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On August 21, Nomura issued a research report stating that Kuaishous (01024.HK) second-quarter results met expectations, but the slowdown in its core businesses (e-commerce and live streaming) was faster than anticipated. Therefore, the bank maintained its "Neutral" rating but lowered its target price from HK$51 to HK$40.Futures Commentary by Everbright Futures: 1. Overnight, gold prices initially declined before rebounding. Spot gold recovered to $4,500/ounce, up 0.08%, while SHFE gold rose 1.03%. US initial jobless claims data was released, showing 206,000 claims this week, lower than the expected 210,000, indicating resilience in the job market. After a significant rise in gold prices the previous day, some profit-taking led to intraday volatility. The US Treasury expanded its long-term bond repurchase program, causing yields on long-term US Treasury bonds to rise again. US Treasury Secretary Bessenter stated that a single long-term bond repurchase could exceed $4 billion, emphasizing the Treasurys powerful toolbox, which further eased market concerns. However, expanding long-term bond repurchases cannot solve the problem of high US fiscal debt; the policy itself is a support measure after the bond market crash, and the market may gradually return to rationality. Short-term gold volatility has intensified. 2. On the geopolitical front, according to Xinhua News Agency, the US military has quietly established a shipping channel in and out of the Strait of Hormuz, ensuring that "millions of barrels" of oil are transported out of the Strait of Hormuz daily. This operation has been ongoing for several weeks. The rapidly growing US Treasury bond, concerns about stagflation, the stalemate in US-Iran negotiations, and the Federal Reserves indecisiveness regarding a September rate hike have fueled safe-haven demand for gold, potentially driving gold prices to maintain a relatively strong upward trend.The UKs July public sector net borrowing and seasonally adjusted retail sales figures will be released in ten minutes.On August 21, the Chongqing Municipal Peoples Government issued the "Chongqing Municipal 15th Five-Year Plan for the Construction of a Beautiful Chongqing (2026-2030)," which proposes to promote the low-carbon upgrading of transportation equipment. The plan calls for actively promoting new energy vehicles, advancing the electrification of public sector vehicles, and promoting the application of pure electric and hydrogen fuel cell commercial vehicles. It also calls for the construction of zero-carbon transportation corridors, establishing "zero-carbon corridors," implementing the scrapping and replacement of old operating vessels, and promoting new energy and clean energy-powered vessels. Furthermore, it aims to promote energy-saving and carbon-reducing retrofits of existing transportation infrastructure and construct a number of low-carbon stations, wharves, and highway service areas.Market news: Members of the SK Hynix South Korean labor union will vote on the provisional wages and labor agreement for 2026 from August 24 to 25.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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