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The Dow Jones Industrial Average closed down 215.67 points, or 0.45%, at 47,739.32 on Monday, December 8; the S&P 500 closed down 23.89 points, or 0.35%, at 6,846.51 on Monday, December 8; and the Nasdaq Composite closed down 32.22 points, or 0.14%, at 23,545.90 on Monday, December 8.Sources say PepsiCo (PEP.O) will commit to cost-cutting measures in its deal with Elliott Management.On December 9th, the European Central Bank (ECB) urged Rome to reconsider a proposed amendment that would state that the Bank of Italys gold reserves belong to the Italian people. The ECB warned that this move could jeopardize its independence. In a document published on its website, the ECB reiterated its opposition to the proposal. Italy has already amended the amendment twice, with the latest draft explicitly stating that the measure would not supersede EU rules protecting central bank independence. Italy holds the worlds third-largest gold reserves, recorded on its central banks balance sheet. The law stipulates that the Bank of Italy must manage these gold reserves in accordance with EU rules, which prohibit the use of gold for government spending. Members of Italys ruling party have proposed including the amendment in the 2026 budget law. The initial version stated that the central banks gold belonged to the state, but this was later amended to belong to the Italian people.The Trump administration wants airlines and airports to offer healthier food.On December 9th, Paramount Pictures launched a hostile takeover bid for Warner Bros. and released a list of investors supporting the offer. Perhaps the most notable is Affinity Partners, a private equity firm founded by Jared Kushner, the son-in-law of US President Donald Trump. In its filing, Paramount stated that Larry Ellison, father of CEO David Ellison, and RedBird Capital Partners have committed $40 billion in cash guarantees for the acquisition. However, Paramount has also arranged for other investors, including Kushners private equity firm, to share some of the investment. The addition of Affinity Partners adds a new political dimension to the Warner Bros. battle.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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