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On August 29, during a visit to Kyrgyzstan on August 28 by a delegation of Chinese entrepreneurs organized by the China Council for the Promotion of International Trade (CCPIT), the China-Kyrgyzstan Business and Investment Forum was held in Bishkek, the capital of Kyrgyzstan. Ren Hongbin, Chairman of the CCPIT, stated that the CCPITs organization of this visit, involving over 100 entrepreneurs and the holding of the forum, aims to implement the important consensus reached by the two heads of state and promote more practical results in cooperation between Chinese and Kyrgyz enterprises. The CCPIT is willing to actively play its role as a bridge and link, organizing more targeted trade promotion activities to support enterprises from both sides in creating new growth points in service trade, digital trade, and cross-border e-commerce, and expanding new spaces for trade cooperation; to make good use of the China International Supply Chain Promotion Expo platform, inviting more Kyrgyz enterprises and institutions to participate, continuously strengthening precise matching of production and supply chains, and stimulating new momentum for supply chain cooperation; and to deepen cooperation with Kyrgyz counterparts within the framework of mechanisms such as the China-Central Asia Business Council, amplifying the functions of multilateral and bilateral business cooperation mechanisms, and contributing to the high-quality joint construction of the Belt and Road Initiative.August 29th - After a night of intense gun battles, Niamey, the capital of Niger, briefly returned to calm around 7:00 AM local time on August 29th. However, gunfire resumed after 9:00 AM, escalating the security situation in the capital and plunging local residents into panic. The armed standoff in Niamey continues, and the situation in the capital remains uncontrolled. Since the early hours of August 29th, continuous gunfire and explosions have been reported in multiple areas of Niamey.According to an AFP report citing a Nigerien security source, the Republican Guard clashed with rebels near the Palace of the Republic, and the conflict is ongoing.August 29th - According to the Tianjin Gas Storage Branch of Dagang Oilfield, as of now, the cumulative gas injection volume of the Dagang Oilfield gas storage group in this injection cycle has exceeded 2 billion cubic meters, completing 90% of the overall gas injection plan, an increase of 8% compared to the same period last year. The gas injection volume of this cycle has once again broken the historical record, providing sufficient "confidence" for the winter natural gas supply in the Beijing-Tianjin-Hebei region.On August 29th, the Nanjing Housing Provident Fund Management Center announced that, in order to better leverage the role of the housing provident fund system and further meet the cross-regional housing consumption needs of homebuyers, the scope of inter-city housing provident fund loans has been expanded to the entire country. Housing provident fund contributors nationwide can apply for housing provident fund loans from the Nanjing Housing Provident Fund Management Center when purchasing a home in Nanjing. This notice will take effect on September 1, 2026.

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.