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Futures News, December 31st: Asian diesel supply is ample while demand is weak, suggesting further downside potential for Singapore diesel prices in the short term. Domestic diesel demand is entering a seasonal decline, with a predominantly bearish sentiment. While domestic diesel prices are expected to fall further in the short term, high procurement costs will provide support, potentially limiting the decline compared to Singapore prices. Therefore, short-term diesel export arbitrage will likely remain low or even inverted.December 31st - In recent years, the central government has introduced numerous policies to reduce or adjust real estate taxes, covering three major taxes: deed tax, personal income tax, and value-added tax. According to calculations by the Shanghai E-House Real Estate Research Institute, the implementation of these tax reduction policies could reduce housing transactions nationwide by approximately 100 billion yuan annually. From the perspective of homebuyers and sellers, these tax reductions are not merely symbolic discounts of a few thousand yuan for ordinary families; they represent substantial cash relief ranging from 100,000 to 500,000 yuan. For homebuyers in first-tier cities looking to upgrade their homes, the tax reduction could even cover two to three years worth of living expenses.On December 31, the Shenzhen Branch of the Peoples Bank of China disclosed an administrative penalty notice, stating that Shenzhen Rural Commercial Bank was warned and fined for violating account management regulations and financial statistics regulations. In response, a representative of Shenzhen Rural Commercial Bank told the Securities Times that the administrative penalty notice was a result of the Shenzhen Branch of the Peoples Bank of Chinas handling of issues discovered during an inspection prior to November 2022. The bank took this matter very seriously, earnestly implemented all regulatory requirements, and optimized relevant processes and systems in 2023, completing the rectification. The bank has learned a profound lesson and will continue to strengthen internal control and compliance, regularly review processes and systems, adhere to the principles of compliant operation and prudent development, effectively prevent risks, and continuously improve its operational management level and service quality.According to the latest shareholding structure, the National Commercial Bank of the UAE has sufficient room for foreign ownership in the bank, allowing it to hold at least 51% of the shares.On December 31, the State Financial Regulatory Commission (SFC) revised the "Guidelines for Risk Management of Commercial Bank Merger and Acquisition Loans," resulting in the "Measures for the Management of Commercial Bank Merger and Acquisition Loans." An official from the relevant department of the SFC answered reporters questions on related issues. The official stated that merger and acquisition transactions are large-scale and time-sensitive, placing significant financial pressure on acquiring entities. To better meet the financing needs of merger and acquisition transactions, the "Measures," while introducing equity participation-type merger and acquisition loans, raise the upper limit of the proportion of controlling merger and acquisition loans in the transaction price from 60% to 70%, and extend the term from seven years to ten years, reasonably optimizing the conditions for merger and acquisition loans and providing financing convenience for merger and acquisition transactions.

Gold Prices Are at A 6-week Low as The FOMC Minutes Approach

Aria Thomas

Feb 22, 2023 11:57

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Gold prices stayed just above a six-week low on Wednesday, as markets remained cautious ahead of the release of the minutes from the Federal Reserve's February meeting and stronger-than-anticipated U.S. economic data bolstered the dollar.


In the wake of stronger-than-anticipated January inflation figures, bullion prices traded within a narrow band throughout the week. Along with indicators of resilience in the U.S. economy, they provide the Fed with sufficient space to continue rising interest rates.


At 19:13 E.T., spot gold was unchanged at $1,835.83 per ounce, while gold futures increased 0.1% to $1,845.70 per ounce (00:13 GMT). It is widely anticipated that the Fed's aggressive tone would be reaffirmed in the minutes due later in the day.


This week, the Fed's favored inflation indicator, the Personal Consumption Expenditures price index, will be released on Thursday. It is anticipated that the index stayed quite high in January.


Increasing interest rates are unfavorable for non-yielding assets such as gold and other precious metals because they boost the dollar and Treasury yields and the opportunity cost of owning gold.


The U.S. PMIs for February were also better than anticipated, according to statistics released on Tuesday. Any evidence of resilience in the U.S. economy offers the Fed greater room to continue raising interest rates, as the bank has said it would do in the near future.


But, fears about a potential U.S. economic downturn continued, especially in light of Tuesday's statistics showing a weakening housing market.


Other precious metals maintained a narrow trading range on Wednesday. Futures for platinum increased 0.1% to $945.95 per ounce, while futures for silver increased marginally to $21.900 per ounce.


Copper futures rose substantially on Tuesday as a result of the U.S. PMIs that were stronger than anticipated.


On Wednesday, high-grade copper futures stayed near a three-week high of $4.2170 per pound, following a 0.8% increase in the previous session.


The red metal was also boosted by confidence over China's economic rebound, particularly after the country maintained record-low interest rates this week.

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