve (Fed) chair Jerome Powell's hawkish remarks on interest rate guidance at the Jackson Hole Economic Symposium.

 

After the Federal Reserve (Fed) favored inflation fix above lower growth estimates, the risk-off market sentiment has supported the DXY. The DXY is anticipated to surpass its 20-year high of 109.29, set on July 14.

 

Taking into account the essential core concepts, the decision to address inflation turmoil before optimism looks mature. The US inflation rate is soaring, and a single indication of tiredness is insufficient to allow Fed policymakers to lay back and relax.

 

On the China front, the recurrence of Covid-19 cases has heightened fears of an economic slowdown in China. The news from Reuters that China recorded 1,344 new asymptomatic coronavirus cases on the mainland on August 28, up from 1,137 the previous day, has sparked worries of a lockdown to restrict the disease's spread. Copper prices may be weighed down by a forecast of weak demand.