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On March 26, Southern Asset Management issued an announcement stating that as of the midday close of trading on the Shanghai Stock Exchange on March 26, 2026, the secondary market trading price of Class A shares of the Southern Crude Oil Securities Investment Fund (ticker symbol: Southern Crude Oil; Southern Crude Oil LOF, trading code: 501018) was significantly higher than the funds net asset value, exhibiting a substantial premium. Investors are hereby reminded to pay attention to the risk of premium in the secondary market trading price. Investors who blindly invest in fund shares with high premium rates may suffer significant losses. To protect investors interests, trading in this fund will be suspended from the opening of the market on the afternoon of March 26, 2026, until the market closes on the same day.Xtep International (01368.HK): Full-year revenue for 2025 is RMB 14.15 billion, with an estimated RMB 14.38 billion; full-year net profit is RMB 1.37 billion, with an estimated RMB 1.38 billion.On March 26, Liu Haixing, Minister of the International Department of the Central Committee of the Communist Party of China, met with Tan Sen, President of the US-China Business Council, in Beijing. Liu Haixing stated that the current international situation is turbulent and uncertain, with increasing instability and uncertainty. China and the US should demonstrate their responsibility as major powers and jointly address global challenges. The business community is an important link and driving force in China-US relations. China appreciates the US-China Business Councils long-standing advocacy for cooperation with China and looks forward to the Council building more bridges for friendly exchanges between China and the US. This year marks the beginning of the 15th Five-Year Plan, and China will unswervingly expand high-level opening-up, welcoming American companies to share in Chinas development opportunities and achieve mutual benefit and win-win results. Tan Sen stated that the US business community pays close attention to Chinas development and is willing to continue to deepen its presence in the Chinese market. The US-China Business Council is committed to promoting US-China economic and trade cooperation and is also willing to make efforts to promote cultural exchanges and enhance mutual understanding between the two countries.The yield on Japans 40-year government bonds fell 5 basis points to 3.67%.March 26 – The CEO of Philippine oil refining company Petron Corp. stated that the company had received a shipment of Russian oil. Earlier this month, the United States issued a sanctions waiver allowing countries to purchase Russian oil already loaded on tankers. This measure aims to alleviate oil shortages caused by the de facto closure of the Strait of Hormuz since the outbreak of the Middle East conflict in late February. Asia, reliant on imports, has been hit hardest, as most of its crude oil comes from oil-producing countries in the region. Philippine Ambassador to the United States, Romualdez, stated that the Philippines is also striving for a general waiver from Washington to purchase oil directly from Russian producers. “We are one of many countries seeking the same treatment,” he said.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

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In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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