Weekly

June 24th

Today's amplitude range

Powell admitted that it was a mistake for the Federal Reserve not to take action to combat inflation earlier, but the bureau was determined to combat inflation, saying that the tightening policy might lead to a slowdown in growth.

But recession is not inevitable. Market risk aversion subsided and the attractiveness of the gold market declined. The suggested volatility today is $1,812 to $1,833.

Premier Li Keqiang of the State Council re-injected vitality into the consumer economy in the Mainland; When he presided over the State Council executive meeting yesterday, he proposed to study and extend the policy of exemption from new energy vehicle purchase tax.

In fact, the policy will further release the automobile consumption potential. It is estimated that through the policy, the automobile and related consumption will be increased by about 200 billion yuan to support the consumption of new energy vehicles. News stimulates cars.

Shares in related sectors rose by 4% to 15%. Hong Kong stocks opened higher and closed higher, recouping half of their early losses. The Hang Seng Index finally rose 265 points or 1.26% to close at 21,273 points.

Yesterday, the euro zone announced the comprehensive purchasing managers' index for June, with the latest figure of 51.9, far worse than the market expectation of 54, and the worst performance in the past 16 months, including manufacturing and services.

All the sub-indices of the industry are poor, especially the purchasing managers' index of manufacturing industry hit a 22-month low.

Trapped in the gloom of economic recession, the three major European stock indexes continued to decline, and the German DAX index fell by 1.75%; Paris CAC index fell by 0.56%; Britain's FTSE 100 index fell 0.97%.

US Federal Reserve Chairman Powell continued to attend the US Senate Witness last night. At the meeting, he admitted that the Federal Reserve had misjudged the risk of high inflation before, because they underestimated the inflation rate.

At that time, it was only expected that the virus pandemic would disappear with the emergence of live vaccine, and the supply chain problem would be solved naturally, which led to the bureau not taking action faster.

Fight inflation.

As it turns out, the problems in the supply chain have not improved. He explained that the recent global events are beyond his control, especially the Ukrainian war and the Covid-19 pandemic.

Continued, when it was found that the situation became very bad, the bureau finally had to control inflation with more drastic measures, indicating that the tightening policy might lead to a slowdown in growth, recession and

Inevitably, Powell reiterated that the Fed was not trying to trigger a recession. Powell admitted that it was a mistake for the Federal Reserve not to act earlier to combat rising inflation, saying that the most

Recent actions are still aimed at stabilizing prices, and the Federal Reserve has no intention of trying to trigger a recession.

Powell's remarks are like a shot in the arm for the risk market. The three major indexes of Wall Street are all up, with the Dow Jones index rising by 0.64%; The S&P 500 index rose by 0.95%; Nasdaq

The composite index rose by 1.62%. Powell said last night that austerity policies may lead to a slowdown in growth, and economic recession is not inevitable. The news cooled the risk aversion, and the price of gold was in Powell.

Before the speech, it peaked at $1,847.9, and finally closed down by $15.1 at $1,822.6, a full-day low.

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