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On July 10th, it was reported that Beatrice Patin, a senior executive at the fashion group Inditex, has resigned after more than 40 years with the company, including 25 years at the helm of its flagship brand, Zaras womens wear business. Inditex announced on Friday that Patin, who has served on the Inditex management board since 2021, will be succeeded by Alfredo Ferro, the current director of Zaras Basic collection. Inditex is currently transitioning to higher-priced, more upscale apparel and is actively pursuing exclusive collaborations with fashion designers and photographers. Recent examples include Zaras collaboration with designer John Galliano and a collection launched in partnership with pop singer Bad Bunny. While Zara has consistently driven Inditexs bold fashion strategy, its growth has slowed in recent years.The European Council has approved Hungarys new Recovery and Resilience Plan (RRP). The EU states that this new plan will allow for €10 billion in funding to Hungary, including approximately €6.5 billion in grants and €3.5 billion in loans.Citizens: Lowered its price target for Meta Platforms (META.O) from $825 to $800.On July 10th, Andrew Hitz, Global Head of Fixed Income Research at Morgan Stanley, stated that the bank is closely monitoring three major obstacles that could cause a summer setback for the stock market; historically, summer is typically the strongest season for stock market performance. The first major risk is a resurgence of the conflict with Iran. Hitz stated, "The US Strategic Petroleum Reserve has fallen to a historic low, and if the conflict escalates again, this could weaken its ability to withstand shocks." The second major risk is a Federal Reserve interest rate hike. Hitz pointed out that the expectation that the Fed will keep interest rates unchanged until the end of the year is one of the key pillars supporting the current stock market bull run. "The risk is that this assumption may be wrong, and that mistake could soon become apparent. Of course, there is the view that if the Fed is concerned about inflation, it should not delay its actions." The third is a weakening outlook for AI capital expenditures. Hitz said, "The risk is that second-quarter earnings reports may show a more cautious approach to spending, perhaps due to the recent poor performance of some companies that have heavily invested in AI. Given the current high correlation between growth and earnings prospects and AI, and investors strong preference for AI-related stocks, this situation poses a risk."The UK government stated that this designation, which involves cloud services, aims to minimize the impact of cloud service disruptions.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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