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On January 19th, Shanghai Petrochemical announced that it expects a net loss attributable to shareholders of the parent company of approximately RMB 1.289 billion to RMB 1.576 billion in 2025, compared to a loss in the same period of 2024. The estimated net loss attributable to shareholders of the parent company after deducting non-recurring gains and losses is approximately RMB 1.28 billion to RMB 1.564 billion. In the same period of 2024, the net profit attributable to shareholders of the parent company was RMB 317 million, and the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 338 million. The main reason for the expected loss in 2025 is that international crude oil prices are generally trending downwards, product market demand has not improved significantly, the gross profit margin of the companys main refining products has shrunk, and the total volume of goods sold has decreased due to the major overhaul of the companys production facilities in the fourth quarter. These factors combined have led to the companys operating loss.According to Hong Kong Stock Exchange filings, Xiaomi Group repurchased 4 million Class B shares on January 19, spending approximately HK$150 million.On January 19th, the Nanjing Municipal Government website released the "Nanjing Municipal Online Ride-Hailing Service Management Measures." Addressing issues such as "opaque commission rates" charged by ride-hailing platforms, the measures stipulate that platforms must publicly disclose their maximum commission rates and, after each order is completed, list the "total amount paid by the passenger, the drivers actual income, and the commission" on the drivers end. If the commission exceeds the limit, the driver can file a complaint. The measures will take effect on February 14th. This is the first systematic revision of Nanjings initial ride-hailing management measures since their implementation in 2017. Compared to the old version, the measures lower several "thresholds." Regarding vehicles, the entry requirements have been relaxed from "initial registration" to "no more than 2 years since initial registration," and additional requirements such as "electronic stability control systems" have been removed. Regarding drivers, the clause requiring "Nanjing household registration or residence permit" has been deleted.The final reading of the Eurozones core CPI annual rate for December was 2.3%, in line with expectations and unchanged from the previous reading.The final reading of the Eurozones core CPI for December was 0.2%, unchanged from the previous month.

Before the US PMI is released, the gold price is expected to rise beyond $1,740 per ounce

Daniel Rogers

Aug 23, 2022 14:48

 截屏2022-08-22 下午5.31.01_1024x576.png

 

On the back of conflicting forecasts for US Purchasing Managers Index (PMI) data, the gold price (XAU/USD) is trying to break above $1,740.00. A new monthly low of $1,727.85 was recorded for the precious metal on Monday, but it has since rallied strongly. Given the lack of impetus in the upward trend, the gold price is likely to stay volatile. However, a pullback may be less profitable.

 

The consensus for the S&P Global Manufacturing PMI is 51.5, which is down from the prior reading of 52.2. When compared to its previous reading of 47.3, the Services PMI has room to grow.

 

The yellow metal has been supported by the disappointing early estimates of US Durable Goods Orders. From a previous release of 2%, the market expects the economic figures to sharply decrease to 0.5%. It's important to note that the most recent reading showed no change in underlying pricing pressures, which stood at 5.9%. So, we expect to see little change, if any, in the Durable Goods Orders numbers. Unfortunately, a precipitous drop in economic statistics portends a precipitous drop in demand.

 

The other thing that will be in the spotlight is Federal Reserve (Fed) chair Jerome Powell's remarks from the Jackson Hole Economic Symposium. US economic conditions and Fed Powell's direction on inflationary pressures and interest rates will be determined by him.

 

Gold prices on an hourly scale are looking to continue their recovery after breaking above the $1,729.44 61.8% Fibonacci retracement (set from the low of $1,680.91 on July 21 to the high of $1,807.93 on August 10). Gold has been testing the resistance of the 20-period Exponential Moving Average (EMA) around $1,738.00; a sustained move above this level would signal a change in trend toward the bullish side.

 

Furthermore, the Relative Strength Index (14), which had been negative in the 20.00-40.00 range, has moved into the bullish 40.00-60.00 zone, indicating that gold prices are currently not bearish.

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