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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.0 occurred near Gao County, Yibin City, Sichuan Province (28.54°N, 104.67°E) at 10:51 on July 28. The final result is subject to the official rapid report.Australian energy company Origin Energy: Data on approximately 900,000 current and former customers was accessed in a security breach. The investigation is ongoing.On July 28, Hu Jinglin, Director of the State Taxation Administration, stated at a press conference on the theme of "Starting the 15th Five-Year Plan" that since the beginning of this year, the tax authorities have resolutely rectified the "invoicing economy" and tax-related issues in illegal investment promotion, and have intensified their efforts to serve the construction of a unified national market. While eliminating "water" in invoicing, they have also promoted the repeal or amendment of 833 tax-related documents or agreement clauses in illegal investment promotion in various provinces and cities, and facilitated the relocation of nearly 160,000 enterprises that were registered in other locations to enjoy some irregular subsidies and other reasons back to their actual operating locations. Moreover, the tax payments of these enterprises after relocation increased by 16% year-on-year in the first half of this year.On July 28th, Futures News reported that the "Ecological Environment Code of the Peoples Republic of China" will officially come into effect on August 15, 2026. As my countrys second code and the worlds first national-level ecological environment code, it integrates more than ten scattered environmental protection laws, unifies enforcement standards, significantly increases penalties for environmental violations, implements a dual-penalty system, and addresses shortcomings in the supervision of livestock pollution at its source. The official implementation of the "Ecological Environment Code of the Peoples Republic of China" marks a milestone in the domestic ecological environment protection legal system. For the livestock and aquaculture industries, the integration and unification of scattered environmental regulations, the elevation of livestock pollution control to the code level, and the tightening of regulatory standards and legal responsibilities mark a significant shift from fragmented regulation to a fully standardized and legalized "code era." From site selection and planning, environmental impact assessments and pollution discharge permits, to the harmless treatment of manure and waste management, a complete regulatory framework has been established. Environmental protection is no longer an option for enterprises, but a rigid bottom line for the survival and development of livestock entities, forcing the industry to accelerate green transformation and the resource utilization of manure, and promoting the shift of the livestock industry from scale expansion to high-quality and sustainable development.On July 28, Hu Jinglin, Director of the State Taxation Administration, introduced at a press conference held by the State Council Information Office that in the first half of this year, tax reductions and exemptions implemented by the state in areas such as elderly care, medical care, education, and employment increased by 11.8% year-on-year; 126 million people enjoyed special additional deductions for individual income tax on elderly care, medical care, and education, an increase of 5.9% over the previous year, with tax reductions exceeding 320 billion yuan, an increase of 8.2% over the previous year. Meanwhile, the tax authorities, in collaboration with the human resources and social security departments, actively promoted the pilot program for occupational injury protection for workers in new employment forms. Since July 1, the pilot program has been expanded nationwide, benefiting a total of 29.1 million people.

Gold Price Prediction: XAU/USD bears at $1,650 on Fed hawkishness and China news

Daniel Rogers

Sep 19, 2022 14:34

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During early Monday morning in Europe, the gold price (XAU/USD) maintains a position close to the intraday low at $1,670. In doing so, metal prices endure the weight of a stronger U.S. dollar amidst a sluggish session caused by Japanese and British vacations. The cause may be related to the Fed's hawkish bets and China-related news stories.

 

US Dollar Index (DXY) reverses a two-day slump while posting intraday gains of 0.18 percent at 109.85 as of press time. Indicators of the U.S. dollar's value versus the six major currencies have recently been buoyed by the University of Michigan's September consumer sentiment report and the market's positive expectations on the Fed's next move. Consequently, the probability of a 75-basis-point (bps) rate hike by the Federal Reserve increased to 80%, while the market's estimates of a one-percentage-point increase in the Fed rate rose to 20% at the latest.

 

US President Biden stated elsewhere, "I'm more positive than I've been in a long time." The national leader also claimed that inflation will be brought under control. On the same line are the covid updates from China, which have unlocked Dalian and Chengdu while observing zero coronavirus cases in Beijing and one, as opposed to zero the day before, outside of Shanghai's quarantine zone. However, US President Biden's willingness to support Taiwan in the event that China assaults Taiwan and hawkish expectations for the Federal Reserve appear to weigh on the steel price ahead of the major monetary policy pronouncements.

 

In addition, the People's Bank of China (PBOC) reduces the 14-day reverse repo rate by 10 basis points to 2.15 percent. "With no maturing reverse repos on Monday, the Chinese central bank injects 12 billion yuan," reports Reuters. The same might have indicated that the dragon nation is not in recovery mode and requires more rate cuts than rate raises, which could have caused the gold price to plummet. The cause is China's position as one of the world's largest gold consumers.

 

In light of this, the S&P 500 Futures post modest losses while mirroring Wall Street's Friday close. Notably, the selling in Japan curbs bond movements in Asia, but yields are robust near the multi-day high due to fears of a recession and hawkish Fed views.

 

Moving forward, a light economic calendar and important market holidays may limit intraday XAU/USD price fluctuations. However, bears are expected to maintain control because to aggressive Fed expectations, which, if dashed, might defy the bearish chart pattern and spark the long-awaited rally.