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March 5th - According to foreign media reports, Japanese investors sold off their largest amount of overseas bonds since 2024 last month, and market observers are closely watching fund flows for signs that rising domestic yields are triggering a capital repatriation. Preliminary weekly data released by Japans Ministry of Finance on Thursday showed that Japanese investors net sales of overseas bonds in February totaled 3.42 trillion yen, the largest monthly sale since October 2024, according to another balance of payments report. Most of the sales occurred in the week ending February 20th. Ayako Sera, senior market strategist at Sumitomo Mitsui Trust Bank in Tokyo, said that life insurers may be adjusting their overall profits by selling foreign bonds as falling Japanese government bond prices force them to write down impairment losses, and demand for foreign bonds may have slowed given rising domestic yields.March 5 - Latest reports indicate that as of the afternoon of March 4 local time, at least 1,045 people in Iran have been killed and more than 6,000 injured in attacks by the United States and Israel.Market news: Japanese investors sold off the largest amount of overseas bonds since 2024 last month, and market observers are closely watching fund flows for signs that rising Japanese bond yields are triggering a capital repatriation.Data released by research firm New Automotive shows that Tesla (TSLA.O) sold 2,208 cars in the UK in February, a 45.2% year-on-year decrease.On March 5th, Daiwa issued a report stating that NetEase-S (09999.HK)s "Sixteen Sounds of Yan Yun," featuring over 10,000 AI-driven non-player characters (NPCs), is a prime example of AI-native gameplay, a technology difficult for other game developers to replicate. Therefore, Daiwa believes the development cycle for core AAA games will still require approximately 5 years, and the impact of AI on development timelines is currently limited. The bank reiterated its "Buy" rating on NetEase and maintained its target price of HK$257 based on SOTP. In the long term, Daiwa expects revenue growth from NetEases classic game copyrights to be slow, and the revenue growth from the launch of the free-to-play server for "Fantasy Westward Journey" is likely a one-off boost. Furthermore, the bank believes that NetEases dual-listing strategy has structural positive implications; if included in the Hong Kong Stock Connect program in the future, it will further improve stock liquidity while reducing long-term listing risks.

Forecast for the price of gold: XAU/USD tussles with $1,730 resistance before US inflation

Daniel Rogers

Sep 13, 2022 10:57

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As traders anticipate the crucial US Consumer Price Index (CPI) on Tuesday, the price of gold (XAU/USD) grinds higher above a fortnight peak after a two-day advance to $1,725 per ounce. The market's optimism and anticipated preparations for today's inflation data may be responsible for the metal's most recent increases.

 

The market's cautious optimism appears to have been supported by rumors that Ukraine is succeeding in driving the Russian troops away from some of its conflict zones, even though this also increased concerns about Russia's strong response. The expectation of additional stimulus from powerful economies like China, the US, the UK, and Europe might be on the same lines. It's important to keep in mind that a Chinese holiday and a light schedule may have contributed to the XAU/recovery USD's because Beijing's lack of political or economic problems may have supported metal prices. In addition, recent news from the Wall Street Journal (WSJ) that US gas prices have fallen for a 13th week in a row helped to relieve market pressure and encouraged a risk-taking attitude that was favorable to the gold price.

 

However, the recent easing of the headline economics and the inflation expectations seems to have pushed back the gold bears despite a light schedule, even though the policymakers from the US Federal Reserve and the European Central Bank (ECB) remain hawkish elsewhere.

 

In the midst of these maneuvers, Wall Street posted another day of profits despite rising US Treasury yields, which at the time were up five basis points (bps) to 3.36%. The US Dollar Index (DXY), which fell for a second straight day to the lowest levels in a fortnight, eventually dipped to approximately 108.30, was affected by the same factors.

 

Moving on, the US CPI for August is critical in light of the most recent easing of pricing pressure. According to the projections, the headline figure will decline to -0.1% MoM from 0.0% the previous month, while the CPI excluding food and energy is expected to hold steady at 0.3% MoM. The US dollar may continue to decline if the inflation numbers are weaker, which might support the XAU/continued USD's gain.

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