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1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.34% to 49,451.98 points, the S&P 500 fell 1.57% to 6,832.76 points, and the Nasdaq Composite fell 2.03% to 22,597.15 points. Cisco fell more than 12%, and Disney fell more than 5%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 2.2%, Apple fell about 5%, and Facebook fell nearly 3%. The Nasdaq China Golden Dragon Index fell 3%, Tencent Music fell more than 10%, and Beike fell nearly 6%. Tech stocks led the decline, and the S&P 500 fell for the third consecutive trading day. 2. The three major European stock indexes closed mixed. The German DAX fell 0.01% to 24,852.69 points, the French CAC40 rose 0.33% to 8,340.56 points, and the UK FTSE 100 fell 0.67% to 10,402.44 points. 3. International precious metals futures fell sharply. COMEX gold futures fell 3.08% to $4,941.4 per ounce, and COMEX silver futures fell 10.62% to $75.01 per ounce. 6. The main WTI crude oil contract closed down 2.66% at $62.91 per barrel; the main Brent crude oil contract fell 2.61% to $67.59 per barrel.Colombias oil production is projected to decline by 3.4% to 746,000 barrels per day by 2025.February 13th - Ukraines National Security and Defense Council Secretary, Umarov, stated on the 12th that Ukrainian arms manufacturers had received their first batch of wartime weapons export licenses. Ukraine stated that it hopes to raise funds to expand its defense industry and attempt to solidify cooperation with allies through its innovative weapons. Umarov did not disclose the specific number of companies that received licenses, but stated that the countrys defense industry has an annual production capacity exceeding $55 billion (approximately 380 billion yuan).The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.1 occurred at 06:46 on February 13 near Shaya County, Aksu Prefecture, Xinjiang (40.61 degrees north latitude, 83.41 degrees east longitude). The final result is subject to the official rapid report.Rivian (RIVN.O) CFO: We expect the growth rate of our software and services business to be close to 60% by 2026.

Gold Price Forecast: XAU/USD views $1,800 as upbeat US labor market fuels hawkish Fed wagers

Alina Haynes

Mar 09, 2023 13:55

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Gold price (XAU / USD) appears vulnerable above $1,810.00 as the upside appears constrained by rising Federal Reserve rate expectations (Fed). The precious metal is anticipated to resume its decline as strong United States Employment data reported by Automatic Data Processing (ADP) has confirmed that January's strong consumer spending and higher payrolls were not a one-time blow to the Consumer Price Index's decline (CPI).

 

S&P500 futures have given up the slight gains they made on Wednesday during the Asian session. As China's CPI and Producer Price Index (PPI) figures indicate deflation, the risk-aversion theme has intensified. The US Dollar Index (DXY) has maintained a sideways trend above 105.20 as investors await the publication of US Nonfarm Payrolls (NFP) data for fresh direction signals. The alpha provided by 10-year US Treasury bonds has risen above 3.98 percent.

 

The official US Employment data is expected to indicate a decline in the payrolls to 203K from the former release of 514k. A figure of 203K is not as terrible as January's 514K figure, but it appears insignificant in comparison. Investors should be aware that a figure of 514K in the last seven months was exceptional.

 

Aside from that, it is anticipated that the unemployment rate will remain at a multi-decade low of 3.4%. The Average Hourly Earnings are expected to ascend to 4.8% on an annual basis. Household income may increase consumer expenditure. Jerome Powell, the chairman of the Federal Reserve, has already confirmed that the Fed will increase interest rates in order to reduce inflation.


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