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Market News [Market Evening] As Europe's "Economic Engine", Germany is Facing A "Flame Out" Crisis?

[Market Evening] As Europe's "Economic Engine", Germany is Facing A "Flame Out" Crisis?

[Market Evening] As Europe's "Economic Engine", Germany is Facing A "Flame Out" Crisis?

TOPONE Markets Analyst
2022-09-14
11184

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As of 17:00 (GMT+8), spot gold rose 0.132% to $1704.10 an ounce, and spot silver rose 0.901% to $19.482 an ounce.


Comment: The international gold price continues to be under pressure and is expected to continue the overnight plunge of more than 1.3%, as the unexpectedly strong inflation data in the United States in August has contributed to the expectation of the Federal Reserve to further expand interest rate hikes. The Fed is set to raise rates by at least 75 basis points for the third time in a row this month, and the probability of a 100 basis point hike is more than 30 percent.


Suggestion: short spot gold at 1703.34 position, and the target point is 1688.28.


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As of 17:00 (GMT+8), the US dollar index fell 0.318% to 109.57, EUR/USD rose 0.255% to 0.99894; GBP/USD rose 0.359% to 1.15327; AUD/USD fell 0.101% to 0.67323; USD /JPY fell 0.943% to 143.304.


Comment: Germany will no longer be able to avoid recession. "Deutsche Bank CEO Sean's remarks have again made the world focus on Germany, the "European economic engine." This year, bad news has been reported frequently in the German economy:

  • The inflation rate in August reached the highest level in nearly 50 years.

  • The business climate index released by the Eve Institute for Economic Research fell to its lowest level in two years in July.

  • First trade deficit in more than 30 years in May


Suggestion: short the EUR/USD at 0.99876 position, and the target point is 0.99139.


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As of 17:00 (GMT+8), WTI fell 0.255% to $86.885/barrel; Brent fell 0.123% to $92.577/barrel.


Comment: International oil prices are stable. Despite US consumer prices unexpectedly rising in August and fears the Federal Reserve will further accelerate interest rate hikes next week, two industry groups forecast strong demand growth. Major economies performed better than expected, OPEC said. Global oil demand growth will recover strongly in 2023, the IEA said.


Suggestion: short US crude oil at 86.060 position; the target point is 84.871.


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1. Bitcoin mining difficulty reached 32.05T, a record high;


2. Web3 development platform Alchemy is raising $12 million for a new venture capital fund;


3. Data: In the past 24 hours, the entire network has been liquidated by 338 million US dollars, and Bitcoin has been liquidated by 124 million US dollars;


4. Bank of America: The Fed may raise interest rates too much, triggering a recession;


5. Twitter shareholders voted in favor of Musk's $44 billion takeover offer;


6. Celsius CEO proposed to transform Celsius into a digital asset custody company;


7. Crypto VC firm NorthIsland Ventures raises $125 million in new fund;


8. The US Treasury Department publishes FAQs in response to the TornadoCash sanctions dispute;


9. SWIFT financial messaging system pilot blockchain project.


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The Taiwan Weighted Index rose 0.730% to 14,587.7 points;


The Nikkei 225 rose 0.465% to 27981.5 points;


Hong Kong's Hang Seng Index rose 0.032% to 18828.0 points;


Australia's S&P/ASX 200 rose 0.123% to 6,850.25.


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20:30(GM+8):


US August PPI annual rate (%)


US core PPI annual rate in August (%)


22:30(GM+8):


Changes in US EIA crude oil inventories for the week ended September 9 (10,000 barrels)


Changes in US EIA refined oil inventories for the week ended September 9 (10,000 barrels)


US EIA weekly crude oil imports for the week ended September 9 (10,000 barrels)

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