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Gold Down, Investors Await Fed Policy Decision

By Gina Lee

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Gold Down, Investors Await Fed Policy Decision
© Reuters.

By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, with the focus squarely on the . Investors will assess the U.S. central bank’s plans to combat rising inflation and calm worries about the economic recovery from COVID-19.

were down 0.30% to $1,784.05 by 11:29 PM ET (3:29 AM GMT).

The Fed will hand down its decision later in the day, where it is widely expected to reveal its asset tapering timeline. The central bank is likely to begin paring its monthly asset purchases by $15 billion each month until ending them by mid-2022, but the timeline for interest rate hikes remains uncertain.

The will also hand down its decision on Thursday. However, the end of the U.K.’s furlough program did not lead to a surge in new job-seekers, with unemployment is unlikely to rise sharply and bolster the case for an interest rate hike, according to data.

In Japan, reaffirmed the Bank of Japan (BOJ)’s commitment to its 2% inflation target in a meeting between BOJ governor Haruhiko Kuroda, economy minister Daishiro Yamagiwa and finance minister Shunichi Suzuki.

On the data front, China’s released earlier in the day, was 53.8 for October. Although slightly higher than the 53.4 recorded during the previous month and buoyed by robust demand, rising inflation remains a concern for the year ahead.

In the U.S., the is due on Wednesday. Trade data, including and , will follow a day later and the latest U.S. jobs data, including , will be released on Friday.

In other precious metals, silver edged down 0.2%. Platinum was little changed at $1,037.49, while palladium gained 0.4%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Commodities

Nasdaq 100 index rises for third straight week 

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nasdaq chart today

The Nasdaq chart today, which reflects the value of stocks of U.S. technology companies, rose 20% from its June low. Over the past trading week, the Nasdaq showed an increase of 3.2%. Analysts believe that this rally is happening on very shaky ground. 

Some even claim that investors are “stupid”. Much of the growth came on the back of falling oil prices. The drop in Brent to nearly $90 was a signal of declining demand in the economy. 

Shrinking consumption should translate into slower inflation, allowing the Fed to tighten its policy at a slower pace. However, the cooling of oil prices on Friday was offset by strong labor market data. Unemployment in the U.S. fell to 3.5%. Still, the best Nasdaq stocks showed gains. 

Fed officials often refer to a robust labor market in their rhetoric as an indication of a rate hike. Last week’s macroeconomic indicators suggest that the regulator remains free to act. Forecasts do not look rosy either. 

Average earnings estimates for the S&P 500 for 2023 are down 2.7% since the end of the first-quarter earnings season. The reason: lower expectations for growth in securities. Analysts’ estimates set the stage for a longer market recovery cycle. Inflation and the “era of expensive money” continue to hold back production.



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Commodities

4 Dividend Stocks Offering Double-Digit Yields: An Easy Way To Earn Passive Income

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carbon emissions and climate change

Carbon emissions and climate change are well known, so many global companies are concerned about this factor. Today it is more of a reputation issue. Amazon said that its carbon footprint increased by 18% last year. The reason is the strong expansion of e-commerce in the pandemic era. Amazon promises to reach zero emissions by 2040. 

Today, the company is working to introduce electric cars, which can reduce carbon emissions in the air. There are also several ambitious projects that aim to remove carbon from the atmosphere. But at the same time, such ambitious projects can significantly affect Amazon’s operations. 

Such an investment would force the company to cut costs for business expansion. The world’s largest online retailer emitted 71.54 million metric tons of carbon dioxide equivalent last year. 

The company first released emissions data in 2019. In 3 years, that figure has increased by 40%. However, Amazon’s carbon intensity of operations-the ratio of emissions to gross sales-reduced by 1.9%. This points to more efficient logistics and warehousing operations. 

In its recent report, Amazon points out that the company has to face significant challenges on the road to minimal carbon emissions. There are a number of advanced technologies and developments that make it possible to achieve the desired result. The only problem is that integrating them into a functioning system can be too expensive, even for a giant like Amazon.



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Commodities

Situation in Taiwan leads to detours and delays in global transport

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China's military exercises near Taiwan

China’s military exercises near Taiwan have pushed the situation in the region to the limit. Therefore, some ships carrying liquefied natural gas are rerouting or reducing speed. China’s announcement of its military exercises is causing disruptions in global supply chains, leading to detours and delays in energy deliveries. 

Gas suppliers are rerouting or reducing the speed of some liquefied natural gas ships bound for North Asia. Shipments to Taiwan and Japan will be affected this weekend, Bloomberg reported. 

Shipping companies are assessing their options after China’s reaction to the visit of the highest-ranking U.S. official to the island in 25 years. The action threatens to disrupt one of the world’s busiest waterways. 

Risks of escalation in one of the planet’s key shipping lanes are skyrocketing because of the sharp escalation of the Taiwan crisis. Taiwan has issued an official warning that ships should seek alternative routes to safely enter and leave key ports. At least until China’s military exercises are over. 

At the same time, ship owners report that the current situation does not prevent tankers from moving through the Taiwan Strait. Consulting agencies also report that the problems for shipping are minor.



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