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July 19th - Several listed companies and market institutions have received notices from regulatory authorities to attend a symposium held by the China Securities Regulatory Commission (CSRC) tomorrow. The CSRC aims to gather opinions and suggestions from all parties on promoting the stable and healthy development of the market.July 19th - Currently, with the deepening application of AI intelligent agents across various industries, the usage of tokens has maintained a rapid growth trend. How to further reduce computing power costs has become a key focus for all parties. Industry insiders explained that they are using computing power platforms to coordinate the use of multiple mainstream large-scale models, comprehensively reducing token costs. Simultaneously, they are accelerating the construction of large-scale computing power clusters nationwide. Ultra-large-scale computing power clusters supported by domestically produced computing power chips are seen by the industry as the key to further cost reduction. Furthermore, the implementation of more cutting-edge technologies such as optical chips in the next three to five years is also expected to become another direction for exploring ways to reduce computing power costs. "Compared to electrical chips, the core advantage of optoelectronic chips lies in their lower computational latency and lower power consumption. The cost per token will decrease by 50% or even more."Domestic News: 1. Total box office revenue for 2026 exceeds 20 billion yuan. 2. Thai Prime Minister Anutin arrives in Beijing. 3. Ouyang Weimin, former Deputy Secretary of the Party Committee and President of the China Development Bank, is under investigation. 4. The State Administration for Market Regulation releases the "Guidelines for the Application of Credit Information of Individual Industrial and Commercial Households". 5. The State Flood Control and Drought Relief Headquarters activates a Level IV emergency response for flood control in Guangxi. 6. The winning numbers for Changxin Technologys IPO are released: a total of 7,702,207. 7. Two central state-owned enterprises, China State-owned Assets Supervision and Administration Commission and China Chengtong Holdings Group, announce increased holdings. 8. The World Artificial Intelligence Cooperation Organization will focus on three key areas of work in the future. 9. Alibabas Token Plan Personal Edition is released, and the Qwen 3.8-Max preview version is launched simultaneously. 10. Jingye Steel: Warns the British government to immediately stop its actions of trampling on international investment rules with domestic law. International News: 1. Singapore considers reducing hedge fund tax rates to enhance competitiveness. 2. Ukraine claims Kyiv has suffered the most concentrated ballistic missile attacks since the escalation of the conflict. 3. South Koreas Ministry of Finance: Will allow foreign investors to trade more bonds denominated in Korean won and borrow Korean won from domestic and foreign exchange banks. 4. Middle East Situation—① Iranian media reports that Iran shot down a US drone. ② Iranian military: Two important US military bases in Kuwait were destroyed by drone attacks. ③ US media reports: The US-Iran conflict is escalating, and the Pentagon is accelerating the deployment of F-16 and F-35 fighter jets to the Middle East. ④ Iranian Revolutionary Guard: Two ships sailing in the southern Strait of Hormuz experienced accidents, and two other ships have announced they have abandoned their voyages. ⑤ US Embassy in Jordan: Authorities have evacuated Aqaba International Airport and seaport; Jordanian officials later claimed the US Embassy in Jordan had released false information. ⑥ A desalination and power generation facility in Kuwait was damaged again by the Iranian attack. ⑦ Israeli military claims to have detected Iranian missiles launched towards Aqaba, Jordan, with the attack potentially affecting Israel; Jordanian armed forces claim to have intercepted three Iranian missiles. ⑧ According to Al Jazeera: The Israeli Defense Minister stated that if Iran attacks us, we will retaliate. ⑨ A missile attack occurred near Abadan, Iran; Iran claims the attack was carried out by the US military.July 19th - According to Iranian sources, an explosion was heard in Abadan, Iran. The deputy governor of Khuzestan province, responsible for security affairs, stated that the outer suburbs of Abadan were attacked by missiles that day. Iranian authorities claimed the attack was carried out by the US military. The attack occurred on the outskirts of the citys administrative area, and no casualties have been reported so far. Abadan is a well-known oil city in Iran, located in the oil-producing Khuzestan province.July 19 – U.S. Energy Secretary Frank Wright stated on July 19 local time that U.S. military action against Iran will continue until President Trump achieves his objectives. In an interview, Wright said the Trump administrations goal is to prevent Iran from acquiring nuclear weapons and to weaken its ability to threaten neighboring countries and global business activities. "Therefore, this mission will continue until it is accomplished."

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.