International News 09/12
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Gold prices head for second weekly decline, markets focus on US payroll data
Gold prices saw a slight increase, but are on course for a second consecutive week of decline. The forthcoming US payroll data is expected to provide insights into the direction of interest rate cuts. Spot gold prices increased by 0.3% to $2,638.66 per troy ounce, rebounding from its lowest level since 26 November. However, there was a 0.4% decline in the value of gold over the course of the week. The February 2025 contract saw a 0.5% increase, reaching $2,661 per troy ounce. Analysts anticipate that gold prices will remain bearish in the coming weeks, reflecting profit-taking after a robust rally this year. The US payrolls report, scheduled for release later today, is expected to show a gain of 200,000 jobs in November. Earlier data indicated a slight increase in new applications for unemployment benefits, which suggests improving labour market conditions.
Trump Appoints Former Paypal COO David Sacks as Head of AI and Crypto
US President-elect Donald Trump has appointed former PayPal COO David Sacks as the head of artificial intelligence (AI) and cryptocurrency. Trump stated that Sacks's role would be to create a legal framework that provides clarity for the crypto industry in the US, allowing it to prosper. In light of this appointment and the nominations of key officials such as the chairpersons of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, it is anticipated that US policy on digital currencies will undergo a significant transformation. Despite previously referring to cryptocurrency as a scam, Trump has since embraced digital assets, promising to make the US the world's crypto capital and build a national bitcoin reserve. The recent milestone of Bitcoin surpassing $100,000 has been hailed as a sign of the digital asset's maturity, with investors optimistic about the incoming administration's support for cryptocurrency in the financial markets.
Huawei boss confesses, demand for Huawei's Mate 70 smartphone is overwhelming
Huawei's supply chain team is working extended hours to meet the significant demand for its new Mate 70 smartphone. He Gang, CEO of Huawei's consumer business group, has stated that bookings for the phone have already exceeded 6.7 million, describing the demand as excessive. However, analysts have highlighted potential supply chain constraints related to chip production and have noted a decline in consumer interest compared to the Mate 60. The Mate 70 series is also noteworthy for marking the inaugural significant commercial launch of HarmonyOS NEXT, Huawei's operating system that aims to achieve software independence following its separation from Google services in 2019 due to US restrictions. Huawei's capacity to manufacture sophisticated chips domestically was a key highlight of the Mate 60's launch in 2023, despite years of US sanctions.