📈 Stocks / Finance

United Energy Group Chairman Sells 34% Stake in Company

Simply Wall St

Hongwei Zhang, the Executive Chairman of United Energy Group, recently sold HK$1.7 billion in shares, reducing his holdings by 34%. This sale is the largest insider transaction in the last year and happened at an average price of HK$0.32, which is below the current stock price of HK$0.33.

Despite this sale, insiders still own 40% of the company, amounting to HK$3.4 billion, which is a positive sign for shareholders. However, since insiders have sold more shares than they bought recently, there are concerns about the company's outlook.

Gold Price Forecast: XAU/USD buyers take a breather near $2,600, focus on Middle East geopolitical risks

FX Street

Gold prices fell slightly to $2,620, despite nearing record highs. A surprise 50 basis point rate cut by the US Federal Reserve and heightened tensions in the Middle East, especially between Hezbollah and Israel, have boosted gold’s appeal. However, the Fed’s positive outlook for US growth could limit further gains in gold’s value.

Japan's New Currency Leader Vows to Monitor Yen Trade Closely

Forex Live

Atsushi Mimura, Japan's new top currency diplomat, has pledged to closely watch the yen carry trade, which could cause market instability. He emphasized that authorities are ready to act if currency fluctuations deviate from economic fundamentals, which could harm businesses and households. Japan's finance ministry is responsible for any intervention in the yen, and Mimura now leads this effort.

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🌎 Global Economy

Exclusive-Harris to release new economic proposals this week on US wealth creation, sources say

Investing.com

Kamala Harris plans to announce new economic policies aimed at helping Americans build wealth, possibly in Pittsburgh this week. Her proposals build on the Biden administration's efforts, addressing housing, childcare, taxes, and small business costs. Recent polls show Harris gaining support on the economy, narrowing the gap between her and Donald Trump in voters' trust.

The Fed has set out on a ‘recalibration’ of policy. Here’s what Powell’s new buzzword means

CNBC

Federal Reserve Chair Jerome Powell introduced the term "recalibration" to explain a surprising half-point rate cut. This move aims to protect the labor market and keep inflation under control, rather than reacting to a recession. Investors responded positively, with the Dow and S&P 500 hitting new highs, reflecting confidence in Powell’s strategy to extend economic growth.