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On Tuesday, January 13, the Hang Seng Index closed up 239.99 points, or 0.9%, at 26,848.47; the Hang Seng Tech Index closed up 6.59 points, or 0.11%, at 5,869.79; the H-share Index closed up 65.33 points, or 0.71%, at 9,285.41; and the Red Chip Index closed up 32.21 points, or 0.78%, at 4,146.17.On January 13th, the Hang Seng Index opened more than 300 points higher and briefly broke through the 27,000 mark, but the upward momentum was unsustainable. The market continued to decline in the afternoon, with the Hang Seng Tech Index rising more than 2% in the morning before fluctuating and turning lower in the afternoon. At the close, the Hang Seng Index rose 0.9% to 26,848.47 points, and the Tech Index rose 0.11% to 5,869.79 points. The total turnover of the Hang Seng Index reached HK$315.192 billion (compared to HK$306.223 billion in the previous trading day). On the sector front, several pharmaceutical sectors, including innovative drugs, performed well, while precious metals and non-ferrous metals sectors led the gains. Automotive and tech stocks rose initially but then retreated, and AI application stocks weakened in the afternoon. Semiconductors and Apple concept stocks were among the biggest losers. In terms of individual stocks, Alibaba (09988.HK) closed up 3.63%; WuXi AppTec (02359.HK) closed up 8.3%, after the company issued a profit warning yesterday, expecting its net profit attributable to shareholders in 2025 to increase by approximately 102.65% year-on-year; Zijin Mining (02899.HK) closed up 2.39%; BYD (01211.HK) closed up 1.62%; Zhipu (02513.HK) closed down 12.76%; and Hua Hong Semiconductor (01347.HK) closed down 2.02%.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.9% and the Tech Index rising 0.11%. The innovative drug sector performed strongly throughout the day, with WuXi AppTec (02359.HK) closing up 8.3%.On January 13th, the Ministry of Industry and Information Technology (MIIT) issued the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)," which mentions promoting the construction of an industrial data labeling system centered on business scenarios, developing governance tools such as intelligent labeling, data cleaning, and quality assessment, and improving data governance levels. It encourages platform enterprises to collaborate with industrial enterprises to build specialized datasets for typical industrial scenarios, and encourages qualified enterprises to develop cross-industry and cross-scenario general datasets. It supports platform enterprises in exploring new models and new business forms such as data brokerage and data hosting, deepening the application of industrial internet identifier resolution and blockchain technology, strengthening cross-domain data management, and providing a secure and reliable environment for data circulation. It encourages platforms to open their data resources to SMEs, providing them with inclusive technical tools and data products. It also strengthens intellectual property protection throughout the entire process of industrial data resource development and utilization, safeguarding the rights and interests of all parties.On January 13th, the Ministry of Industry and Information Technology (MIIT) issued the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)," which mentions supporting platforms in expanding the use of labor, capital, knowledge, technology, and data to improve the efficiency of networked resource allocation and collaboration. It encourages platforms to deepen the integration and application of digital and intelligent technologies, enrich the supply of high-quality solutions, and promote the digital transformation of the entire manufacturing process. It guides platforms to address the transformation needs of SMEs, cultivate a batch of low-cost, easy-to-deploy, and highly versatile standardized products, and create a resource pool of "small, fast, lightweight, and accurate" digital solutions. It supports platforms in exploring diversified business models, enhancing their sustainable operational capabilities, and achieving value symbiosis between platforms, user enterprises, and partners.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.