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On April 1st, it was reported that on March 31st, the Shanghai Municipal Science and Technology Commission and the China-EU Chamber of Commerce jointly organized a roundtable exchange meeting on serving foreign-invested R&D institutions in Shanghai. Representatives from the China-EU Chamber of Commerce, Novartis, bioMérieux, Siemens Healthineers, DSM-Firmware, GlaxoSmithKline, and Novo Nordisk, as well as relevant personnel from the Shanghai Municipal Science and Technology Commission and the Shanghai Science and Technology Exchange Center attended the meeting. The Shanghai Municipal Science and Technology Commission responded to the opinions and suggestions of the companies, stating that it will further strengthen communication and resource sharing with foreign-invested R&D institutions, provide full policy support, enhance innovation collaboration, optimize the innovation ecosystem, and contribute to the high-quality development of Shanghais biopharmaceutical industry.On April 1st, Israeli Prime Minister Benjamin Netanyahu delivered a video address on the evening of March 31st, stating that while Iran and its supported armed forces "still retain a limited ability to threaten Israel, they can no longer threaten Israels survival." Netanyahu also stated that "In the past, Israel was fighting Iran alone, but now it is fighting alongside the United States"—he described this as an "unprecedented and historic cooperation" between him and US President Trump, and between the US and Israeli militaries. Netanyahu further stated that Israel is forging new alliances with some "important" countries in the region to counter what he called the "Iranian threat." However, he did not specify which countries were involved or provide further details.On April 1st, it was reported that Kong Yanshuang, former General Manager of Tesla China, has joined Xiaomi, taking over the sales responsibilities from Li Xiaorui, the former Director of Automotive. The transition is currently underway. Kong Yanshuang previously oversaw sales planning in China at Tesla and possesses extensive market experience. Another employee with a Tesla background, "Eason," also joined Xiaomi at the same time, joining Xiaomis strategic advisory team. Xiaomis automotive retail system has always referenced the Tesla model; the addition of several Tesla-affiliated executives is expected to further enhance Xiaomis automotive retail capabilities and lay the foundation for responding to market changes.UK Maritime Trade Operations Office: Regarding the incident 17 nautical miles north of Ras Lafan, Qatar, a vessel was hit by two munitions, one of which did not explode.April 1st - On April 1st, with the strong support of relevant Cambodian departments, the Ministry of Public Security dispatched a working group and successfully extradited Li Xiong, a core member of the Chen Zhi criminal syndicate, from Phnom Penh, Cambodia back to China. This is another significant achievement in law enforcement cooperation between China and Cambodia. Investigation revealed that Li Xiong was formerly the chairman of Huiwang Group, a subsidiary of the Prince Group, and is suspected of multiple crimes including operating casinos, fraud, illegal business operations, and concealing criminal proceeds. Currently, Li Xiong has been placed under coercive measures according to law, and the relevant cases are under further investigation. A relevant official from the Ministry of Public Security stated that several core members of the Chen Zhi criminal syndicate have been apprehended, and the public security organs will continue to intensify their efforts to resolutely bring fugitives to justice. At the same time, they reiterated their warning to criminals to recognize the situation, repent before its too late, and surrender themselves to the authorities as soon as possible to receive lenient treatment.

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).