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China Says Hopes Europe Can Meet it Half-way, Promote Stable Economic Ties

China's national flags flutter during the Forum on China-Africa Cooperation (FOCAC) summit at the Great Hall of the People in Beijing, Thursday, Sept. 5, 2024. (Adek Berry/Pool Photo via AP)
China's national flags flutter during the Forum on China-Africa Cooperation (FOCAC) summit at the Great Hall of the People in Beijing, Thursday, Sept. 5, 2024. (Adek Berry/Pool Photo via AP)
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China Says Hopes Europe Can Meet it Half-way, Promote Stable Economic Ties

China's national flags flutter during the Forum on China-Africa Cooperation (FOCAC) summit at the Great Hall of the People in Beijing, Thursday, Sept. 5, 2024. (Adek Berry/Pool Photo via AP)
China's national flags flutter during the Forum on China-Africa Cooperation (FOCAC) summit at the Great Hall of the People in Beijing, Thursday, Sept. 5, 2024. (Adek Berry/Pool Photo via AP)

China hopes Europe can meet it half-way and promote healthy and stable economic and trade ties, a spokesperson for the Chinese foreign ministry said on Thursday.

When asked about Spanish Prime Minister Pedro Sanchez's comments that the European Union should reconsider proposed import tariffs on Chinese-made electric vehicles, foreign ministry spokesperson Mao Ning said: "China appreciates Sanchez's objective and rational thinking."
"China has been seeking solutions that can be accepted by both sides," said Mao at a regular press briefing.

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Gold Gains on Fed Rate Cut Hopes

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Gains on Fed Rate Cut Hopes

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose on Thursday on expectations of a US Federal Reserve rate cut next week, while palladium hit its highest in more than two months due to supply concerns from top producer Russia.
Spot gold was up 0.3% at $2,517.88 per ounce by 0942 GMT, supported by the 21-day moving average at $2,505, Reuters reported.
US consumer prices rose marginally in August, but underlying inflation signaled some stickiness, which could result in the Fed delivering a smaller 25-basis-point cut at its meeting next week.
"Judging by gold's reaction to the latest US inflation data, it seems as if today's expectations of moderately lower US interest rates are sufficient to support prices around current levels of $2,500 per ounce at least in the short term," said Carsten Menke, an analyst at Julius Baer.
Traders are waiting for the US Producer Price Index (PPI) for August, the initial jobless claims print due later today and the consumer sentiment data on Friday for more clues on the Fed's path.
Palladium gained 0.6% to $1,014 per ounce. It earlier hit $1,030.68, the highest since July 8, on supply concerns after Russian President Vladimir Putin on Wednesday said that Moscow should consider limiting exports of uranium, titanium and nickel.
"Palladium is the market that is up for a short-covering rally. Putin did not mention palladium. But since the metal is a by-product of Russian nickel production, such export curbs could drive down production of both metals and deepen the current deficit in the palladium market," said WisdomTree commodity strategist Nitesh Shah.
Russia's Nornickel is the world's largest producer of palladium and a major producer of platinum, accounting for 41% and 12% of global mining output, respectively.
Spot silver added 0.4% to $28.81 and platinum gained 0.3% to $953.79.