Gold Revaluation is happening (quite literally) before our eyes
Today:
Commentary: ING Breakdown
Premium: Full ING Analysis
Equity Recap:
US equities rebounded on Thursday after a better than expected jobless claims report helped alleviate concerns about a potential recession.
Premium Markets: ING Gold Break Down
August:
The report starts by noting the sharp sell-off in gold at the beginning of the month. It then offers a cautiously optimistic outlook for gold prices, driven by ongoing geopolitical uncertainties and anticipated interest rate cuts by the U.S. Federal Reserve.
Full analysis at bottom
Market News:
"Initial claims for unemployment insurance totaled less than expected last week, countering other signs that the labor market is weakening. Source: CNBC
"Mortgage rates fell to the lowest level in more than a year, raising hopes for relief in the battered U.S. housing market. Source: WSJ
OpenAI’s GPT-4o, the generative AI model that powers the recently launched alpha of Advanced Voice Mode in ChatGPT, is the company’s first trained on voice as well as text and image data. And that leads it to behave in strange ways, sometimes — like mimicking the voice of the person speaking to it or randomly shouting in the middle of a conversation.- Source: TechCrunch
"Two of America’s biggest television companies have admitted that their cable channels are worth $15bn less than they had thought, highlighting the accelerating collapse of what had once been one of the most lucrative businesses in media history." Source: FT
"Deliveroo, which is backed by e-commerce giant Amazon, made a net profit of £1.3 million ($1.65 million) in the six months through June, bouncing from a loss in the same period of last year- Source: CNBC
Politics/Geopolitics:
Officials believe an Iran assault could be more sudden, larger and longer possibly lasting several days instead of several hours and could also be a coordinated barrage from multiple directions involving Iranian proxies in Iraq, Yemen, Syria and Lebanon, according to Washington Post.
"The Israeli army announces the start of an "offensive" military operation in the city of Khan Yunis in the Gaza Strip", according to Sky News Arabia.
Source on X reported that residents said there was a huge blast heard in Rylsk, Rostov-On-Don, Russia.
A fire broke out at a military airfield in Russia's Lipetsk region, according to agencies cited by AFP.
Russia declares Federal emergency in Kursk region, according to RIA.
Russian official says fighting is ongoing several dozen kilometres from Kurchatov, where Kursk nuclear plant is located.
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, Aug. 5 10:00 am ISM services July 48.8%
TUESDAY, Aug. 6 8:30 am U.S. trade deficit June
WEDNESDAY, Aug. 7 3:00 pm Consumer credit
THURSDAY, Aug. 8 10:00 am Wholesale inventories June -- 0.6%
