Global Market Report - 25 Mar 2022

Gold Spot

Gold rose to a more than one-week high on Thursday as concerns over soaring prices and uncertainty surrounding the war in Ukraine lifted bullion's appeal as a safe-haven and an inflation hedge. "The very strong underlying inflationary pressures continue to be the main supportive fundamental factor driving the gold price. There are other ancillary factors, most notably, the war in Ukraine," said David Meger, director of metals trading at High Ridge Futures.

Technical Resistance: 1976/1996

Technical support: 1942/1927

Market headlines:

Economic data:                

  • 2022 Malaysia time 03:00 pm – U.K. Retail Sales MoM
  • 2022 Malaysia time 06:00 pm – EU Leaders Summit
  • 2022 Malaysia time 10:00 pm – U.S. Pending Home Sales MoM

U.S. Treasury market pain amplifies worry about liquidity

A sharp sell-off in U.S. Treasuries has increased concerns about low levels of liquidity in the $23.5 trillion market, potentially amplifying losses for investors which already had a dire start to the year. U.S. government bond yields have spiked this year as the Federal Reserve has sounded more hawkish about how aggressively it will hike interest rates to cool the economy, hitting bond returns. While liquidity in the U.S. Treasury market has been an ongoing issue, traders and investors said there had been concerns during this sell-off.

UK's Sunak tries to ease cost-of-living hit with tax cuts

British finance minister Rishi Sunak cut fuel duty and softened some of a looming payroll tax increase on Wednesday as he sought to alleviate a severe cost-of-living squeeze against the backdrop of slowing economic growth. But with inflation set to hit a 40-year high of nearly 9% later this year, government forecasters said Britons faced the biggest hit to their living standards since records began in the late 1950s - even after Sunak's measures. In a half-yearly budget update overshadowed by the conflict in Ukraine, Sunak set out plans to inject about 17.6 billion pounds ($23.2 billion) into the economy in the coming financial year.

Singapore to relax more COVID curbs including for overseas arrivals

Singapore is easing more COVID-19 curbs including lifting most restrictions for fully vaccinated visitors arriving in the country and dropping requirements to wear masks outdoors, Prime Minister Lee Hsien Loong said in a speech on Thursday. Singapore was one of the first countries to shift to a strategy of living with COVID-19, but had to slow some of its easing plans due to subsequent outbreaks. The Southeast Asian country's Omicron wave has started to subside. At its peak, Singapore reported a record of nearly 26,000 cases in February, but the daily number of infections fell to about 9,000 on Wednesday.

Source: Bloomberg, Investing.com, Reuters

黄金现货

由于对价格飙升和围绕乌克兰战争的不确定性的担忧提升了黄金作为避险和通胀对冲工具的吸引力,黄金周四升至逾一周高位。 “非常强大的潜在通胀压力仍然是推动金价的主要支撑基本面因素。还有其他辅助因素,尤其是乌克兰战争,”High Ridge Futures 金属交易主管 David Meger 表示。

技术阻力:1976/1996

技术支持 :1942/1927

主要头条:

• 美国国债市场的痛苦加剧了对流动性的担忧

• 英国的Sunak 试图通过减税来缓解生活成本的打击

• 新加坡将放宽更多新冠病毒限制措施,包括对海外入境者的限制

• 美元兑马币交易 4.2290

经济数据:

  • 2022年3月25日,马来西亚时间 03:00 pm – 英国零售销售月率(%) (月度环比) (二月)       
  • 2022年3月25日,马来西亚时间 06:00 pm – 欧盟领导人峰会
  • 2022年3月25日,马来西亚时间 10:00 pm – 美国季调后成屋签约销售指数月率(%) (月度环比) (二月)

美国国债市场的痛苦加剧了对流动性的担忧

美国国债的大幅抛售加剧了人们对 23.5 万亿美元市场流动性水平低下的担忧,这可能会扩大今年开局不佳的投资者的损失。美国政府债券收益率今年飙升,原因是美联储对于加息的力度加大以冷却经济,从而打击债券回报,这听起来更加鹰派。尽管美国国债市场的流动性一直是一个持续存在的问题,但交易员和投资者表示,在此次抛售期间存在担忧。

英国的Sunak 试图通过减税来缓解生活成本的打击

英国财政大臣里希·苏纳克(Rishi Sunak)周三削减了燃油税并缓和了一些迫在眉睫的工资税上调,因为他试图缓解在经济增长放缓的背景下严重的生活成本紧缩。但随着今年晚些时候通胀率将达到近 9% 的 40 年高位,政府预测人士表示,英国人的生活水平将面临自 1950 年代后期有记录以来的最大打击——即使在苏纳克采取措施之后也是如此。在因乌克兰冲突而黯然失色的半年度预算更新中,苏纳克制定了在下一个财政年度向经济注入约 176 亿英镑(232 亿美元)的计划。

新加坡将放宽更多新冠病毒限制措施,包括对海外入境者的限制

新加坡总理李显龙在周四的一次演讲中说,新加坡正在放宽对 COVID-19 的更多限制,包括取消对抵达该国的完全接种疫苗的游客的大部分限制,并放弃在户外戴口罩的要求。新加坡是最早转向与 COVID-19 共存战略的国家之一,但由于随后的疫情爆发,不得不放慢一些宽松计划。东南亚国家的 Omicron 浪潮已经开始消退。在高峰期,新加坡在 2 月份报告了近 26,000 例病例的记录,但周三的每日感染人数降至约 9,000 例。资料来源: Bloomberg, Investing.com, Reuters

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