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Oriental Selection (01797.HK) rose by more than 15%, and its share price returned to HK$27, with a cumulative increase of nearly 130% since July.On August 5th, Bocom International released a report stating that Xinyi Solar (00968.HK)s first-half revenue and profit fell 6.5% and 58.8% year-on-year, respectively, with profit exceeding the median forecast by 6%. The report also lowered its 2025-2027 profit forecasts by 48%, 29%, and 25%. The companys valuation was lowered from 1.2x price-to-book ratio to 1x, with the target price shifted to 2026. The report also lowered its target price from HK$4.28 to HK$3.7, maintaining a "buy" rating. The report noted that declining demand following the end of the mainlands PV rush, coupled with increased PV glass supply before June, widened the supply-demand gap. The price per square meter of 2.0mm glass fell from an April high of 14.25 yuan to 10.5 yuan in July, pushing the industry back into the red. Since June, the industry has experienced significant production cuts, with mainland Chinas active production capacity dropping from 100,000 tons at the end of May to 89,000 tons currently, and further significant cuts are likely. Driven by reduced supply and component customers stockpiling at low prices, the industrys inventory days quickly dropped from a high of 36 days in July to 29 days at the end of the month. It is expected that glass prices will bottom out and rebound from August.Trump celebrated the surge in US stocks in a post, promising more such gains. Bullish sentiment prevails in the S&P 500 and Nasdaq, while bearish sentiment on the Dow Jones Industrial Average reaches 70%. Whats the outlook for the market? Visit the "Database - GAIN Capital Market Barometer" and subscribe (data updated every 10 minutes).Japanese Minister of Economic Revitalization Ryomasa Akazawa: Japan protects what should be protected in the trade agreement.On August 5, CLSA published a report, raising Lenovo Groups (00992.HK) target price by 9% from HK$11 to HK$12, and reiterated its "outperform" rating. Following the upward revision of its earnings forecast on July 5, the bank again raised its earnings forecast for the second quarter of the 2025/26 fiscal year. This is mainly due to the groups strong performance expectations for the end-June quarter, with PC business shipments and profit margins exceeding the banks previous expectations, while server business revenue remained solid. It is worth noting that the bank expects the group to receive US$120 million in gains from the fair value of the warrants. The banks latest GAAP earnings forecast for the first fiscal quarter ending in June is expected to be US$480 million, 47% higher than the market consensus, and the non-GAAP earnings forecast is 11% higher than the previous forecast.

Gold Price Analysis: After Fed Chair Powell's hawkish comments, the XAU/USD pair is in the red

Alina Haynes

Mar 08, 2023 13:54

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Gold is nursing its wounds due to the likelihood of a 50 basis point (bps) rate rise by the Federal Reserve. At the time of writing, Gold price is trading at $1,813.53 and has been probing lower in Asia to $1,1812.60, a fresh low made following the sell-off that transpired in response to Federal Reserve chair Jerome Powell's testimony before Congress on Tuesday.

 

The price of gold fell sharply as a result of Fed Chair Powell's remarks, falling from a high of $1,851.70 to a low of $1,1812.36 like a heavily weighted metal. This is a result of Jerome Powell, chairman of the Federal Reserve, stating that the US central bank will remain on course until the job is completed. He added more fuel to the fire by stating that the ultimate level of interest rates is likely to be higher than previously predicted.

 

The clincher was when Federal Reserve chairman Jerome Powell stated that the Fed is prepared to increase the tempo of rate increases if data indicates it is warranted.

 

"The most recent economic data have been greater than anticipated, indicating that the ultimate level of interest rates will likely be higher than anticipated. "Powell of the Fed stated in his testimony.

 

As a result, the yield on the 10-year US Treasury note rose to 4% before retreating to 3.96%, remaining marginally below the three-month high of 4.07% reached on March 2 as investors weighed the path of future rate increases by the Federal Reserve. This provided a stimulus to the dollar. The DXY index, a measure of the US Dollar versus a basket of currencies, smashed through 105 in a move that began at 104.43 and continued until 105.435, putting significant downward pressure on the price of Gold.