Daily

On August 8

Today's trading range

Gold, which had challenged $1,800 for two straight days last week on the back of the Taiwan situation, gave up most of its gains on strong U.S. nonfarm data. The market is also focused on the Fed's decision to raise interest rates in September. However, recent US data has been mixed, with the market predicting a 50-50 chance of a 0.5 percent or 0,75% rate hike. With no more important data due next week other than the US price index, it is believed that gold will consolidate. Today's recommended range is $1,765 to $1,785.

 
Us House Speaker Nancy Pelosi's visit to Taiwan shook the risk market. China, as the main actor of the tension across the Taiwan Strait, certainly could not avoid being affected. Mainland Internet media reported wildly that a large number of People's Liberation Army assembled in Xiamen and conducted live artillery exercises, including missile tests. Although the tension across the Taiwan Strait is heating up, it did not eventually develop to the point that patriotic netizens on the mainland said that when Pelosi falls, it will be the day of the People's Liberation Army attacking Taiwan, so as to avoid the confrontation for the time being. However, Pelosi's actions provoked a huge reaction from the Chinese side. The Chinese People's Liberation Army (PLA) conducted live fire drills on the island for three days immediately after Pelosi's departure on Thursday. It remains to be seen what will happen next. Hong Kong stocks rebounded this week, but the weak performance of domestic property companies dragged down the performance of mainland banks, and the Hang Seng Index rose 45 points or 0.23% in the last week.

Eurozone purchasing managers' index data released last week of July, reverse digital is June, though better than expected, but fall below the 50 point separates, show that manufacturing is weak, sparked concerns about Europe's economy is expected to decline further, but last week with European company earnings, profits is higher than market expectations for, the big three European stock market rises the city last week end, Germany's DAX rose 0.67 percent; France's Paris CAC index rose 0.37%; Britain's FTSE 100 index rose 0.22 percent.

The number of U.S. jobless claims rose again on Thursday, rising for the seventh straight week to 260,000, also the highest since November 2021, as the data pointed to a continued slowdown in the labor market. Investors are worried about the U.S. economy entering a recession, but Friday's non-farm data was much better than expected, two inconsistent labor data sent Wall Street's three major indexes into separate development, to conclude the week, the Jones index fell 0.13%; The S&P 500 rose 0.32 percent; The Nasdaq composite index rose 2.29 percent.

Speaker of the US House of Representatives Nancy Pelosi has completed her visit to Taiwan. During her stay in Taiwan, she met with Taiwan President Tsai Ing-wen and offered assurances that she will not break her commitment to Taiwan. Pelosi's actions provoked a huge reaction from the Chinese side. The Chinese People's Liberation Army conducted a live fire round of the island for three days immediately after Pelosi left Taiwan. The media even reported that a missile flew over Taipei. Markets are focused on whether China will follow Russia's lead and turn its military exercises into military operations, deploying the People's Liberation Army to invade Taiwan within days and take the opportunity to recover Taiwan. Last week, gold hit a low of $1,758.4 and rose as high as more than $1,795 on the Taiwan tensions, but the better-than-expected non-farm data gave up most of its gains on Friday to close at $1,775.8, still up $9.50 on a weekly basis.

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