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On June 17, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that the CSRC will continue to deepen the reforms of the ChiNext and Innovation Boards, implement the strategic deployment for developing future industries, and support the listing of more "hard technology" companies in fields such as quantum technology, biomanufacturing, and androids. At the same time, the CSRC will orderly promote the deepening of reforms on the ChiNext board, increase support for new consumption and modern service industries, and better serve the development of growth-oriented innovative and entrepreneurial enterprises.June 17th - Yadea Technology Group and Cainiao Network have recently reached a digital cooperation agreement, and the two parties held a launch meeting for the parts supply and sales platform project. In this cooperation, Cainiao will assist Yadea in building a "flexible supply chain system."On June 17, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated in his keynote speech that the CSRC strongly supports mergers and acquisitions (M&A) and refinancing of listed companies. He further emphasized the need to stimulate M&A activity, deepen refinancing reforms, and support eligible Hong Kong-listed companies to list domestically.On June 17, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated that the CSRC will release guiding opinions on regulating the development of artificial intelligence in the capital market at an appropriate time.June 17th - XREAL officially launched its first lightweight spatial computing XR glasses, the XREAL AURA, and announced that overseas pre-orders are now open. This product, developed in collaboration with Google and Qualcomm, is a next-generation spatial computing glasses offering high-performance spatial vision and AI interaction. It is planned to launch in the US, UK, Japan, Canada, and South Korea in the fall of 2026, followed by expansion to more markets including Europe.

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.

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