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According to Hong Kong Stock Exchange documents, Lijing Innovation Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.Chevron (CVX.N) CEO: The company is in discussions with multiple parties, potentially involving pipeline projects outside of Iraq.July 31 – The US is deepening its support for Japans efforts to stabilize the yen, with the two countries coordinating in the foreign exchange market to a level not seen in decades. On Thursday, Japan appeared to have intervened by buying yen, estimated at around $53 billion; simultaneously, US authorities solicited exchange rate quotes from banks, seen by the market as a precursor to intervention. US Treasury Secretary Bessant stated that the yen was "severely undervalued" and that excessive volatility was unhealthy. Nobuyasu Atago, chief economist at Rakuten Securities Research Institute and a former Bank of Japan official, said, "Bessants influence is very important. The US is now becoming more cooperative with Japans intervention." The timing of Thursdays actions also drew market attention, occurring between the Federal Reserve and the Bank of Japans interest rate decisions, leading to speculation that monetary policy might also be part of coordination between Tokyo and Washington. On Friday, Japanese officials remained ambiguous about whether intervention would be implemented, but they clearly emphasized the coordinated support from the US. Jun Mimura, Japans top official in charge of exchange rate affairs at the Ministry of Finance, stated that the US was providing more than just "moral support." Atago said, "I cant help but feel that they are considering not only coordination on exchange rates but also tacit cooperation on monetary policy."Chevron (CVX.N): Has increased the nominal oil production capacity of its third-generation plant in the Tengiz oil field to 320,000 barrels per day.Chevron (CVX.N) CEO: CPC pipeline is currently operational and ships are still loading this week.

Gold is trapped below $1750, the dollar is rising, and yields are rising

Haiden Holmes

Aug 23, 2022 11:08

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Gold prices rose somewhat on Tuesday after seven straight sessions of losses, but remained under pressure as increased expectations of a hawkish Federal Reserve boosted the dollar and Treasury yields.


As of 20:39 ET, spot gold was up 0.1% to $1,738.52 per ounce, while gold futures were up 0.2% to $1,751.55 per ounce (00:39 GMT). Expectations that the Fed will continue to hike interest rates at a quick pace have pushed traders into the dollar over the last seven sessions, causing both currencies to fall.


The dollar index fell slightly on Tuesday, but it was still trading at six-week highs. The dollar was mainly boosted by Fed members' hawkish views last week, which signaled that the central bank had no plans to reduce the pace of interest rate hikes.


On Monday, 10-year US Treasury yields jumped by more than 1% and reached a one-month high.


Fed Chair Jerome Powell is set to speak at the Jackson Hole Symposium on Friday, when he is expected to debunk suspicions that the Fed is planning to go dovish.


Softer-than-expected US inflation numbers for July fueled speculation that the Fed may scale back its interest rate hikes beginning in September. However, signs of a strong labor market and hawkish comments from Fed members have dampened this optimism.


Traders are split about evenly between a 50 basis point increase and a 75 basis point increase at the Fed's upcoming meeting.


Gold has given up the majority of its gains for the year as a result of the Fed's four rate hikes to combat out-of-control inflation. The yellow metal has greatly trailed the US inflation rate in 2022.


Copper prices rose little among industrial metals as the world's top importer, China, announced fresh stimulus measures.


Copper futures increased 0.2% to $3.6620 per pound.


On Monday, the People's Bank of China slashed interest rates for the second week in a row, indicating that Beijing is likely to pursue additional economic stimulus measures.


A stimulus-driven revival in Chinese industrial activity might boost copper demand, benefiting prices.

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