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On May 27th, data from the National Bureau of Statistics showed that from January to April, industrial enterprises above the designated size achieved operating revenue of 44.89 trillion yuan, a year-on-year increase of 5.2%; operating costs reached 38.13 trillion yuan, an increase of 4.5%; and the operating profit margin was 5.43%, an increase of 0.60 percentage points year-on-year. At the end of April, the total assets of industrial enterprises above the designated size reached 192.07 trillion yuan, a year-on-year increase of 5.5%; total liabilities reached 111.39 trillion yuan, an increase of 5.9%; total owners equity reached 80.69 trillion yuan, an increase of 5.1%; and the asset-liability ratio was 58.0%, an increase of 0.2 percentage points year-on-year. At the end of April, accounts receivable of industrial enterprises above the designated size reached 27.44 trillion yuan, a year-on-year increase of 7.2%; and finished goods inventory reached 6.95 trillion yuan, an increase of 6.7%.Chinas industrial profits rose 24.7% year-on-year in April, up from 15.80% in the previous month.May 27th - According to data from the National Bureau of Statistics, from January to April, the total profits of industrial enterprises above designated size nationwide reached 2,435.84 billion yuan, a year-on-year increase of 18.2%. Among these enterprises, state-owned holding enterprises achieved total profits of 827.15 billion yuan, a year-on-year increase of 17.1%; joint-stock enterprises achieved total profits of 1,883.44 billion yuan, an increase of 24.0%; foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan achieved total profits of 542.24 billion yuan, an increase of 2.3%; and private enterprises achieved total profits of 651.14 billion yuan, an increase of 23.7%. From January to April, the mining industry achieved total profits of 361.84 billion yuan, a year-on-year increase of 26.0%; the manufacturing industry achieved total profits of 1,801.99 billion yuan, an increase of 20.4%; and the electricity, heat, gas and water production and supply industry achieved total profits of 272.01 billion yuan, a decrease of 1.9%.Chinas year-to-date profits for major industrial enterprises rose 18.2% in April, up from 15.50% in April.As of 09:30 Beijing time, WTI crude oil futures fell 1.07%, and US natural gas futures fell 0.07%.

The XAU/USD Gold Price Outlook bears creep in, yet calls from new heights can't be ignored

Daniel Rogers

Jul 25, 2022 14:47

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Although statistics released on Friday revealed that US economic activity contracted for the first time in almost two years in July due to a slowdown in services outweighing expansion in manufacturing, gold is selling at a discount to the dollar at the start of the week. The XAU/USD exchange rate is $1,722.30 with a day's trading range of $1,719.98 to $1,727.66.

 

The US Composite PMI Output Index dropped sharply to 47.5 this month from a final reading of 52.3 in June, suggesting the US may be entering a recession. This drop occurred on Friday. However, safe-haven flows helped the greenback on Friday night as investors fled equities in response to disappointing corporate announcements and boosted the dollar.

 

However, according to the earlier analysis, Gold price might be on the approach of a huge correction, the Fed meeting will be important, and the gold price has reduced a major price imbalance on the weekly chart in advance of a crucial event in this week's Federal Open Market Committee meeting.

 

After the hefty 75bp rate rise in June, the Federal Reserve is widely predicted to implement another increase in July, bringing the target range for the Fed Funds rate to 2.25% - 2.50 %. By doing so, the Committee's policy position would be aligned with its anticipated longer-term neutral level. In addition, Top1 Markets analysts expect Chair Powell to maintain flexibility by keeping the door open to subsequent rate hikes of 75 basis points.

 

Our analysts say that even if the gold price were to rise, the average position held by prop traders would still be about twice as large as normal, implying that a great deal of pain would resonate across gold markets if prices were to fall down. As there has been no sign of a gold market breakdown yet, it is likely that the recent gain will fizzle out when confronted with a sea of bids.


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