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On September 14th, it was learned that the State Administration for Market Regulation (CNMR) recently issued the "Announcement on Strengthening the Management of Certification Information Reporting and Certification Certificate Information Inquiry," outlining reforms to the management of certification information reporting and certification certificate inquiry. The "Announcement" clarifies the requirements for full-cycle information reporting. It stipulates that certification bodies must report relevant certification information to the CNMR within the prescribed time limits, achieving standardized and comprehensive information reporting for certification activities. Going forward, the CNMR will strengthen supervision and inspection of the implementation of the "Announcement," promoting certification bodies to strictly fulfill their responsibilities for information reporting and certificate inquiry services, and continuously enhancing the credibility of quality certification.On September 14th, UK government bond yields rose again in early trading, hitting multi-year highs across all maturities, driven by escalating oil price spikes due to escalating supply tensions in the Middle East. According to LSEG data, the 30-year bond yield rose to 5.951%, its highest level since March 1998, while the 5-year yield reached its highest level since July 2008. Investors are betting that the Bank of England will gradually tighten monetary policy over the next year as inflationary pressures from rising oil prices increase. This trend has further weakened the buffer between the UKs existing budget plan and fiscal rules. Furthermore, the UKs short-term bonds have underperformed similar bond markets in other major economies—a phenomenon particularly evident during periods of high oil and gas prices, reflecting the UKs dependence on imported energy. Sahil Mahtani, head of the Ninety One Investment Institute, said: "The unsettling signal from the government bond market is that this situation is being interpreted as a problem of UK inflation. The UK, like other countries, has been affected by the same global shocks, but the market is demanding far greater compensation for the UKs inflation risk. This is one of the reasons why the government cannot simply attribute the sell-off to external factors."The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.6 occurred at 17:07 on September 14 near Mojiang County, Puer City, Yunnan Province (23.15 degrees north latitude, 101.61 degrees east longitude). The final result is subject to the official rapid report.Nvidia (NVDA.O) shares fell 3% in pre-market trading.The yield on 30-year UK government bonds reached 5.951%, the highest level since February 1998.

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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