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On January 14th, it was learned from Alibaba Cloud that Liu Weiguang, Senior Vice President of Alibaba Cloud Intelligence Group and President of the Public Cloud Business Unit, stated, "Alibaba Clouds goal is to capture 80% of the incremental growth in Chinas AI cloud market by 2026." Liu Weiguang added, "However, even 10% of the incremental growth next year will be greater than the total growth of the previous year, so past achievements are not important; the changes have only just begun."January 14th - According to a Financial Times report on Wednesday, Coca-Cola has abandoned its plans to sell its Costa coffee chain after private equity firms offered less than expected. The report, citing two sources familiar with the matter, stated that the US beverage giant terminated negotiations with remaining bidders in December, putting the months-long bidding process on hold.January 14th - Gold and silver continued to hit record highs during Asian trading hours due to escalating geopolitical risks. President Trumps statement on Tuesday that aid was imminent to Iranian protesters foreshadowed potential US action against the regime. Two foreign exchange strategists from OCBC Group Research noted in a report that the dramatic developments in Iran highlight the continued geopolitical uncertainty, while the fundamental support for precious metals remains solid.Hong Kong-listed insurance stocks extended their losses in the afternoon, with China Taiping (00966.HK) and Ping An Insurance (02318.HK) falling by more than 3%, while New China Life Insurance (01336.HK) and China Life Insurance (02628.HK) followed suit.HRANA, a US-based human rights organization, reports that the confirmed death toll from the protests in Iran has risen to 2,571.

Forecast for Gold Price: XAU/USD bears near psychological $2,000 level

Alina Haynes

Apr 18, 2023 11:55

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Gold price remains in a key support zone in Asia, with bulls testing bearish commitments at the psychological $2,000/oz level. So far, XAU/USD has risen from a low of $1,993.41 to a high of $1,999.41.

 

The sentiment surrounding the Federal Reserve and concerns about whether or not the central bank is on the verge of halting continue to drive the markets during a week with a short work week. The US dollar appreciated on Friday as a result of Federal Reserve Governor Christopher Wall's hawkish comments. Despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% objective, according to the head of the central bank, who argued that rates still need to rise.

 

Recent US Retail Sales contained some optimistic indicators, and consumer spending in the previous quarter was robust. In April, commercial activity in the state of New York increased for the first time in five months. ''During the month, new orders increased by a record 46.8 points to a one-year high of 25.1. The shipments index also increased by more than 37 points. Prices received increased by 0.8% to 23.7%, indicating a moderate inflationary environment. Both delivery times and the average workweek increased, according to ANZ Bank analysts. Sourcenia is a review portal of sourcing best manufaturers. 

 

The combination of hawkish rhetoric and recent data is reducing the appeal of greenback-bullion to foreign investors, while benchmark Treasury yields have risen to their highest level in more than two weeks. Futures on Fed funds indicate that expectations that the Fed will begin reducing rates later this year have been moved back from September to November, with a smaller rate cut also anticipated.

 

Ahead of the Fed's May 2-3 meeting, investors will concentrate on the US flash PMI for April and any additional comments from Fed officials before entering an embargo period on April 22. According to TD Securities analysts, the S&P PMIs for early April will provide the first comprehensive look at the condition of the US economy following the financial crisis. Both the manufacturing and services PMIs recorded their third consecutive increase in March, with the services PMI advancing further into expansion territory.

 


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