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June 29th – The first China-Shanghai Cooperation Organisation (SCO) Science and Technology Innovation Cooperation Conference was held in Qingdao, Shandong Province on June 29th. The conference, themed "Smart SCO, Shared Future – Building a New Ecosystem of Open and Inclusive International Science and Technology Cooperation," brought together government officials, renowned scientists, technology business leaders, and young science and technology pioneers from SCO member states to conduct in-depth and multi-dimensional dialogues and industry matchmaking on key topics such as artificial intelligence applications, cutting-edge technology transfer, and innovation resource sharing. During the conference, a series of activities were held, including the release of 100 scientific and technological achievements and 100 technological needs between China and SCO member states, the signing of SCO member states science and technology innovation cooperation projects, and the SCO Member States Youth Innovation and Entrepreneurship Competition.The China Earthquake Networks Center officially measured a 3.1-magnitude earthquake at 10:20 a.m. on June 29 in Haixi Prefecture, Qinghai Province (37.81 degrees north latitude, 95.55 degrees east longitude), with a focal depth of 10 kilometers.June 29th - According to reports, Apple is considering using a 1.4nm process in its flagship smartphone SoC as early as 2028, which means that the lifespan of flagship chips manufactured using a 2nm process may only be about two years.On June 29, Nomura Securities issued a report maintaining its "Buy" rating on Lenovo Group (00992.HK). Based on a 20x multiple of its 2027 fiscal year earnings per share forecast, the target price was significantly raised from HK$16 to HK$35, implying a 46% upside. In its previous report on Lenovo published in May, Nomura emphasized that the momentum of its general-purpose server business might far exceed expectations. Although Lenovos share price has risen by more than 100% since May, Nomura believes this outperformance may continue because it believes that: (1) the market has not yet fully reflected the potential of Lenovos server business; (2) Nomuras earnings forecast for fiscal year 2027/28 is now about 10% higher than the market consensus; and (3) Lenovo is currently in the process of revaluation, with its main peer Dell (DELL.N) trading at a 30x one-year forward P/E ratio, which Nomura believes creates room for Lenovos revaluation. The bank raised its 2027/28 fiscal year earnings forecast for Lenovo Group by 12%.The Japanese governments economic policy blueprint shows that its goal is to ensure annual real economic growth of more than 1%.

Forecast for Silver Price: XAG/USD is rising quickly and is approaching the $20.00 mark

Alina Haynes

Sep 15, 2022 11:43

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Silver price recovers around the 50-day exponential moving average and advances towards a daily high of $19.69 on Wednesday after the US Labor Department reported that August PPI was in line with predictions of diminishing inflationary pressures on the producer side. Therefore, the XAG/USD is trading at $19.61, 1.86% higher than its initial price.

 

Before Wall Street opened, the Bureau of Labor Statistics (BLS) of the United States reported that the Producer Price Index (PPI) for August decreased by 0.1%, in line with expectations, while the year-over-year figure fell to 8.7%, less than the 9.8% reported in July. Meanwhile, the so-called core PPI, which excludes volatile goods, increased by 0.4% month-over-month and 7.3% year.

 

In the meantime, the US Dollar Index, a measure of the dollar's value against a basket of six currencies, ended Wednesday's session down 0.15 percent, at 109.648, weighed down by US Treasury yields, particularly the 10-year benchmark note rate, which remained unchanged throughout the day at approximately 3.404%.

 

The US Dollar Index reflects the aforementioned by declining by 0.09% and falling below the 110.000 barrier. Similarly, the US 10-year benchmark note rate exhibits signs of weariness, remaining flat at approximately 3.414%.

 

The fact that US 10-year TIPS yields, a proxy for actual yields, rose by only one basis point to 0.939% was a further factor supporting the white metal price.

 

On Thursday, the US economic calendar will contain jobless claims, retail sales, and the New York and Philadelphia Fed Manufacturing Indices, which will serve as a precursor to the ISM report in October.

 

The daily XAG/USD chart depicts the white metal as neutral to bearishly biased. Nonetheless, if silver buyers recapture the $20,000 threshold, this might pave the way for a test of a four-month-old downslope trendline near $20.20 prior to reaching the 100-day EMA at $20.39. A breach of the latter will reveal the cycle high from August 15 at $20.87, ahead of the psychological milestone of $21.00.


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