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February 9th - The overnight SHIBOR was 1.2700%, down 0.70 basis points; the 7-day SHIBOR was 1.5050%, up 7.00 basis points; the 14-day SHIBOR was 1.5840%, up 8.00 basis points; the 1-month SHIBOR was 1.5500%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.On February 9th, NIO founder, chairman, and CEO William Li announced plans to build 1,000 new battery swapping stations by 2026, increasing the number of "scenic charging routes" to 100. Following the completion of the G318 Sichuan-Tibet and Yunnan-Tibet battery swapping routes last year, the Silk Road battery swapping route will be opened this year. Furthermore, large-scale construction of the fifth-generation battery swapping stations will begin this year.February 9th - BNP Paribas economists stated that the ruling Liberal Democratic Partys (LDP) victory in the general election is expected to further strengthen its stringent economic policies. Their research report noted, "While there are still cautious opinions within the LDP regarding a consumption tax cut, the likelihood of its implementation has significantly increased given the election results." Analysts believe that considering the Prime Ministers public commitment to implementing the consumption tax cut by fiscal year 2026 and his overwhelming victory, the government is likely to accelerate the implementation of this measure while remaining focused on market stability. The report also pointed out that the LDPs victory could make it easier for the Takashimakata municipal government to push through the increased defense spending requested by the United States.On February 9th, Bank of America Securities issued a report stating that Meitu (01357.HK) expects its non-GAAP adjusted net profit for last year to grow by 60% to 66%, to RMB 938 million to RMB 973 million, with a median growth of 63% to RMB 955 million, slightly higher than market expectations and Bank of Americas forecast by 1%. This is mainly driven by two factors: rapid growth in product revenue and operating leverage. Bank of America Securities maintains its "Buy" rating on Meitu with a target price of HKD 11.3, based on the strong profit expansion driven by the increase in the proportion of paying users and operating leverage.On February 9th, Daiwa Securities issued a report stating that Yum China (09987.HK)s fourth-quarter results for 2025 exceeded expectations. KFCs same-store sales growth was better than anticipated, and the price increase for delivery channels in January indicated a recovery in consumer confidence and a more rational pricing trend in the industry. The report noted that Yum Chinas management forecasts a slight year-on-year increase in operating profit margin for 2026, but with improved competition in the Chinese market, further room for profit margins to exceed market expectations is anticipated. Daiwa reiterated its "Buy" rating on Yum China and raised its target price from HK$450 to HK$520.

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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