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On April 7th, Jike Auto announced that the Jike 8X will officially launch at a press conference in Ningbo, China on April 17th at 19:00. At the event, the official price of the Jike 8X will be announced, and pre-sale benefits will end before the price announcement that evening. The Jike 8X will be available in select models and will be delivered immediately upon launch.LG Electronics expects its operating profit for the first quarter to be 1.674 trillion won, up from 1.259 trillion won in the same period last year.LG Electronics reported first-quarter revenue of 23.733 trillion won, up from 22.740 trillion won in the same period last year.The TOPIX index erased its morning gains.April 7th - Australian household spending rose in February, indicating resilient demand ahead of the US-Israel attack on Iran, which triggered a surge in oil prices and renewed concerns about the cost of living. Data released by the Australian Bureau of Statistics on Tuesday showed that consumption rose 0.3% month-on-month in February, exceeding economists forecasts of a 0.2% increase. Year-on-year spending rose 4.6%, in line with expectations. Tom Lay, head of business statistics at the Australian Bureau of Statistics, said the increase in discretionary spending was "driven by increased spending on entertainment and cultural activities such as concerts and musicals, as well as air travel and accommodation services." He added that household spending on necessities also increased, with food spending rising 1%.

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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