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On January 7th, Zhenxin Technology announced that, according to a notice issued by the Military Procurement Network on January 6th, 2026, the Joint Staff Department of the Western Theater Command, in accordance with relevant regulations on military supplier management, has decided to ban Chengdu Guoxing Communication Co., Ltd., a subsidiary of Chengdu Zhenxin Technology Co., Ltd., from participating in material and engineering service procurement activities within the Western Theater Command for three years, effective January 6th, 2026. An investigation confirmed that Guoxing Communication engaged in bid rigging and other irregularities in the procurement activity for project number 2020-ZCWDDK-W1002. Currently, the company and its subsidiarys overall production and operation activities are normal. During the ban period, Guoxing Communication cannot participate in material and engineering service procurement activities within the Western Theater Command (headquarters and directly affiliated units). It is expected that this decision will not have a significant impact on the company and its subsidiarys production and operation at present.Xiaomi Group (01810.HK) repurchased 3.9 million Class B shares for HK$148.8 million on January 7.On January 7th, CIMC Group (02039.HK) announced that it holds a 45.92% stake in Shenzhen CIMC Industrial City Development Group Co., Ltd. through its wholly-owned subsidiary, CIMC Shenfa Construction Industry Co., Ltd. CIMC Industrial City recently sold its entire Qianhai CIMC International Business Center East Tower project for approximately RMB 2.534 billion. Preliminary calculations indicate that this transaction is expected to indirectly reduce CIMC Groups net profit attributable to shareholders in 2025 by approximately RMB 1.08 billion.Tencent Holdings (00700.HK): On January 7, it repurchased 1.023 million shares, costing approximately HK$640 million.On January 7th, Hengrui Medicine announced that its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., received notification from the National Medical Products Administration (NMPA) approving the marketing of its independently developed Class 1 innovative drug, Relavop α Injection. This drug, in combination with fluorouracil and platinum-based drugs, is indicated for first-line treatment of PD-L1-positive locally advanced unresectable, recurrent, or metastatic adenocarcinoma of the stomach and gastroesophageal junction, based on well-validated diagnostic criteria. No similar products have been approved for marketing domestically or internationally. To date, the cumulative R&D investment in the Relavop α Injection project has reached approximately RMB 711 million.

Gold Price Prediction: XAU/USD declines near $1,750 as risk aversion anticipates NFP data release

Alina Haynes

Aug 02, 2022 15:03

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During Tuesday's opening European session, the gold price (XAU/USD) deepens its retreat from a nearly three-month-old resistance line, falling below $1,773. In spite of this, the precious metal exhibits a five-day rise around the greatest levels since July 5.

 

The metal's early-day rally may have been influenced by a broad dollar decline and Treasury rates. The XAU/USD exchange rate afterwards looked to have been influenced by China-related news and rising worries of an economic downturn.

 

Nonetheless, the visit of US House Secretary Nancy Pelosi to Taiwan and the probable difficulties for Chinese chipmakers as a result of the U.S. consideration of banning supplies of American chipmaking equipment further weigh on market mood. Similarly, a Chinese media story may indicate that the dragon country is prepared for a military exercise in Bohai, South China Sea.

 

In addition, Bloomberg's report that Beijing's Gross Domestic Product (GDP) has no fixed limits tends to dampen the market's risk appetite. People acquainted with the situation were quoted in the press as saying, "China's top leaders instructed government officials last week that this year's economic growth objective of "about 5.5 percent" should serve as guideline rather than a mandatory aim."

 

It should be emphasized that China is one of the world's largest users of gold, and that bad news stories about the country might impact on gold prices.

 

Elsewhere, the recently poor US PMIs mirrored last week's US Gross Domestic Product (GDP) for the second quarter to illustrate economic anxiety. Fed Chair Jerome Powell's veiled warnings that the hawks are losing steam might also dampen sentiment.

 

As a reflection of market mood, equities in the Asia-Pacific region and US stock futures see modest losses. However, the US 10-year bond yield decreases 5.5 basis points (bps) to 2.55 percent at the latest, threatening the gold bears via the weakening US dollar. In spite of this, the US Dollar Index (DXY) reestablished the monthly minimum before rebounding from 105.00.

 

The news concerning China and the recession, as well as the remarks of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard, will be crucial for intraday gold dealers in the future.


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