On the occasion of Brexit, Xiaomo transferred $230 billion in assets to Germany

Due to the imminent end of the Brexit transition period in the UK, JPMorgan Chase (JPMorgan) will transfer approximately 200 billion euros (approximately 230 billion US dollars) of assets from the UK to Frankfurt, Germany, making it one of the largest banks in Germany.

According to insiders, Xiaomo plans to complete the asset transfer work before the end of the year. According to the asset size calculations of several of Germany's largest commercial banks last year, after the asset transfer, Xiaomo's assets in Germany are sufficient to make it the sixth largest bank in Germany. A spokesperson for Xiao Mo in Frankfurt did not comment on this.

The assets transferred this time account for less than 10% of Xiaomo's total assets. However, statistics from the Bundesbank show that as of the end of June, this fund accounted for almost half of the total assets held by foreign banks in Germany.

With less than four months until the end of the Brexit transition period in the UK, international banks have been strengthening their EU operations to ensure that they can continue to provide services to customers, as employees of other international banks in the UK, including Xiaomo, will no longer have the right to free entry and exit.

Given that the Brexit transition period is about to end, Xiaomo notified about 200 employees in London last week to relocate to other cities in Europe, including Paris, Frankfurt, Milan, and Madrid.

In the early hours of Thursday (September 24th) Beijing time, market selling continued.

Gold and silver continued to decline, with overnight spot silver falling by over 7%, breaking below the $23 barrier and reaching a low of $22.37 per ounce. Spot gold briefly fell below $1860 per ounce, hitting a minimum of $1855.69 per ounce, dropping more than $40 from its daily high and more than 2% during the day. At the opening of the Asian session on Thursday, spot silver continued to decline, falling below $22 per ounce. It fell 4.01% during the day and is currently trading at $21.82 per ounce; The intraday decline of COMEX futures increased to 3.02%. Spot gold once again fell below $1860 per ounce, falling 0.24% on the day.

The gold price continued to move downwards for over 500 points during the day, and the trend of turning downwards is gradually becoming evident. Although the position near the current price is a previous low point that provides support, the supporting momentum is slightly insufficient. From the current K-line shape, the downward movement still needs to continue.

The gold price has significantly moved downwards to its current position, and from the closing price of the daily chart, the downward momentum is still strong. However, it cannot be ruled out that there is a possibility of a downward correction in the gold price. The stabilization operation will combine with the K-shaped entry short order after the price has corrected to a clear resistance level above.

During the US trading session on September 23, Beijing time, the US reported a decrease of 1.639 million barrels in EIA crude oil inventory for the week ending September 18. The market is expected to see a decrease of 2.256 million barrels, compared to a decrease of 4.389 million barrels. Affected by the hurricane, crude oil production along the Gulf of Mexico coast was partially shut down last week.

After the data was released, WTI crude oil futures rose 1.26%, currently trading at $40.29 per barrel, while Brent crude oil futures were trading at $42.24 per barrel. The API crude oil inventory announced in the early morning unexpectedly increased by 691000 barrels, and the EIA crude oil inventory data for this period was better than the API data.

Oil prices also fell from high levels in the late trading session, transitioning from a one-time increase of over 2% to a slight decline

The crude oil price continues to explore the upper resistance level but fails to end with a small negative line. Currently, the price is within the range of volatility, and the operating strategy remains unchanged, with short orders being the main focus.

After the price reaches the position near 40.750 above and forms a clear downward K-line pattern, enter the short order. If the price continues to move downwards and effectively breaks through the support below, follow up on the short order.

Williamson, chief economist of IHS Markit, a market research institution, said that business activities in the United States declined slightly in September, and the growth of factory activities was offset by the contraction of service industry activities, indicating that with the end of the third quarter, the COVID-19 epidemic continued and the economy lost momentum. The question now is whether the strong performance of the economy can continue into the fourth quarter. The uncertainty of the November 3rd presidential election has also increased. Therefore, the risks in the coming months seem to lean towards a downward trend, as companies are waiting for clear information on the direction of the epidemic and elections.

The US dollar index continued to rise, stabilizing above the 94 level and climbing to its highest level since the end of July.

From the 4-hour chart, it can be seen that the United States and Canada have formed an upward trend, and the direction of future operations is mainly multi order.

The US and Canadian prices have effectively broken through the previous high point and continued to move upwards. After the prices have fallen back to the support level below and formed a clear upward K-line pattern, multiple orders will enter the market.