Trump says Powell is about to leave office, US and Europe have little hope of reaching a trade deal, gold prices hit five-week high

Basic news

On Wednesday (July 23, Beijing time), spot gold trading was around $3,432/ounce, and gold prices climbed to their highest on Tuesday. Thanks to trade uncertainty and falling U.S. Treasury yields, investors continued to pay attention to the deadline for US President Trump's August 1 tariff negotiations; U.S. crude oil trading was around $65.60/barrel, and oil prices fell for the third consecutive trading day on Tuesday, as hopes of a trade agreement between the United States and Europe have slim, exacerbating people's concerns about a slowdown in the world's largest oil market economy.

Focus on this day

U.S. President Trump delivered a speech at an event called "Win the Artificial Intelligence xm-links.competition."

Stock and P.P.500 hit a record close high on Tuesday after GM fell sharply and Tesla rose, investors focused on recent and upcoming corporate performance reports, as well as signs of progress in U.S. trade negotiations.

GM fell sharply by 8.1%, after the xm-links.company reported quarterly results lost $1 billion due to tariffs, further exacerbating investors' concerns about US President Trump's global trade policy. Ford fell about 1%.

Tesla rose 1.1% the day before quarterly results were released, and Alphabet, which will report results on Wednesday, rose 0.65%.

Baird investment strategy analyst Ross Mayfield said: "The market is consolidating its recent gains and is on the wait-and-see state, with some major catalysts xm-links.coming in the next week or two, including the August 1 tariff negotiation deadline and the release of many important financials by the Big Seven.Report. ”

Other big tech stocks fell, with MetaPlatforms and Microsoft both down about 1%. Lockheed Martin fell nearly 11%, after a quarterly profit plunged by about 80%.

As Trump’s own August 1 deadline approaches, U.S. trade policy remains a big uncertainty for investors and businesses. Some trade talks appear to be stalled, and optimism about a breakthrough deal with India has faded, and EU officials are considering countermeasures against the United States.

The S&P 500 rose 0. 06%, closing at 6309.62 points. The Nasdaq closed down 0.39% to 20892.69 points. The Dow Jones Industrial Average rose 0.40%, closing at 44502.44 points.

Nine out of 11 sectors of the S&P 500 rose, with the health care sector leading the gain, up 1.9%, and the real estate sector followed closely behind, up 1.78%.

The cumulative transaction volume of US exchanges was 18.8 billion shares, with a large volume, with an average daily trading volume of 17.7 billion shares in the previous 20 full trading days.

According to London Securities

The average analyst expects S&P 500 xm-links.companies to grow profits in the second quarter, with tech giants driving most of the growth.

The economic data released last week was mixed, and traders almost ruled out the possibility of the Fed's rate cut at next week's policy meeting. According to CME's FedWatch tool, they currently expect the probability of a rate cut in September is about 60%.

Gold market

Gold prices climbed to their highest five-week on Tuesday, helped by trade. Determination and U.S. Treasury yields fell, and investors continued to focus on President Trump’s August 1 tariff negotiation deadline.

Spot gold rose 1% to hit its highest since June 16, at $3,428.84 per ounce. U.S. gold futures rose 1.1% to $3,443.70. The benchmark U.S. 10-year Treasury yield fell to its lowest in the past two weeks, making interest-free gold more attractive.

Jim Wyckoff, senior analyst at KitcoMetals, said: “Trade uncertainty is driving some safe-haven demand. The United States is brewing several trade deals, with rumors that the EU and the United States may not be able to reach an agreement, or are certainly not close to reaching an agreement. ”

U.S. Treasury Secretary Besent said on Tuesday that he will meet with the Treasury Secretary of the Asian power in Stockholm next week to discuss whether to extend the deadline for reaching an August 12 agreement to avoid a significant increase in tariffs. He also said the United States is ready to announce a "sequential trade deal" with other countries.

