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On August 4th, according to South Korean media reports, the South Korean government will use national fiscal funds to cover up to all costs associated with the construction of infrastructure such as electricity and water resources in regions designated as semiconductor industry clusters. The detailed rules clarify matters related to the authorization of the Semiconductor Special Act, specifically including: the composition and operation of the Special Committee for Strengthening Semiconductor Industry Competitiveness; the designation procedures and related support measures for semiconductor industry clusters; support for semiconductor industry talent development; and the management and operation of the Special Account for Strengthening Semiconductor Industry Competitiveness. According to the regulations, the costs related to the construction and operation of industrial infrastructure required for semiconductor industry clusters can be borne by the central and local governments, with a minimum coverage of 50% and a maximum of 100% of the total project cost. Furthermore, the government can prioritize support for talent recruitment and matching for semiconductor companies outside the Seoul metropolitan area, as well as projects for local professional talent development and retraining.On August 4th, the Ukrainian Presidential Office announced on the 3rd that President Zelenskyy had dismissed Olga Stefanishina, the Ukrainian ambassador to the United States. Stefanishina was appointed ambassador in August 2025. She stated on social media that the dismissal was her own initiative and that she had "completed the main tasks planned when she took office."August 4th - HSBC Holdings (00005.HK) announced that for the six months ended June 30, 2026, the company achieved revenue of US$37.742 billion, an increase of 10.61% year-on-year; operating profit of US$17.963 billion, an increase of 18.50% year-on-year; net profit of US$15.321 billion, an increase of 23.15% year-on-year; and basic earnings per share of US$0.85.August 4th - According to Japanese media reports, the Japanese government plans to conduct commercial testing of autonomous trucks. The test routes will include not only highways but also ordinary roads to enable autonomous transportation between specific logistics bases. The government will determine the test routes and participating companies by the end of fiscal year 2026. Because driving on ordinary roads requires a higher level of technical capability than driving on highways, the Japanese government believes that conducting tests on ordinary roads is crucial for building a logistics network that utilizes autonomous trucks for long-distance transportation.India will seek parliamentary approval for a series of tax adjustments to boost foreign investment and domestic manufacturing, sources familiar with the matter said. Citing internal discussions and a publicly available list of bills, the sources said lawmakers will seek to pass legislation formalizing tax breaks for overseas investors purchasing Indian sovereign debt and exempting offshore funds from tax obligations if their investments are managed by Indian fund managers. The sources added that parliament will also vote on whether to extend tax breaks for overseas suppliers providing equipment to domestic electronics manufacturers and to offer incentives for data centers and diamond mining. Modi has been taking a series of measures to curb capital outflows and support the rupee. These measures are particularly urgent in the wake of the Iraq War, aimed at cushioning economic shocks and strengthening the economys resilience to external shocks.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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