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On September 3, Liu Jie, Deputy Secretary of the Zhejiang Provincial Party Committee and Governor of Zhejiang Province, conducted a special investigation in Hangzhou on the development of the artificial intelligence (AI) industry. Liu Jie emphasized that the AI industry is developing rapidly. He stressed the need to actively promote the research and development of general-purpose and vertical-domain large-scale models, accelerate the application of AI intelligent agents, build high-quality datasets, and enable AI to better empower various industries. He also emphasized the need to open up more high-value scenarios, promote the large-scale and commercial application of AI, drive the coordinated development of the entire industry chain including chips, large-scale models, intelligent agents, and application services, and accelerate the transformation and application of AI innovation achievements. Furthermore, he stressed the importance of deepening and expanding "AI + Manufacturing," vigorously promoting AI technological innovation, industrial development, and empowering applications, supporting enterprises to accelerate technological transformation, deepen the integration of data and reality, and achieve green, intelligent, and integrated development. Finally, he emphasized the need to increase the guarantee of essential resources, guide more long-term and patient capital investment, coordinate computing power services, and the synergy of computing, networks, data, and electricity, strengthen intellectual property protection, cultivate more compound talents who understand both industry and AI, and strive to create a first-class AI innovation ecosystem.On September 3, a reporter asked: The Chinese curatorial team announced its withdrawal from the Gwangju Biennale in South Korea due to its erroneous handling of Taiwan-related issues, expressing strong protest. The Chinese Embassy in South Korea has already issued a statement on this matter. What is Chinas comment on this? Foreign Ministry Spokesperson Guo Jiakun: The Joint Communiqué on the Establishment of Diplomatic Relations between China and South Korea clearly states that the government of the Republic of Korea recognizes the government of the Peoples Republic of China as the sole legal government of China and respects Chinas position that there is only one China and that Taiwan is a part of China. Since the beginning of this year, the South Korean side has repeatedly stated that its position on adhering to the one-China principle remains unchanged. The organizers of the Gwangju Biennale in South Korea stubbornly persisted in their erroneous practices, condoning Taiwans participation in the exhibition under a name completely inconsistent with its identity, blatantly violating the one-China principle. China firmly opposes this and has lodged a solemn representation with the South Korean side, demanding that the relevant parties immediately correct their erroneous practices. We hope that the South Korean government will abide by its political commitments, earnestly assume its responsibilities, and put the one-China principle into practice with concrete actions. The DPP authorities are using cultural exchanges, conferences, and exhibitions as occasions for political manipulation and provocative actions aimed at "independence." Their intentions are sinister, and their methods are despicable. Their political schemes will not succeed.The U.S. ISM non-manufacturing supplier deliveries index was 51.3 in August, up from 52.8 in the previous month.The U.S. ISM non-manufacturing inventory index for August was 56.7, compared to 51.4 in the previous month.The U.S. ISM non-manufacturing new orders index was 60.9 in August, down from 57.2 in the previous month.

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.