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On April 10th, Thai Finance Minister Ekniti Nitithanprapas stated that due to the Middle East conflict, Thailand expects oil prices to remain high for up to two years, foreshadowing sustained pressure on this net energy importer already grappling with rising costs and slowing growth. Speaking to lawmakers during a parliamentary debate following a government policy statement, Ekniti noted that energy infrastructure in the Middle East has been severely damaged, and oil and gas supplies could take one to two years to stabilize. He added that the government plans to accelerate the adoption of solar, biofuels, and other renewable energy sources to cushion the impact of high energy costs on households and businesses. The energy shock has already affected the economic outlook. Economists have begun to lower their growth forecasts for Thailand as rising fuel costs have dampened consumption and disrupted exports and tourism—two core drivers of the Thai economy.On April 10th, according to the National Cybersecurity Notification Center, the center detected a recent surge in supply chain poisoning attacks. Targets included the API development tool Apifox, the Python library LiteLLM, and the JavaScript HTTP library Axios, involving two core supply chain scenarios: open-source software repositories and commercial tools. The Axios poisoning incident, in particular, occurred because many AI applications and plugins, such as OpenClaw, directly rely on this library, allowing the risk to spread further to end users through the dependency chain. These three supply chain poisoning incidents share common characteristics: high stealth, wide impact, high severity, and rapid spread, potentially causing serious harm such as credential theft, remote code execution, and sensitive data leakage.On the morning of April 10, Xi Jinping, General Secretary of the CPC Central Committee, met with Cheng Li-wen, Chairperson of the Kuomintang, in Beijing.Hong Kong-listed apparel stocks continued their upward trend, with Fast Retailing (06288.HK) rising nearly 10%, Tianji Holdings (01520.HK) rising over 6%, and Anta Sports (02020.HK) and Bosideng (03998.HK) following suit.On April 10th, Wang Zhihua, Director-General of the Department of Foreign Trade of the Ministry of Commerce, stated that since the beginning of this year, foreign trade enterprises have actively expanded markets, secured orders, pursued innovation, and built brands, adding more resilience and vitality to Chinas foreign trade. According to customs statistics, in the first two months of this year, both the scale and growth rate of Chinas goods trade imports and exports were at relatively high levels compared to the same period in previous years, and a good start is expected for the first quarter as well.

Gold Stabilizes Before Fed Minutes, As Copper Falls on China Worries

Skylar Williams

Jan 04, 2023 11:33

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On Wednesday, gold prices remained at six-month highs, stopping a recent rally, as traders re-entered the dollar in anticipation of fresh monetary policy hints from the Federal Reserve's December meeting minutes.


Concerns about an imminent recession and a potential halt in U.S. interest rate hikes increased the demand for safe havens other than the dollar, which contributed to gold's strong start to the new year.


Wednesday, however, the dollar recoup some of its previous losses due to uncertainty around the release of the Fed's minutes. In light of several inflation indicators indicating that U.S. price pressures have likely peaked, the markets will be observing whether central bank members supported a further softening of interest rate hikes at their December meeting.


The probability that the Federal Reserve will raise interest rates by an even more modest 25 basis points in February is currently priced at over 90% by the markets.


As of 19:22 EST, spot gold fell 0.1% to $1,838.66 per ounce, while gold futures down 0.1% to $1,844.65 per ounce (00:22 GMT). Both assets increased by more than 1 percent on their first full trading day of the year.


The International Monetary Fund's prediction of a possible recession in 2023 spurred some investors to purchase gold, as the possibility of a U.S. recession lessens the appeal of the dollar.


Due to this warning and rising concerns about China's sluggish economic recovery, copper prices had a poor start to the new year. On Wednesday, copper futures were flat at $3.7707 per pound after losing nearly 2% the day before.


Given its extensive industrial application, the red metal is susceptible to fluctuations in economic forecasts. As a result of China's production slowdown caused by COVID-related delays, copper prices fell by around 11% in 2022.


Despite the fact that a number of anti-COVID measures were lifted in December, the country is now facing an unprecedented increase in the virus' transmission, which analysts say may postpone the reopening of a larger portion of the airport.


However, the anticipation of slower rate hikes by the Federal Reserve is expected to support metal markets in the near future, particularly if the dollar loses additional ground. In the fourth quarter of 2022, the dollar declined significantly, allowing commodity markets to regain lost ground.

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