ECB executive board member Patsalides said time is undoubtedly working against us on inf.

On the eve of the Fed's rate decision, spot gold eased to about $4,020/oz in early trade, extending the prior session's decline. Fed swaps imply roughly a one-third probability of a 25bp hike, an unusually high level of near-term uncertainty. Policymakers may be caught between softer-than-expected June inflation and renewed US-Iran hostilities this month that have pushed oil prices higher; since the US-Iran conflict began five months ago, gold has fallen nearly 25%. Dip buying has kept prices anchored near the $4,000/oz support level since late June.

【高盛仍看多日本AI板塊：暴跌後反成買入良機】高盛表示，日本AI相關股票的急劇拋售已創造買入機會，並認爲強勁的盈利前景可能重振投資者對半導體股票的興趣。高盛首席日本股票策略師Bruce Kirk表示，此輪迴調降低了盈利打動投資者的門檻，使得許多AI相關股票處於業績超預期可能對股價產生更大影響的水平。他表示：“只要你認爲地緣政治局勢不會出現實質性惡化，目前水平似乎是增持某些頭寸的好時機。我們認爲人工智能的故事還沒有結束。”Kirk預計投資者關注點將回歸基本面。“最終，一切將取決於盈利，”他表示。“在比6月底低得多的水平上，強勁的業績應能讓投資者重新聚焦於AI的盈利故事。”不過，Kirk預計短期內波動仍將持續，因投資者倉位依然擁擠。高盛主經紀商數據顯示，對衝基金對日本的總持倉和淨持倉佔比均處於五年區間的98%以上，爲歷史極高水平。