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On July 6th, SK Hynix officially launched its marketing and promotion process for its US stock listing on Monday, hoping to leverage the continued enthusiasm of investors for the memory chip sector and advance its listing in the US. According to its filings, SK Hynix plans to issue approximately 17.79 million American Depositary Receipts (ADRs) corresponding to its ordinary shares, with an offering size of approximately $28 billion based on the closing price in the Korean market last Friday. As a leading supplier of HBM chips, SK Hynixs US listing provides it with an efficient financing channel. According to previously disclosed regulatory documents, SK Hynix expects its ADRs to officially begin trading on July 10th (this Friday). Based on the current proposed offering size, this ADR offering will rank among the top three largest IPOs in history (the exact amount depends on the exchange rate), potentially rivaling the $29.4 billion IPO of Saudi Aramco in 2019.On July 6th, Poly Property Group (00119.HK) announced that in June 2026, the Group achieved contracted sales of approximately RMB 3.6 billion, a decrease of 25% year-on-year; contracted sales area was approximately 115,000 square meters, and the average contracted sales price was approximately RMB 31,132 per square meter. As of June 2026, the Groups cumulative contracted sales amounted to approximately RMB 23.2 billion, a decrease of 13.11% year-on-year. The cumulative contracted sales area was approximately 799,000 square meters, and the average contracted sales price was approximately RMB 29,051 per square meter.July 6 - Tencent Mobility, a wholly-owned subsidiary of Tencent Holdings (00700.HK), plans to sell approximately 273 million shares of Kuaishou (01024.HK) through block trades, at a price range of HK$43.15 to HK$44.53 per share, potentially raising up to US$1.6 billion.Spains Strategic Petroleum Reserves (SPR) reported that Spains crude oil imports in May increased by 8.2% year-on-year, reaching 5.2 million tons.The UK has added nine new entities and individuals to its chemical weapons sanctions regime, targeting Russian entities and individuals involved in chemical weapons.

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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