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The yield on Japans two-year government bonds rose 1.5 basis points to 1.445%.According to the official measurement of the China Earthquake Networks Center, a 3.7-magnitude earthquake occurred in Shaya County, Aksu Prefecture, Xinjiang (41.00 degrees north latitude, 83.31 degrees east longitude) at 11:59 on July 9, with a focal depth of 22 kilometers.July 9th - The Japanese bond market is signaling declining confidence in the central banks ability to curb inflation, while government spending plans further exacerbate fiscal pressures. This week, yields on 10-year and 20-year Japanese government bonds surged to multi-decade highs as renewed concerns arose about Prime Minister Sanae Takaichis commitment to fiscal discipline and monetary policy normalization. On Wednesday, the spread between 10-year and 2-year JGB yields widened to 143 basis points, the highest level since 2004, reflecting heightened market concerns about long-term inflation and price risks, while expectations for short-term Bank of Japan rate hikes weakened. Kento Minami, senior economist at Daiwa Securities, stated, "The recent steepening of the yield curve is a warning sign from investors, indicating a gap between the risks the market is measuring and the governments fiscal and monetary policies."On July 9th, in a report titled "Investment Strategy: Going Long on Chinas AI Value Chain," Goldman Sachs analyst Louis Mille wrote, "Chinas AI industry has officially come into our view." The reason given is that "the unprecedented combination of massive government support, surging global demand, and structural capital rotation makes Chinas AI one of the most compelling growth stories in the technology sector today." Goldman Sachs presented three key points to support its investment argument: Chinese AI companies market capitalization is severely mismatched with market size, leaving ample room for valuation upside; the Chinese AI industry chain possesses unique competitive advantages that are currently undervalued by the market; and the Chinese AI sector is outperforming other Chinese assets, with funds structurally increasing their allocation.On July 9th, it was learned that XPeng Group held its first all-staff meeting for its Robotaxi business and announced the official launch of employee internal testing. He Xiaopeng stated that in the next ten years, all embodied intelligent carriers will essentially become robots. Robotaxi is a crucial step for XPeng from new energy vehicles to "robot cars," and a key piece in XPengs physical AI landscape. Based on the development trend of software and hardware integration in the AI era, XPeng will focus on vehicle platforms, autonomous driving software, and AI capabilities to become a Robotaxi software and hardware service provider serving global partners. By providing complete solutions, XPeng will promote the global deployment of Robotaxi.

Gold Price Prediction: The XAU/USD pair will go below $1700 after a positive NFP report, followed by the CPI

Daniel Rogers

Oct 10, 2022 11:23

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The gold price declined after the U.S. Labor Department released employment data that exceeded expectations, thereby validating the Fed's need for additional tightening and supporting the dollar. Consequently, XAU/USD is currently trading at approximately $1690, below its initial price.

 

Prior to the announcement of the US Nonfarm Payrolls report, the price of gold hovered around $1710. Gold's initial reaction to the headline, however, was a decline into the $1700 region, but this initial movement quickly vanished. In a volatile reaction, it extended its losses below $1700 at the time of typing.

 

US Bureau of Labor Statistics (BLS) data revealed that the US economy added 263K new jobs, above predictions of 250K, while the unemployment rate decreased to 3.5% from 3.7%. Even while the reading is lower than August's, it was above expectations, which would strengthen the case for a Federal Reserve rate hike.

 

In the meanwhile, money market futures have put in a 92% likelihood of a Fed rate hike of 75 basis points, up from 85.5% prior to the US Nonfarm Payrolls report.

 

US Treasury bond yields rose, with the 10-year US Treasury bond yield increasing three basis points to 3.865%, while the US Dollar Index, a measure of the dollar's value vs six other currencies, rose 0.28% to 112.565.

 

Now that the US Nonfarm Payrolls report is in the rearview mirror, the next significant events on the US calendar are the September CPI statistics and the University of Michigan Consumer Sentiment study, both of which will take place in the coming week.


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