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Hong Kong-listed tech stocks fluctuated and weakened, with Kuaishou (01024.HK) and Baidu (09888.HK) falling by more than 3%, Alibaba (09988.HK) falling by more than 2%, and Meituan (03690.HK) and NetEase-S (09999.HK) following suit.February 26 - Shell is in talks with several companies, including a subsidiary of Abu Dhabi National Oil Company (ADNOC), to sell a minority stake in its A$34 billion (approximately US$24 billion) Northwest Shelf gas export project in Western Australia, sources familiar with the matter revealed. According to the sources, discussions with bidders such as XRG, an investment arm of ADNOC, and Midocean Energy, in which Saudi Aramco has a stake, are currently in the preliminary stages. Other potential buyers are also monitoring the situation. Shell has been increasing its investment in liquefied natural gas (LNG). However, media reports last September indicated that Shell would explore selling its 16.67% stake in the Northwest Shelf project due to plans to convert the facility into a so-called third-party processing plant. A spokesperson stated that Shell regularly assesses its portfolio to support prudent capital allocation. "We continue to work closely with our Northwest Shelf project partners to create value, maximize future performance, and meet customer needs."According to futures news on February 26th, as of the week ending February 21st, Japanese commercial crude oil inventories increased by 580,487 kiloliters from the previous week to 10,292,946 kiloliters. Japanese gasoline inventories decreased by 48,567 kiloliters from the previous week to 1,657,984 kiloliters. Japanese kerosene inventories decreased by 74,737 kiloliters from the previous week to 1,380,684 kiloliters. The average operating rate of Japanese refineries was 90.5%, compared to 89.0% the previous week.The main contract for the container shipping index (European route) fell by 6.00% during the day, and is currently trading at 1225.0 points.On February 26th, according to Qichacha APP, Alibaba (China) Co., Ltd. recently applied for and published a patent for "Generative Language Model and Training Method, Device, Electronic Equipment, and Storage Medium". This application largely solves the interpretability problem of generative language models and is of great significance for applying generative language models to occasions with high information accuracy requirements.

Gold Price Prediction: XAU/USD anticipates additional gains ahead of China and U.S. inflation

Alina Haynes

Jan 11, 2023 11:54

Gold price (XAU/USD) demonstrates usual pre-data concern as it approaches $1,875 on Wednesday morning, exploring a three-day rally around the highest levels since May 2022. In doing so, gold demonstrates the market's faith in the traditional safe-haven, even if the US Dollar recovers from its multi-day low. The uncertainty surrounding the next steps of the US Federal Reserve (Fed) and the pessimistic economic forecasts of the World Bank (WB), not to mention cautious optimism towards China, may be to blame.

 

Federal Reserve (Fed) Chair Jerome Powell's remarks at Riksbank's International Symposium on Central Bank Independence were unable to provide additional clarification on the US central bank's monetary policy outlook, which prompted a stampede for gold in the face of uncertainty. In his most recent public appearances, the policymaker lauded the US central bank's latest steps while emphasizing the Fed's independence and lack of commitment to climate control. Notably, Federal Reserve Governor Michelle Bowman seemed hawkish when she stated that additional rate hikes are required to combat excessive inflation, which should have pressured the XAU/USD bulls in the aftermath.

 

Notably, the recent softening of hawkish bets on the Fed's next moves, as well as lower US data, appear to keep gold investors optimistic, despite the Federal Reserve's efforts to defend its tight monetary policy. Tuesday, the US NFIB Business Optimism Index for December fell to its lowest level since 2013 if various anxieties caused by the worldwide Covid wave are disregarded. In addition, US Wholesale Inventories for November stayed constant at 1.0% growth.

 

Alternatively, a rebound in the US Dollar Index (DXY) from the seven-month low appears to pose a threat to the Gold price, due to the inverse link between the XAU/USD and the dollar's index against the six main currencies. Tuesday marked the conclusion of a two-day downturn for the DXY as it rebounded from the multiday low to settle at 103.30. In doing so, the US Dollar Index tracked the firmer US 10-year Treasury note yields, which increased 10 basis points (bps) to 3.61 percent, falling one basis point (bp) to 3.60 percent at the latest.

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