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The U.S. Federal Trade Commission (FTC) has announced that the deal between Nvidia (NVDA.O) and Intel (INTC.O) has been approved by U.S. antitrust authorities.Lockheed Martin (LMT.N) has been awarded a $1 billion contract by the Space Development Agency for 18 spacecraft.U.S. Secretary of State Rubio: We have secured commitments of up to 7,500 troops from multiple countries to combat gang forces in Haiti.December 20th - US President Trump: The only reason the US unemployment rate has climbed to 4.5% is that we are streamlining government employees on an unprecedented scale. All new jobs are coming from the private sector! I could bring the unemployment rate down to 2% overnight simply by hiring more people in the federal government, even if those positions are not essential. Hopefully, those fake news reports will accurately report the 4.5% figure.On December 20th, Bernstein stated that Nvidias (NVDA.O) valuation relative to the Philadelphia Stock Exchange Semiconductor Index is unusually attractive, with the overall valuation multiple suggesting a promising future return. Analyst Stacy Rasgon wrote that Nvidia is currently trading at a discount of approximately 13% relative to the chip stock index, placing it in the top 100th percentile historically. In fact, there have only been 13 trading days in the past decade where Nvidias stock price was valued lower relative to the SOX than it is now. Nvidias recent valuation is approximately 25 times its future EPS, and "for the company, a forward P/E ratio of 25 means its stock price is in the 11th percentile of the valuation distribution over the past decade," a level that is "quite cheap in an absolute sense," and "over the past decade, investors who bought Nvidia when its valuation was below 25 times have reaped substantial returns—an average return of over 150% over one year, with no negative returns during this period." Bernstein gives Nvidia an "Outperform" rating with a target price of $275.

XAU/USD drops from three-week high above $1,750 ahead of US PCE inflation, according to the gold price forecast

Alina Haynes

Jul 29, 2022 10:44

 截屏2022-06-07 下午5.14.47.png

 

In the Asian session on Friday, buyers and sellers jostled for position near a three-week high, but the gold price (XAU/USD) was unable to maintain its two-day advance. Nevertheless, the price of the precious metal recently declined to $1,754 as the US dollar's yield was tracked in order to delay the bearish tilt before the important inflation report.

 

US Dollar Index (DXY) maintains its position at 106.00 while being close to its lowest point since July 2005. Over the past two days, the greenback gauge fell as concerns about the Fed's aggressiveness subsided.

 

On the other hand, a corrective fall in US Treasury rates following a retest of the multi-day low combines the uneven growth triggers to put pressure on the price of XAU/USD. In spite of this, the US 10-year Treasury rates are fluctuating about 2.67 percent, the lowest levels since early April, while the 2-year bond coupons are under pressure at a three-week low, down 0.14 percent intraday at the latest.

 

Following Fed Chair Jerome Powell's tease about "neutral rates," gold traders should have followed the Flash readings of the US Q2 GDP, which marked the "technical recession" by decreasing for the second time in a row, to encourage the USD currency weakness and soar even higher. Despite this, the initial estimates of the US Q2 GDP showed an annualized number of -0.9 percent compared to an expected figure of 0.5 percent and a prior figure of -1.6 percent. Additionally, the US Initial Jobless Claims increased by 256K during the week ended on July 22, above expectations by 253K.

 

However, as the US Q2 GDP fell for the second consecutive quarter, US policymakers—including Fed Chair Powell and Treasury Secretary Janet Yellen—teased the idea of a "technical recession" and attempted to dismiss it. The same questions are directed at central bankers who are urging further rate increases to rein down inflation. Additionally, meetings between US Vice President Joe Biden and his Chinese counterpart Xi Jinping went generally well and put downward pressure on the demand for the dollar as a safe haven.

 

China recently raised concerns for the XAU/USD traders after the Politburo meeting by avoiding discussing its Gross Domestic Product (GDP) objective and citing its position as one of the world's top purchasers of gold.

 

S&P 500 Futures increase by 0.5 percent amid these moves to hover close to their best levels since early June.

 

In the near future, it will be crucial to keep an eye on the Fed's favorite inflation indicator, the Core Personal Consumption Expenditure (PCE) Price Index, which is predicted to increase by 0.5 percent MoM for July compared to its previous rate of 0.3 percent.


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