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On August 30th, according to Axios, on Friday evening, some of the worlds largest music publishers filed a major lawsuit against Anthropic, accusing it of "one of the largest and most blatant acts of intellectual property theft in history." This lawsuit marks the beginning of a long struggle over music, artificial intelligence, and how to protect intellectual property in the new technological age. A subsidiary of Sony Music and Warner Music filed the lawsuit Friday evening in the Northern District of California federal court, naming Anthropic, its CEO Dario Amodie, and co-founder Benjamin Mann as defendants.August 29th - According to the Japan Meteorological Agency, a magnitude 4.8 earthquake struck off the eastern coast of Chiba Prefecture, Japan, at approximately 00:17 local time on August 30th, with a focal depth of about 30 kilometers. The epicenter was located off the eastern coast of Chiba Prefecture, and tremors were felt in Ibaraki Prefecture, Tokyo, and other areas.Domestic News: 1. Wang Yi speaks with Nepalese Foreign Minister Shisir by phone. 2. my country achieves its first high-speed two-way laser communication between Earth and the Moon. 3. National Bureau of Data Science: Demand for meta-based computing is experiencing explosive growth. 4. As of the end of July, my countrys total intelligent computing scale reached 2.45 million PFLOPS. 5. In the first half of the year, 35,000 new foreign-invested enterprises were established nationwide, a year-on-year increase of 7.0%. 6. Nanjing Housing Provident Fund Management Center: Further expands the scope of inter-city housing provident fund loans. 7. Changxin Memory responds to lawsuit against the US Department of Defense: Only researches and produces DRAM products for commercial and civilian use, not for military purposes. International News: 1. Ukraine claims Russia may be planning a new ground offensive against Kyiv. 2. The Russian government has extended the export ban on diesel producers until the end of September. 3. OpenAI announces termination of its partnership with Cursor due to SpaceXs acquisition of the company. 4. US Defense Secretary Hergsays reportedly considering running for president in 2028? The Pentagon denies this. 5. The CFTC confiscated $172,000 from a former White House teleprompter for illegally trading information from Trumps speeches. 6. Middle East Situation—① Iranian media: $7.5 billion in oil revenue has been transferred to the Central Bank of Iran. ② Iranian Foreign Minister: US government officials manipulated the energy market for personal gain. ③ Iran says US military bases in the region are only for protecting Israel.On August 29, Al Jazeera reported that the Iraqi armed group Kataib Sayyid al-Shuhada stated it would cooperate with arms control in Iraq only if 10 conditions were met, the most important being the complete withdrawal of US troops from Iraq. This group has long maintained ties with the Iranian Revolutionary Guard. In its statement, the group demanded the termination of the US military presence in Iraq "under any pretext" and a ban on attacks against neighboring countries using Iraqi airspace. The group also demanded that all weapons be brought under national control only if measures were simultaneously taken to strengthen Iraqs armed forces and air defense capabilities. Other conditions proposed by the group included the withdrawal of Kurdistan Workers Party (PKK) militants from Iraqi territory, federal government control of the Kurdish border regions, and the elimination of Iranian opposition groups stationed in northern Iraq.On August 29, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, spoke by phone with Nepalese Foreign Minister Shisir. Wang Yi stated that Chinas comprehensive aid package to Nepal is being implemented, including emergency cash assistance and humanitarian aid. Relief supplies provided by China are about to arrive in Kathmandu. Chinese tunnel rescue experts have been dispatched in two groups to the disaster area and Kathmandu to provide assistance. China has shared important information with Nepal, including images of the disaster area, satellite and hydrological data, and early warning information about the upstream landslide dam. China has made appropriate arrangements for Nepalese citizens stranded on the Chinese side and will assist them in returning to Nepal as soon as possible. China thanks and hopes that Nepal will continue to assist and evacuate Chinese citizens in Nepal. China and Nepal are a community linked by mountains and rivers, sharing a common destiny. Faced with the disaster, the two countries must stand firmly together, work hand in hand to overcome difficulties, and demonstrate the traditional friendship that transcends the Himalayas with concrete actions.

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.

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