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Bank of America projects gold prices at $4,000 per ounce in the fourth quarter of 2026 and an average price of $4,813 per ounce for the full year of 2027.Russian car sales rose 0.1% year-on-year in September, reaching 122,771 vehicles.October 12th - As market volatility intensifies, exiting investments is becoming more difficult for private equity firms. However, they still have room to raise funds and distribute returns to investors by increasing debt in their portfolio companies. Moodys ratings indicate that companies held by private equity firms in Europe, the Middle East, and Africa can raise an additional approximately €41 billion ($46 billion) before their leverage levels reach a point that could trigger a credit rating downgrade. Moodys notes that this borrowing space is expected to keep so-called "debt-financed dividends" activity high until M&A activity recovers. Rising interest rates, geopolitical tensions, and divergent valuation expectations between buyers and sellers have led to a slowdown in private equity exits, resulting in returns distributed to investors far below historical levels. Therefore, acquisition-oriented private equity firms are seeking cash through other means, including borrowing based on portfolio companies and transferring assets to investment vehicles such as continuation funds.On October 12th, during the Paris International Motor Show, Leapmotors A05 made its European debut. On the same day, Leapmotor announced that its B10 has officially started production at its Zaragoza plant in Spain. This plant, jointly built by Stellantis Group and Leapmotor, is specifically for producing complete vehicles for the European market.Gulf Air announced that it has cancelled flights to and from Riyadh from October 12 to October 17.

AUD / USD Rises To 0.6640 As Australian Employment Improves

Daniel Rogers

Mar 16, 2023 14:12

As a consequence of the upbeat Employment data from the Australian Bureau of Statistics, the AUD/USD pair has extended its recovery to near 0.6640. The Australian economy added 64,600 new employment in February, exceeding the consensus estimate of 48,500. The Australian economy reported 11.5K unemployment in January. From estimates of 3.6% and the previous issuance of 3.7%, the unemployment rate has been further reduced to 3.5%.

 

The Reserve Bank of Australia (RBA), which is drafting a plan to reduce inflation, will encounter additional challenges as a consequence of positive Australian labor market data. As a larger labor force in action would exacerbate inflationary pressures, RBA Governor Philip Lowe may continue to target higher rates.

 

Earlier, Australian Consumer Inflation Expectations (Mar) data indicated that inflation projections for the next 12 months decreased to 5.0% from the consensus of 5.4% and the previous release of 5.1%.

 

In the meantime, S&P500 futures are showing modest gains during the Asian session, which could be considered a dead cat bounce following the volatility on Wednesday. The debacle of Credit Suisse following the failure of Silicon Valley Bank (SVB) has increased the risk of global banking turmoil. According to one school of thought, the Federal Reserve (Fed) and other western central banks' rapid and precipitous interest rate increases contributed to the collapse of the global banking system.

 

As investors anticipate a less hawkish interest rate decision from the Federal Reserve (Fed) next week, the US Dollar Index (DXY) is looking to extend its correction below 104.60. After a fleeting upswing in January, the United States' inflation has retreated, dampening expectations for a hawkish stance from Fed chair Jerome Powell.


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