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Saudi Aramco CEO: Protecting the energy infrastructure and transportation routes that the world depends on requires the joint efforts of the international community.Saudi Aramco CEO: Global commercial onshore crude oil inventories are now well below 6 billion barrels, which is currently the last available buffer.On October 12, local time, Ukraines state-owned oil and gas company, Naftogaz, reported that Russian forces launched a drone attack early that morning on natural gas extraction infrastructure in the Kharkiv region. The attack damaged key equipment and caused a fire, disrupting normal infrastructure operations. The report stated that Ukrainian personnel are currently on-site conducting equipment repairs, repairing damaged systems, and managing the fire. Russia has not yet responded to the report.Two security sources reported that a drone strike targeted an Iranian Kurdish opposition camp in Koya, east of Erbil, Iraq, but there were no immediate reports of casualties.On October 12th, a research report released by Golden Credit Rating showed that from January to June, the total issuance of Chinese USD bonds amounted to USD 28.22 billion, a year-on-year decrease of 45.2%. During the same period, the amount maturing decreased by 31.0% year-on-year to USD 60.26 billion, resulting in a net financing gap of USD 32.04 billion, narrowing by USD 3.81 billion year-on-year. Regarding issuance costs, the average issuance cost of Chinese USD bonds in the first half of the year largely followed the trend of US Treasury yields, declining year-on-year but rising month-on-month, with some divergence across different sectors. Golden Credit Rating stated that in the second half of the year, the Federal Reserve may further tighten monetary policy, making it easier for US Treasury yields to rise than fall. The issuance cost of Chinese USD bonds will remain high, while the issuance scale is expected to remain low, but the year-on-year decline will narrow. The issuance structure will concentrate on investment-grade bonds, and the issuance maturity will remain relatively stable.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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