Weekly

Yesterday, the National People's Congress voted to pass a bill authorizing the Standing Committee to enact the "Port Security Law". It is expected that the Standing Committee will pass the legislation as soon as next month, and the SAR government will be gazetted and take effect.

U.S. President Trump said last night after U.S. Secretary of State Pompeo reported to Congress that China has bypassed Hong Kong's legislation and fundamentally undermined Hong Kong's autonomy. Hong Kong may no longer conform to the special status conferred by the United States.

A press conference will be held on Friday to talk about China and forecast that some decisions will be made.  White House Economic Adviser Kudla said that Washington may need to treat Hong Kong as mainland China when dealing with trade and other financial affairs.

Involving customs duties, financial transparency, stock listing and related matters.  However, China's Ministry of Foreign Affairs responded earlier that China would take countermeasures against any foreign intervention in Hong Kong affairs.

At this stage, China and the United States are no longer playing Texas poker and stealing chickens before the end of the game. Instead, they are playing mud wrestling to see which side loses more badly.  Gold price is stable and international geopolitical relations are tense, which brings support to gold price.

It was reported to be 1,718 dollars an ounce.  U.S. released a number of important economic data last night. The figures were generally worse than market estimates and the Dow Jones Index closed 147 points lower.

Let's look at a few figures first. US GDP showed negative growth in the first quarter -5% compared with the expected negative growth of 4.8%.  The number of new first-time applications for unemployment benefits also exceeded the expected 2.1 million by 120,000.  The most interesting thing is the oil inventory.

Crude oil stocks fell 2 million barrels from the forecast, while the report showed an increase of 7.9 million barrels.  However, US gasoline stocks unexpectedly decreased by more than 720,000 barrels last week, indicating increased domestic demand and gradual improvement in refining activities.

The news of gasoline stocks stimulated oil prices to rise in the U.S. period, with new york oil closing at $ 33. 7 a barrel.   

For detailed analysis and operation suggestions, please CLICK the following links to join the group and inquire with the administrator.
https://t.me/joinchat/OEEaFRx9QcbOZE-aQzNSgg