At the same time, EU diplomats hinted that the EU is considering a broader countermeasure against the United States as the prospect of reaching a trade agreement fades.

Investors are also preparing for the Fed meeting next week. Markets are expected to maintainInterest rates remain unchanged, but interest rates may be cut in October.

Bester also said on Tuesday that there was no need for Fed Chairman Powell to resign immediately, a day after he called for a review of the Fed as an institution. Fed Vice Chairman of Financial Regulation Financial Regulation has stressed the importance of Fed independence amid Trump’s continuous pressure to reduce borrowing costs.

Spot silver rose 0.6% to $39.16 an ounce, platinum fell 0.5% to $1,431.64 and palladium rose 1.4% to $1,282.82.

Oil market

Oil prices fell for the third consecutive trading day on Tuesday as hopes of a trade deal between the United States and Europe increased concerns about a slowdown in the world's largest oil market economy.

The settlement price of Brent crude oil futures was $68.59 per barrel, down 0.9%. The settlement price of the U.S. crude oil contract was $66.21 per barrel, down 1.47%. EU diplomats told Reuters that the EU is exploring a broader set of possible measures to counter the U.S. as prospects for an acceptable trade deal with Washington are bleak.

U.S. President Trump will set August 1 as a deadline for countries to reach a trade agreement or face high tariffs. He has threatened to impose a 30% tariff on EU imported goods if an agreement cannot be reached. "Tariff factors appear to be a bigger focus before the U.S. deadline arrives," analysts at Ritterbuschand Associates said in a note. "The outlook for the U.S. and India to reach a temporary trade deal by the deadline has also become bleak, two Indian government sources told Reuters.

Diesel is the largest decline in the entire energy sector, reflecting market concerns about the economy. This industrial fuel, mainly used in the manufacturing, construction and heavy transport industries, has performed the most in the oil market in recent weeks due to tight global supply. U.S. ultra-low sulfur diesel futures fell nearly 3% on Tuesday to $102.50 a barrel.

Foreign Market

The dollar fell on Tuesday, with the yen becoming one of the main rising currencies against the dollar as investors closely monitor trade negotiations before the August 1 deadline and if a deal is not reached, the United States may impose high tariffs on trading partners' goods.

The overall trading day was relatively calm, with the yen rising for the second consecutive trading day, after the results of the Senate election held on the Japanese weekend had been digested by the market. The market focus has shifted to whether Tokyo can quickly reach a trade deal with Washington and the political future of Prime Minister Shigeru Ishiba.

In afternoon trading, the dollar fell 0.5% against the yen to 146.54 yen after falling more than 1% on Monday due to election and public holidays. The US dollar has weakened against the Japanese yen for two consecutive trading days.

Only more than a week left before August 1, U.S. Treasury Secretary Bescent said on Monday that the government is more concerned about the quality of the trade agreement.Non-reachable time.

Asked whether it is possible to extend the tariff deadline for countries that have "productive negotiations" with Washington, Treasury Secretary Bescent said President Trump will make the final decision.

Brad Bechtel, global head of Forex, pointed out: "The market is … ignoring the noise (referring to the August 1 tariff deadline) until something really clear happens." He added: "Even if tariffs have been implemented, a lot of economic data actually looks good."

The final direction of global tariff policies is still full of uncertainty, which has become a huge source of pressure for the foreign exchange market, causing most currencies to fluctuate in narrow ranges, although Wall Street stocks have repeatedly set new highs.

The dollar index, which measures the value of the dollar against a basket of currencies, fell 0.3% to 97.545, down about 0.6% on Monday. The index hit a two-week low at the beginning of the session.

The euro rose 0.2% to $1.1725, and the European Central Bank will also hold a meeting this week. However, the European Central Bank is not expected to adjust euro zone interest rates. The euro rose to a two-week high earlier in the day.

A trade agreement between the EU and the United States is still difficult to reach, and the EU may face tariffs of up to 30% from August 1.

