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Cathay Pacific (00293.HK): Postponed the resumption of passenger and cargo services to and from the Middle East.July 17th - According to the Ministry of Finance, the battery consumption tax policy will be adjusted in stages starting September 1, 2026. According to a recent announcement by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration, consumption tax preferences for lithium primary batteries, lithium-ion batteries, and photovoltaic cells will be gradually phased out; meanwhile, some new technology battery products will enjoy consumption tax exemption for a certain period. Industry insiders say that overall, this policy adjustment is in line with the changing development of my countrys battery industry, will better leverage the regulatory role of consumption tax, promote resource conservation and environmental protection, and will promote the healthy and high-quality development of the battery industry, driving technological progress and industrial upgrading.On July 17th, Francesco Pesole of ING Group stated in a report that investors expectations for a Bank of England interest rate hike appear overly aggressive. The market has already priced in a total of 36 basis points of rate hikes by the Bank of England in 2026. However, ING expects the Bank of England to maintain its interest rate at 3.75% throughout 2026. Pesole stated, "We still believe there are significant downside risks to short-term sterling interest rates."The VIX fear index hit a more than one-week high, ultimately rising 1.7 points to 18.44.The onshore yuan closed at 6.7773 against the US dollar at 16:30 on July 17, down 95 points from the previous trading day.

Gold Price Prediction: XAU/USD oscillates about $1,650 as DXY recovers recent losses

Alina Haynes

Oct 25, 2022 15:24

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Gold price (XAU/USD) is indecisive while rebounding from intraday lows to $1,650 ahead of Tuesday's European session.

 

Nevertheless, the yellow metal attracted purchasers earlier in the day due to a weaker U.S. dollar, but the currency's recent resurgence looks to have weighed on the price recently. It should be mentioned that unfavorable concerns regarding China, one of the world's largest gold consumers, have recently posed a threat to the pricing of precious metals.

 

In the absence of Fed-speak, the US Dollar Index (DXY) gains bids to reclaim the 112.00 mark while trimming its first weekly loss in three weeks. It should be emphasized that the Fed's aggressive rhetoric and weak US PMIs also support the DXY's safe-haven appeal.

 

China's efforts to protect its struggling economy and worldwide pessimism regarding Xi Jinping's third term, not to mention Hang Seng's decline to a 13-year low, impose downward pressure on market mood and the XAU/USD exchange rate.

 

US 10-year Treasury rates continue under pressure around 4.21 percent, down two basis points (bps), while US stock futures and Asia-Pacific markets are moderately bid.

 

Moving forward, second-tier US Housing data and Consumer Confidence indicators may delight gold speculators before Thursday's third-quarter US Gross Domestic Product report (Q3).

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