πŸ“Š Market Snapshot

  • Gold (XAUUSD): 4,266.56 | Range 4,245.75-4,304.08 | Down 0.47%
  • WTI Crude (USOIL): 74.134 | Range 73.801-75.190 | Down 0.26%

Gold spiked to 4,304 intraday before pulling back to 4,266, with gains narrowing. Crude oil traded in a narrow range, leaning weak.

πŸ”₯ Key News This Hour

1. JPMorgan Raises eBay Price Target to $107 Up from $100, reflecting improved valuation outlook for eBay.

2. Rheinmetall Q2 Net Profit Far Below Estimates Net profit of €124M vs. analyst consensus of €270.3M β€” a significant miss. A bearish signal for European defense stocks.

3. Chinese A-Shares: 3 Consecutive Days of 2 Trillion+ Turnover But volume shrank by over 40 billion vs. previous day, signaling waning momentum.

4. Huawei Responds to Storage Chip Price Hikes Huawei storage VP acknowledges impact from rising memory chip prices but assures supply continuity for customers.

5. India Considers Tax on Natural Gas Consumers to Fund Strategic Reserves $42 billion strategic fuel reserve expansion plan; proposed LPG and LNG fees to raise $1.5 billion annually.

6. Copper: 64% of Global Stockpiles Flow to the US Spot premium widens to $117, COMEX copper persistently at premium, LME copper hits 12-week high.

🧭 Market Assessment

Gold hit $4,304 intraday before retreating, indicating profit-taking pressure above the $4,300 level.

Crude oil remains rangebound around $74 with no directional catalyst.

A-shares show consecutive high-volume sessions but marginal shrinkage warrants caution on fading momentum.

Rheinmetall’s significant earnings miss puts European defense stock valuations under review.

Tonight’s US initial jobless claims will provide the latest labor market signal β€” watch for implications on rate cut expectations.

⏰ Upcoming Key Data

  • 17:00 Eurozone June Retail Sales MoM
  • 17:30 US July Challenger Job Cuts
  • 20:30 US Initial Jobless Claims (week ending Aug 1)
  • 22:00 Additional data releases pending (see economic calendar)