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Investment bank Stifel raised its price target for Micron Technology (MU.O) from $550 to $1,500.June 18 - Ship tracking data from an international shipping information platform showed that three Saudi-flagged oil tankers carrying a total of 6 million barrels of crude oil passed through the Strait of Hormuz on the 18th.On June 18th, it was reported that on June 17th, the General Office of the Anhui Provincial Peoples Government officially issued the "Anhui Province Low Altitude+ Application Scenarios Expansion Project Action Plan (2026-2028)," clarifying the provinces three-year work goals, key tasks, and promotion measures for the low-altitude economy. According to the plan, by 2028, Anhui Province aims to achieve 5 million hours of annual low-altitude flight time, gather over 300 low-altitude operation companies, and cumulatively build 100 low-altitude application demonstration scenarios, forming a development model that is safe, commercially sustainable, and easily accepted by the public.On June 18th, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." Among them, it proposes to support interest subsidies for equipment renewal loans. For eligible equipment renewal loans, in addition to the central governments 1.5 percentage point interest subsidy, extra interest subsidies will be provided through ultra-long-term special treasury bonds as stipulated. For eligible "technological upgrading loans" and "equipment renewal loans," a provincial government interest subsidy of 1.5% per annum will be provided for a period not exceeding one year. Multiple technological upgrading or equipment renewal loans implemented by a single enterprise can be consolidated and submitted together, with a maximum annual provincial government interest subsidy of 5 million yuan per enterprise. Banks are encouraged to proactively apply for interest subsidy funds and promptly disburse them to enterprises, reducing their financing costs for equipment renewal.On June 18, the Sichuan Provincial Development and Reform Commission issued the "Several Policy Measures of Sichuan Province to Support Green and Low-Carbon Development." The measures propose guiding financial institutions to launch green and low-carbon transformation financial products and services. Focusing on 10 industries, including steel, coal power, building materials, ceramics, textiles, petrochemicals, chemicals, aluminum, water transportation, and agriculture, diversified financial services and policy support will be provided to entities financing transformation. Cities and prefectures with suitable conditions are encouraged to expand the coverage of green finance fiscal-financial interaction policies and provide fiscal subsidies for transformation financial activities. The progress of financial institutions transformation finance activities will be included in the Peoples Bank of Chinas green finance assessment.

Gold Price Prediction: XAU/USD will fall to $1,900 due to a strengthening US Dollar and mixed investor attitude

Alina Haynes

Jan 31, 2023 16:09

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In advance of Tuesday's European session, the gold market (XAU/USD) maintains its decline as sellers hit a crucial support level near $1,920. In doing so, the precious metal reverses the mid-Asian session retracement off the stated trend line support.

 

The metal's weakness may be attributable to the contradictory information contained in International Monetary Fund (IMF) updates, as the global lender acknowledged inflation risks while expressing optimism for economic growth. Recent action by the Bank of Japan (BoJ) to defend the Yield Curve Control (YCC), which in turn puts a floor under global yields and weighs on the Gold price, may fall along the same line.

 

In addition, Monday's positive US data and expectations that the Federal Reserve (Fed) will do everything it takes to defend its hawkish monetary policy actions appear to impose downward pressure on the XAU/USD exchange rate.

 

Notably, the probable conclusion of Covid-led activity restrictions in the United States on May 11 and positive China PMIs previously drove the XAU/USD bounce from the $1,920 level.

 

US 10-year Treasury yields struggle to prolong a three-day rally near 3.54%, as the US Dollar Index (DXY) falls to 102.20 at the latest, reflecting the prevailing sentiment. In addition, both S&P 500 Futures and stocks in the Asia-Pacific area remain moderately available.

 

The US Federal Reserve's (Fed) monetary policy meeting will garner the lion's share of attention from Gold traders.


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