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On December 31, EU High Representative for Foreign Affairs and Security Policy Maria Kalas stated that Russias claims of recent attacks on key Russian government facilities in Ukraine are a deliberate attempt to divert attention. Moscow is trying to undermine the actual progress made by Ukraine and its Western partners in the peace process. Kalas emphasized that since the outbreak of the Russia-Ukraine conflict, Russia has indiscriminately attacked Ukrainian infrastructure and civilians, and its baseless accusations should not be accepted by anyone.On December 31, Evergrande Auto (00708.HK) announced that the Group continues to explore methods for managing its cash resources, including the sale of its non-core assets to support its operations. Meanwhile, several of the Companys subsidiaries are facing bankruptcy liquidation proceedings. In the past three months, several courts have issued orders appointing administrators and/or approving bankruptcy reorganization plans for some of these subsidiaries. At the Companys request, trading in the shares on the Main Board of the Stock Exchange of Hong Kong has been suspended from 9:00 a.m. on April 1, 2025, and will remain suspended until further notice.On December 31st, it was reported that on the afternoon of December 26th, Bai Qingyuan, Deputy Director of the State Administration for Market Regulation, and his delegation visited the Chaoyang District Market Supervision Bureau of Beijing to investigate the facilitation of business deregistration and intelligent supervision, and held a symposium. Bai Qingyuan pointed out that market supervision departments should thoroughly implement the decisions and deployments of the Party Central Committee and the State Council, closely focus on the primary task of promoting high-quality development, continuously improve various systems for the entry and exit of business entities, continuously deepen reforms, improve government efficiency, and fully stimulate the development vitality of business entities.On December 31, 2025, Bixing IoT announced that it received a warning letter from the Shenzhen Securities Regulatory Bureau of the China Securities Regulatory Commission (CSRC). The investigation revealed that the company had issues including incomplete shareholder meeting minutes, improper management of insider information registration, failure to determine the amount of raised funds used based on actual costs, weak revenue-related internal controls, and improper accounting practices affecting the accuracy of periodic financial information disclosure. Chairman He Yuanping and then-CFO Wang Jin bear primary responsibility for the aforementioned issues. The Shenzhen Securities Regulatory Bureau decided to issue warning letters to the company, He Yuanping, and Wang Jin respectively.Market news: The Russian Ministry of Defense released a video showing a Ukrainian drone flying towards Putins residence being shot down.

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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