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On January 29th, major Hong Kong stock indices showed mixed performance. The Hang Seng Index fluctuated narrowly throughout the day, briefly breaking through the 28,000-point mark before retreating slightly. At the close, the Hang Seng Index rose 0.51%, while the Hang Seng Tech Index fell 1%. Total turnover for the Hang Seng Index reached HK$331.994 billion. In terms of sectors and individual stocks, the real estate sector led the gains, with China Aoyuan (03883.HK) rising 32.88%, Sunac China (01918.HK) rising over 29%, Shimao Group (00813.HK) rising over 23%, Country Garden (02007.HK) rising over 16%, and Vanke (02202.HK) rising over 8%. In addition, most insurance stocks rose today, with Ping An Insurance (02318.HK) and New China Life Insurance (01336.HK) rising over 3%. The semiconductor sector retreated today, with Hua Hong Semiconductor (01347.HK) falling more than 5% and SMIC (00981.HK) falling more than 2%.The Hang Seng Index closed up 141.18 points, or 0.51%, at 27,968.09 on Thursday, January 29; the Hang Seng Tech Index closed down 59.06 points, or 1.0%, at 5,841.1; the H-share Index closed up 40.34 points, or 0.42%, at 9,552.58; and the Red Chip Index closed up 75.87 points, or 1.73%, at 4,470.01.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.51% and the Hang Seng Tech Index falling 1%. Property stocks were strong today, with China Aoyuan (03883.HK) surging over 30%, and Sunac China (01918.HK), R&F Properties (02777.HK), and Shimao Group (00813.HK) all rising over 20%.The National Highway Traffic Safety Administration (NHTSA) has recalled 41,651 Hyundai Motor America vehicles in the United States because improper deployment of side curtain airbags in a collision could increase the risk of injury.On January 29th, Jiumuwang announced that it expects to achieve a net profit attributable to shareholders of the listed company of 270 million to 324 million yuan in 2025, an increase of 93.79 million to 148 million yuan compared with the same period last year, representing a year-on-year growth of 54% to 84%. During the reporting period, affected by fluctuations in the secondary market, the fair value change gains and losses of the companys financial assets are expected to be 80 million to 90 million yuan, compared with a loss of 58.555 million yuan in the same period last year. The fair value change gains during the reporting period increased by approximately 140 million yuan compared with the same period last year.

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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