EU diplomats said on Monday that they are looking at broader countermeasures given the bleak prospects of the deal.

Carl Shamota, chief market strategist at Corpay, said: "The dollar's rebound momentum at the beginning of the month is weakening, the euro is stable before the central bank meeting on Thursday, while the yen consolidated its gains after the weekend's election results were better than expected."

He added: "With a relatively calm data background, the trading range is narrowing. Positions in multiple currency pairs tend to be neutral, and the implicit volatility indicators are also falling."

Investors are also worried about the independence of the Federal Reserve, especially after Trump repeatedly criticized Fed Chairman Powell and urged him to resign because the Fed was reluctant to cut interest rates.

Treasury Secretary Bescent took a milder stance on Monday, saying there was no need to let Powell resign immediately, adding that he could be served until May next year if he wanted.

嘉信理财高级固定收益策略师KathyJones在研究报告中写道：“可以批评美联储多年来的政策举措，但仅仅因为主席不愿听从白宫指令就将其撤换，这一步走得太远了。”

她警告称，这将削弱市场对美联储的信心，尤其是在通胀仍偏高、政策目标混乱的情况下。 If Powell is replaced by a candidate seen as being obedient to the government, it could lead to a weaker dollar and a sharp rise in long-term interest rates.

National News

Israeli Defense Minister says only two battlefields in Gaza and Yemen

According to the Israeli military radio station on the evening of July 22 local time, Israeli Defense Minister KaAt the situation assessment meeting held on the same day, Tsz said that Israel "is very close to achieving the war goals, and there are two battlefields left in Gaza and Yemen, and Israel must work hard to solve these problems." Katz also said that "the possibility of another attack on Iran cannot be ruled out."

The Canadian Prime Minister said he would not go to any means to reach a trade agreement with the United States

The Canadian Prime Minister tried to lower the outside world's expectations of a trade agreement with the United States within the next 10 days. He said that negotiations between the two sides were difficult due to the Trump administration's continuous changes in goals. "Canada will not accept a bad deal. Our goal is not to reach an agreement at all costs." Canadian Prime Minister Mark Carney told reporters after meeting with provincial leaders in Huntsville, Ontario. "We are pursuing an agreement that is most in the interests of Canadians." He added: "The United States has many goals and changes frequently." SpaceX sends a new warning to investors: Musk may return to American politics.

In the latest bidding and acquisition documents of Musk's subsidiary SpaceX, a new message is about to xm-links.come out: the billionaire may not have really withdrawn from the political arena. Musk previously served as a senior adviser to the government's efficiency ministry. According to documents and unknown people, "he may hold similar positions in the future and invest a lot of time and energy in it." According to people familiar with the matter, SpaceX added such statements of "risk factors" to written documents sent to investors, which is the first time such statements have appeared in the tender offer documents. SpaceX's latest offer sets the rocket and satellite maker at about $400 billion, making it the world's highest valuation private xm-links.company. Musk himself and SpaceX representatives did not respond to a request for xm-links.comment.

"Can't rely on Americans anymore" Many places in Canada decided to build new cross-provincial oil pipelines

On July 22 local time, the governors of Ontario, Saskatchewan and Alberta, Canada, signed a memorandum of understanding, deciding to build a new east-west cross-provincial oil pipeline. Ontario is Canada's largest economic province, while Saskatchewan and Alberta are two major oil-producing provinces. The new oil pipeline planned by the three provinces will replace the current Line 5 pipeline and will no longer pass through the United States. Ontario Governor Ford said, "Michigan Governor continues to threaten to cut off Line 5. We can't take risks anymore. We need independence, we need a pipeline to a refinery in southwestern Ontario and to be self-reliant." Ford said, "We can't rely on Americans anymore. It's that simple."

Trump said the US Department of Justice should investigate former President Obama

On the 22nd local time, US President Trump said that after intelligence agencies disclosed that the Obama administration had forged Trump's "Russia" materials, the Justice Department should directly target former President Obama. On the same day, when Trump was asked about the Epstein case at the White House, he quickly turned to Obama, Democrat Hillary Clinton and whether Russia interfered in the United States in 2016.Topics such as the investigation of the general election.

