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TD Cowen: Raises its price target for Alphabet (GOOG.O) from $450 to $475.Miniso (09896.HK): On June 9, the company repurchased shares on the open market at a price of HK$25.50–26.30 per share, with a weighted average price of HK$26.08, representing 0.155% of the total share capital. This was a regular cancellation repurchase under the 2025 authorization framework.On June 9th, Tatha Ghose, an analyst at Commerzbank, noted in a report that rising energy prices due to the situation in Iran have significantly improved Russias oil and gas revenues recently, providing support for the ruble. However, he stated that energy prices may decline by the end of the year, and the damage to refineries caused by the Ukrainian airstrikes and the reimposition of US sanctions are expected to prevent Russia from utilizing its newly expanded OPEC+ production quotas in the medium term. "Once the benefits from high oil prices fade, we expect the ruble to resume its depreciation."June 9th - Comerica Bank Senior Vice President and Chief Economist Bill Adams predicts that the US May CPI will rise above 4% year-on-year, reaching a three-year high, mainly driven by last months gasoline price increases. Core CPI is expected to remain relatively moderate, close to 3%. The fact that Mays price increases exceeded the growth rate of average hourly wages indicates further erosion of consumers real purchasing power. Meanwhile, the PPI is also expected to record another significant increase, exceeding the CPI, reflecting the higher weighting of petroleum products, metals, and transportation costs in the producer price basket. Furthermore, the preliminary consumer confidence index released by the University of Michigan in early June is expected to rebound from Mays record low, mainly boosted by the decline in gasoline prices over the past two weeks and the rise in the stock market.On June 9th, European ride-hailing platform Bolt, Pony.ai-W (02026.HK), and automaker Stellantis announced the joint launch of an autonomous driving pilot project in Luxembourg. The pilot will verify the safety, performance, and regulatory compliance readiness of Pony.ais seventh-generation autonomous vehicles in real-world Luxembourg traffic conditions. Stellantis will provide engineering and manufacturing support for the mid-sized van based on its L4-ready platform, Bolt will handle the ride-hailing platform and marketing operations, and Pony.ai will provide autonomous driving technology and operational experience.

As US NFP steals the spotlight, we expect the XAU/USD to drop to roughly $1,700 in the near future

Daniel Rogers

Aug 29, 2022 14:38

截屏2022-06-07 下午5.14.07.png 

 

After setting a new monthly low of $1,723.44 in the Tokyo session, the gold price (XAU/USD) is now indicating a less confident downward trend. The Federal Reserve (Fed) opted for price stability over growth on Friday at the Jackson Hole Economic Symposium, therefore the precious metal is projected to continue its downward trajectory for some time.

 

The Federal Reserve has little leeway to decrease the pace of its interest rate hikes in August due to signals of inflationary pressures. While economic activities in the United States showed significant slowing down because of decreasing liquidity in the economy. Market veterans anticipated that the Fed would slow the pace at which it was rising interest rates in light of the two factors. To counteract this, the Fed prioritized maintaining price stability.

 

The future of the United States hinges on the information provided by the Nonfarm Payrolls (NFP) report. We anticipate the economic statistics to come in at 290k, which is a decrease from the 528k reported in the previous release. The slowdown in job growth should not be seen as a huge concern by investors. Since the US economy has been at full employment for the past six months, much of the room for new jobs has been eliminated.

 

Gold prices have fallen below the 61.8% Fibonacci retracement level (set at $1,729.35 from the low of $1,680.91 on July 21 to the high of $1,807.93 on August 10) on an hourly time frame. Both the 20-period and the 50-period Exponential Moving Averages (EMAs) are trending downward, adding further filters to the downside at $1,738.08 and $1,745.84, respectively. The Relative Strength Index (RSI) (14) has moved into the negative zone of 20.00-40.00, indicating further declines ahead.


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