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On August 31st, the Japanese and US governments were discussing the simultaneous release of special measures to reduce the burden of "reciprocal tariffs" on Japan, a presidential decree to lower automobile tariffs, and a joint document on $550 billion in US investment. Initially reluctant to adopt a document, Japan was forced to relent due to the potential for further delays in tariff reductions. To facilitate US investment, changes to the relevant decrees of the semi-official Japan Bank for International Cooperation (JBIC) are also under consideration. According to Japanese government officials, drafting of the joint document has begun. The two sides will finalize the details of the agreement, including specific investment promotion methods and profit distribution strategies.Ukraines General Staff said that despite Russias claims of success in its summer offensive, Russian forces have not yet fully controlled any major Ukrainian city.On August 31, the mayor of Chicago, the third-largest city in the United States, signed an executive order on August 30, expressing a "refusal to cooperate" with the Trump administrations plan to deploy a large number of federal law enforcement officers and National Guard troops to the city. Chicago Mayor Brandon Johnson, a Democrat, said the executive order indicates that the Chicago Police Department will not cooperate with federal National Guard and other law enforcement personnel in the city, including patrols, traffic stops, and checkpoints. He also instructed city police officers to wear formal uniforms and no face coverings to distinguish them from federal troops and avoid public confusion.According to RIA Novosti, Russian air defense forces shot down 21 Ukrainian drones at night.On August 31st, the China Securities Association reported that in the first half of 2025, all listed companies achieved operating revenue of 35.01 trillion yuan, a year-on-year increase of 0.16%. Second-quarter revenue reached 18.11 trillion yuan, a year-on-year increase of 0.43% and a quarter-on-quarter increase of 7.15%. Net profit in the first half of the year reached 3.00 trillion yuan, a year-on-year increase of 2.54%, an increase of 4.76 percentage points over the previous years full-year growth rate. Nearly 60% of companies in the market saw positive revenue growth, and over three-quarters were profitable. 2,475 companies saw positive net profit growth, and 1,943 companies saw both revenue and net profit growth.

Gold Price Prediction: XAU / USD investors approach a 50% mean reversion zone prior to NFP

Daniel Rogers

Mar 10, 2023 11:28

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After data showed that weekly US jobless claims increased more than anticipated, the price of gold rose on Friday as the dollar weakened. This caused the market to reconsider the Federal Reserve's next move.

 

At the time of writing, the US Dollar index, DXY, was down 0.13 percent, making the price of Gold less expensive for buyers using other currencies. Ahead of the crucial Nonfarm Payrolls report, the gold price is currently in the $1,830s.

 

In the meantime, "the number of Americans filing for unemployment benefits increased. "Initial claims increased to 211k in the week to 4 March, while continuing claims increased to 1,718k," ANZ Bank analysts explained.

 

"This most recent data suggests that the labor market may be beginning to cool, but this data is notoriously volatile, so the market will be on the lookout for additional evidence that labor demand is decreasing. The Challenger Job Cuts data, which shows 77,000 jobs were eliminated in February, is one indicator that US companies are beginning to reduce their workforce, analysts added.

 

"This is less than the January figure of 109,243, but it is 400% higher than the previous February, and it is the highest number of jobs lost in any February since 2009. The majority of layoffs are in the technology, retail, and financial sectors.