Trump: Reduce Philippine goods tariffs from 20% to 19%

U.S. President Trump posted on his social media that the Philippine president has just left the White House, and his many representatives are also accompanied by him. It was a pleasant visit, and we reached a trade agreement under which the Philippines will open markets to the United States and impose zero tariffs. The Philippines will pay a 19% tariff. In addition, we will cooperate in the military. He is also a very good and tough negotiator.

The EU considers cooperating with Japan to exploit rare earths

EU xm-links.commission President von der Leyen said that the EU seeks to establish a "competitive alliance" with Japan, involving the joint mining of rare earth elements. “For strategic partners like Europe and Japan, this means bringing our relationship closer to meet the reality of our time and shaping the future,” von der Leyen said. Tokyo and Brussels should “shape global trade and technological rules based on our shared values of fairness and openness.” The envisioned Japan-European Union will oversee the supply chain, especially the supply chains of key materials, batteries and semiconductors. Von der Leyen said the EU will explore investment opportunities with Japan throughout Europe and said for the first time that there is a "strong prospect" in mining cooperation.

Re-urged the Federal Reserve to cut interest rates Trump said that Powell is about to leave office

On the 22nd local time, US President Trump said that Federal Reserve Chairman Powell is about to leave office. Trump said interest rates are currently too high, which is affecting the housing market. He said interest rates should be lowered by 3 percentage points or even more. Since the beginning of this year, Trump has repeatedly criticized Powell and threatened to remove his Fed from his post as chairman of the Federal Reserve, in order to put pressure on the Fed to cut interest rates. Recently, the Trump administration has frequently mentioned that the Federal Reserve spent $2.5 billion to renovate its office buildings and "cost overspending", which has "increased its efforts to force Powell to the palace."

IEA: Global LNG supply will see its largest increase since 2019 next year

The International Energy Agency (IEA) said that global LNG supply will see its largest increase since 2019 next year, mainly driven by increased production in North America. In its quarterly gas market report, the IEA said that after a 5.5% increase this year, supply will accelerate by 7%, or 40 billion cubic meters per year. A project in Qatar will also boost growth. Gergely Molnar, a natural gas analyst at the International Energy Agency, said: "This is expected to ease market fundamentals to a certain extent and ultimately promote strong growth in demand. 2026 will be the first year of the liquefied natural gas boom, and to some extent it will also be a test of how demand copes with strong growth, especially in Asia."

The US Treasury Department imposes sanctions on individuals and entities related to the Houthi armed forces

On July 22 local time, the United States said it would smuggle and evade sanctions against an allegedly associated with the Houthi armed forces in Yemen and the UAE.Implement sanctions on the Internet. The U.S. Treasury Department said in a statement that the targets of the sanctions include two individuals and five entities, and are important oil products importers and money laundering groups related to the Houthi forces.

Domestic News

The scale of personal pension funds exceeds 12 billion yuan, nearly 90% of the products that have obtained positive returns since their establishment

The attention to personal pension funds is gradually increasing. With the emergence of the money-making effect, nearly 90% of the personal pension funds that have obtained positive returns since their establishment have reached a total of 12 billion yuan at the end of the second quarter of this year. At the same time, the number of products has recently expanded to 297, providing investors with a wider choice. Industry insiders believe that under the triple driving of tax incentives, lower rates and long-term fund lock-in mechanisms, the personal pension cake is expected to continue to grow.

The above content is all about "[XM Foreign Exchange Market Review]: Trump said that Powell is about to leave office, and the US and Europe have little hope of reaching a trade agreement, and gold prices hit a five-week high." It is carefully xm-links.compiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your transactions! Thanks for the support!

Life in the present, don’t waste your current life in missing the past or looking forward to the future.