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Japans Ministry of Economy, Trade and Industry: The statutory reserve level for private crude oil will be maintained until June 15.German 10-year bond futures fell by about 0.4%, while French 10-year bond futures fell by more than 0.5%.1. Citi: Maintains its gold price target unchanged, with a 0-3 month target of $4,300 and a 6-12 month target of $5,000. Due to the uncertainty of the Middle East situation, selling pressure on gold may remain strong in the short term. 2. UBS: Still believes that gold prices can rebound from current levels, with an annual target price of $5,600/oz. If gold prices fall back to the $4,000 level, it should be considered a good time to accumulate gold positions. 3. ANZ: Lowers its year-end gold price target from $5,800 to $5,600. It postpones the target time of reaching $6,000 from early 2027 to mid-2027. 4. TD Securities: The current decline in gold is due to the oil price shock and higher inflation expectations triggered by the Iran war. Gold prices have strong long-term support in the $4,000-$4,288 range. Once the conflict and oil price pressures subside, gold prices may resume their bullish trend, targeting above $5,200. 5. Morgan Stanley: Gold prices are expected to rise to around $5,200 per ounce by the end of this year, representing an upside of approximately 10% from current levels. Recent developments in the Middle East are not the only variable determining gold price movements.May 15th - According to TrendForces latest Micro LED industry research, the demand for high-speed optical communication driven by generative AI is rapidly increasing. Due to its energy consumption of only 1-2 pJ/bit and a bit error rate (BER) of less than one in a billion, Micro LED is expected to join AEC (Active Cable Engagement) and VCSEL NPO (Vertical Cavity Surface-Emitting Laser Near-Pack Optics) as one of the three major short-range high-speed transmission solutions in vertically scaled-up data center networks for intra-rack applications. Therefore, TrendForce predicts that the market value of Micro LED CPO optical transceiver modules will reach US$848 million by 2030.The South Korean presidential office stated that it is not considering emergency arbitration regarding the Samsung Electronics strike.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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