Odaily Afternoon News

Odaily News: Gold prices drifted lower within a rangebound trading pattern, as a stronger dollar and hawkish remarks from Federal Reserve officials further reinforced market expectations of monetary policy tightening. The dollar rose to a two-month high, making dollar-denominated gold more expensive for investors holding other currencies.Ole Hansen, Head of Commodity Strategy at Saxo Bank, said: "Gold continues to trade within the established narrow range of $4,300 to $4,400. Fed officials' remarks and their impact on U.S. interest rates, bond yields, and the dollar, along with oil price movements, are collectively providing the main directional cues for short-term traders." Richmond Fed President Barkin said on Tuesday that interest rate hikes and the threat of further increases could dampen businesses' inflation expectations and cool price increases without actually weighing on economic activity.

Odaily News: As market concerns grow that rising inflation and interest rates will erode corporate profits, stock analysts have turned net bearish on the U.S. corporate earnings outlook for the first time in months. A Citigroup index shows that the number of analysts cutting earnings estimates has exceeded the number raising them for the first time in 23 weeks, ending the longest streak of earnings upgrade revisions since September 2021. Morgan Stanley strategist Michael Wilson warned earlier this week that if stock valuations continue their recent downward trend while further increases in energy prices prompt tighter monetary policy, the S&P 500 could face a decline of as much as 7%.

Odaily News: Nasdaq-listed Solana treasury company Forward Industries announced that it has signed a securities purchase agreement with an institutional investor to issue 3.125 million shares of common stock at $8 per share, with expected gross proceeds of approximately $25 million. The offering is expected to close on or about September 24. Forward Industries stated that the net proceeds after deducting related fees will be used to purchase more SOL to expand the scale of its SOL treasury, while also increasing the amount of SOL corresponding to each fully diluted share. A.G.P./Alliance Global Partners is acting as the sole placement agent for this offering. (Globenewswire)

Odaily reports: Glassnode posted on X platform stating that the Bitcoin "four-year cycle" pattern that the market previously relied on has not manifested in this bear market. Data shows that drawdowns in the past three cycles all exceeded twice that of the current cycle, and there are still several weeks remaining before the cycle low; in contrast, BTC in this cycle has currently only retraced about 30% from its all-time high, and the price is recovering. Glassnode stated that as time goes on, it seems increasingly unlikely that a decline of the same depth as in past cycles will occur in the later stages of this cycle.

Odaily reports that Galaxy has announced a $100 million allocation of sUSDS into the Sky treasury, alongside the purchase of SKY tokens. This transaction further deepens the lending collaboration between the two parties. (The Block)

Odaily reports: U.S. President Trump recently once again advocated cutting U.S. interest rates to 1% or even lower, arguing that lower financing costs can boost corporate investment, reduce government debt costs, and enhance U.S. economic competitiveness. Meanwhile, on September 16, the Federal Reserve raised the target range for the federal funds rate by 25 basis points to 3.75%-4.00%, the first rate hike since July 2023. Boston Fed President Collins subsequently expressed support for the hike, saying that inflation risks remain above the Fed's 2% target and that monetary policy needs to remain somewhat restrictive to bring inflation down sustainably. (Reuters)