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According to Hong Kong Stock Exchange documents, HSBC Holdings (00005.HK) spent HK$151.6 million to repurchase 1.5 million shares on September 8, and spent £21.7 million to repurchase a total of 2.2 million shares on other exchanges.The onshore RMB closed at 7.1248 against the US dollar at 16:30 on September 9, up 73 points from the previous trading day.The U.S. dollar continued to fall against the Japanese yen, with the intraday decline widening to 0.6% to 146.68, the lowest level since August 28.On September 9, Vincent Stamer of Commerzbank said in a report that France is taking another step towards a sharp increase in debt after the government failed in a vote of no confidence. "The prospect of resolutely dealing with the out-of-control of public finances has become distant," he said. Without reform, Frances debt ratio may rise sharply to more than 150% in the next decade. In addition, the significant increase in interest expenses will make it difficult for future governments to achieve budget consolidation. Stamer pointed out that in order to keep the debt ratio stable, more stringent spending cuts or tax increases may have to be taken in the future. "President Macron may appoint a new prime minister in the next few days, but this will do little to break the political deadlock."The Hang Seng Index in Hong Kong closed at 25,938.13 points on Tuesday, September 9, up 304.22 points, or 1.19%; the Hang Seng Tech Index in Hong Kong closed at 5,828.74 points on Tuesday, September 9, up 74.99 points, or 1.3%; the CSI 300 Index closed at 9,242.4 points on Tuesday, September 9, up 120.74 points, or 1.32%; the H-share Index closed at 4,351.28 points on Tuesday, September 9, up 28.61 points, or 0.66%.

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).