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On August 3rd, Morgan Stanley issued a research report stating that Xiaomi Group (01810.HK) will announce its second-quarter results on August 18th. The report anticipates strong smartphone shipments and gross margin performance, with total quarterly revenue expected to exceed RMB 100 billion and recurring net profit margin reaching approximately RMB 6 billion. According to the latest data from Omdia, Xiaomis second-quarter smartphone shipments reached 31.2 million units, 15% higher than the banks forecast. Benefiting from record-high average selling prices and resilient shipment volumes, the bank expects smartphone gross margins to remain above 8% in the second quarter, primarily reflecting the pass-through effect of rising costs. The bank maintains its "Overweight" rating on Xiaomi with a target price of HKD 32.On August 3rd, it was reported that Lingbo Technology, a embodied intelligence company under Ant Group, has launched its first round of financing, aiming to raise 1.5 billion yuan. The company aims to complete its second round of financing by the end of this year. If completed as scheduled, this financing will break records for the fastest fundraising speed among startups in the embodied intelligence field. Lingbos publicly displayed roadmap over the past year is a globally rare comprehensive layout: Vision, Depth, Mapping, Video, WorldModel, VA, and VLA, covering almost the entire brain chain of robot perception, understanding, and action.Switzerlands July CPI monthly rate will be released in ten minutes.Kia Motors: Global vehicle sales in July reached 298,037 units, up 13.4% year-on-year.Germanys real retail sales fell 1.1% month-on-month in June, compared with a forecast of -0.1% and a revised figure of 1.00% for the previous month (originally 1.10%).

Forecasts for the price of gold: XAU/USD remains below $1,800 despite worries about the economy and optimism in China

Alina Haynes

Dec 07, 2022 14:52

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The current difficulty of the yellow metal to find direction increased as China's trade surplus decreased in November as both imports and exports fell during the aforementioned month. The gradual increase in US Treasury yields amid worries of a global economic downturn is on the same track.

 

It's important to note that numerous eminent business leaders and bank executives have recently expressed concern about a possible worldwide recession. Bloomberg Economics made comments along the same lines.

 

However, the gold price appears to be supported by China's willingness to announce responsible fiscal and monetary measures as well as indications that the three-year-old Zero-Covid policy may be progressively abandoned.

 

US stock futures post modest gains amid these plays, but stocks in the Asia-Pacific region trade in a mixed bag. However, during the pre-FOMC blackout, hawkish bets on the Fed's upcoming action were not supported by US inflation predictions.

 

Ahead of Thursday's China inflation data and Friday's preliminary US Michigan Consumer Sentiment Index readings, gold traders may find some amusement in China's probable risk-positive statements and secondary data.

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