Key Points
- China will not set GDP target for 2020 1
- Gold falls over 1% as investors bank on cash
- Investors will watch for developments from China’s National People’s Congress
- 10-year Treasury yield falls to lowest in a week on rising U.S.-China tensions [4]
“I would like to point out that we have not set a specific target for economic growth this year,” Chinese Premier Li Keqiang 1
China’s economy contracted by 6.8% in the first quarter, while unemployment has stayed near historic highs. 1
Global equities pulled back after Beijing was set to impose new national security legislation on Hong Kong. The move drew a warning from President Donald Trump, who said the United States would react “very strongly” against it. 2
Gold fell more than 1% on Thursday as investors booked profits from recent rallies and some switched to the safety of cash driven by growing U.S-China trade tensions and doubts about an economic recovery. 3
Under pressure as vaccine rally falters