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On February 25, Apple’s official Weibo account announced that the official Apple Developer Account is now officially launched. Apple will provide news, announcements and event updates for the Chinese developer community through this official account.The acting commissioner of the IRS announced his retirement on Tuesday local time.The Hang Seng Tech Index opened low and ended high, turning positive during the session. It fell by more than 4% at the opening in the morning. Auto stocks led the gains, with Li Auto (02015.HK) rising by more than 13%, Xpeng Motors (09868.HK) rising by more than 5%, and Sunny Optical Technology (02382.HK) rising by more than 4%.On February 25, Bank of America Securities published a research report pointing out that Standard Chartered Bank (02888.HK) had mixed performance in the fourth quarter, including the reclassification of US$147 million in deposit insurance, which was also recognized in net interest income, but will be reclassified as cost again from the fourth quarter of 2024. The bank said that based on the good performance of revenue in the fourth quarter of last year and the long-term high interest rate environment, the groups earnings per share forecast for 2025 to 2027 will be raised by 1% to 6%, and the net interest income forecast for 2025 to 2027 will be raised by 8% to 9%. The bank said that it would raise its target price from HK$99.35 to HK$112, and reiterate its rating as underperforming the market.The main contract of the Container Shipping Index (European Line) narrowed its intraday decline to 0.67% and is now reported at 1,862 points, having previously fallen by more than 4.00%.

Gold Price Forecast: XAU / USD flirts with $1,850 support convergence; Fed's Powell, US NFP in focus

Daniel Rogers

Mar 06, 2023 14:40

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Gold price (XAU/USD) remains mostly illiquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD movements could be the muddled headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

 

The National Development and Reform Commission of the People's Republic of China (NDRC) recently stated that it "Will further discharge the potential for consumption," adding that China's economy is consistently improving, as reported by Reuters. Earlier in the day, market sentiment deteriorated after China's National People's Congress (NPC) annual session appeared to be a gloomy event due to its development target and geopolitical concerns.

 

Elsewhere, San Francisco Federal Reserve Bank President Mary Daly highlighted the significance of incoming data to determine how high the rates can go. Previously, Atlanta Fed President Raphael Bostic renewed concerns about the Fed’s policy pivot while Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it plainly said, “Ongoing increases in the Fed funds rate target are necessary.” In addition, the report stated that the Fed is committed to restoring inflation to 2%.

 

It should be noted that US 10-year Treasury bond yields rose to their highest levels since November 2022 in the previous week before falling to 3.95% by the end of Friday and circling back to the same level at the latest. More significantly, US two-year bond coupons increased to levels not seen since 2008 before retracting to 4.85% as of press time. That said, the S&P 500 Futures print mild gains, mirroring Wall Street’s movements amid a light sluggish start to the key week, whereas the US Dollar Index (DXY) remains depressed around 104.45, down 0.05% intraday by the press time.

 

Moving ahead, Gold traders may witness further inaction in the market as traders remain cautious before the key events including Fed Chair Jerome Powell’s Testimony, China’s inflation data and Friday’s US employment report for February.


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