Gold Market Oscillates Downward, Economic Data Weighs
Tuesday saw an oscillatory downward trend in the international gold market. The price hit a high of 3348 during the session and plunged to a key support level of 3300. The trading day featured a typical pattern of surging and then falling. In the Asian session, the price reached the day's high of 3348 at the opening and then quickly dropped to around 3306. During the European session, it fluctuated within the range of 3324−3300.
US Jobless Claims Surge, Raising Concerns about Labor Market
The number of Americans filing for initial unemployment benefits rose by 18,000 to 241,000 in the week ended April 26, according to the data released by the Labor Department on Thursday. This figure exceeded the median forecast of 223,000 by economists surveyed by Bloomberg. Meanwhile, the number of people continuing to claim unemployment benefits rose to 1.92 million in the week ended April 19, the highest since 2021 and also beyond economists' expectations.
US Manufacturing Sector Faces Gloomy Outlook as ISM Index Plunges
The US manufacturing sector witnessed a significant setback in April, with the ISM manufacturing index registering its sharpest decline since November. Data released by the Institute for Supply Management (ISM) on Thursday showed that the manufacturing index dropped 0.3 points to 48.7, below the 50 - point threshold that separates expansion from contraction, indicating an overall shrinking manufacturing sector.
World's longest undersea tunnel construction project to begin
In July 2024, the founders of the Finnish-Estonian Bay Area made a major announcement that they would be joining forces with the China International Group, the China Railway Engineering Corporation and the China Communications Construction Company in an ambitious project to build an undersea tunnel of approximately 103 kilometers. If completed, the tunnel will be the longest undersea railroad tunnel in the world.
Global Travel Market Dynamics: U.S. Leads, China Rises, Emerging Destinations in Focus
The Economic Impact Trends 2024 report, published by the World Travel & Tourism Council (WTTC), reveals the rich landscape and dynamics of the global travel and tourism market. The report shows that the United States remains the world's strongest travel and tourism market, contributing a record $2.36 trillion to the U.S. economy last year. Despite a slow rebound in spending by international travelers, the U.S., with its strong tourism resources and market appeal, has remained in the lead, contributing almost twice as much to the economy as its closest competitor.
