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Hang Seng Index futures closed down 0.8% at 24,701 points in overnight trading, a discount of 253 points.Iranian Foreign Minister Araqchi spoke with the Saudi Foreign Minister to discuss regional stability issues.On September 11, the Algerian Ministry of Defense announced that, effective from midnight on September 11, all civilian and military aircraft registered in the United Arab Emirates (including inbound and outbound flights) would be prohibited from entering Algerian airspace. However, commercial flights operated by the United Arab Emirates to and from Algiers Houari Boumediene International Airport are exempt and can continue operating until the end of 2026 (the expiration date of existing contracts). Earlier that day, the Algerian Ministry of Foreign Affairs announced that the country had decided to sever diplomatic relations with the United Arab Emirates, effective immediately.On September 11, it was reported that on the morning of September 10 local time, certain members of the UN Security Council, disregarding the significant differences remaining within the Council on related issues, insisted on pushing for the reinstatement of sanctions against Iran and for the Council to hold a meeting on an agenda that had already been terminated. Sun Lei, Chinas Deputy Permanent Representative to the UN, expressed serious concern and strong opposition to this in his statement. Sun Lei pointed out that currently, the US is intensifying unilateral sanctions against Iran, launching a new round of military strikes against Iran, and engaging in mutual attacks between the US and Iran, leading to renewed tensions in the region and severely hindering efforts by all parties to promote peace talks. China is highly concerned and deeply worried about this situation and calls on the US to commit to refraining from military action and to engage in sincere negotiations with Iran. The parties involved should abandon the use of force or the threat of force, and push the Iranian nuclear issue back onto the track of political and diplomatic resolution, seeking the greatest common denominator that takes into account the reasonable demands of all parties, such as achieving a comprehensive and lasting ceasefire, reaching a peace agreement, and resolving the Iranian nuclear issue through political and diplomatic means.On September 11th, according to the Wall Street Journal, Nvidia (NVDA.O) CEO Jensen Huang responded to questions about Nvidias financing arrangements for data center and AI infrastructure projects at a Goldman Sachs conference. When asked whether these investments constituted revolving financing, Huang stated, "I put in $1 and eventually get $100 back. Is that revolving?" He called the deals a "very smart strategy" that helps Nvidia build distribution channels for its technology architecture. Huang emphasized that Nvidias funding for data center projects and AI infrastructure is not a simple money loop, but rather a means to drive the adoption of its architecture in the market.

Asian Stocks Rise; China Plans to Relax COVID Measures; However, Concerns Remain

Aria Thomas

May 30, 2022 11:21

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China's relaxing of several COVID-19 restrictive measures and U.S. markets' greatest week since November 2020 before Monday's Memorial Day weekend sent Asia Pacific stocks higher on Monday morning.


The Nikkei 225 gained 2% by 10:24 p.m. ET (2:24 a.m. GMT), while the KOSPI gained 1.27 percent.


The S&P/ASX 200 increased 0.91 percent in Australia.


Hong Kong's Hang Seng Index rose 2.19 percent .


The Shanghai Composite rose 0.55 percent, while the Shenzhen Component rose 0.04 percent.


Both the S&P 500 and Nasdaq 100 contracts were higher, a possible indication that the rebound could continue. As institutional investors rebalance their portfolios in anticipation for the end of the month, the S&P 500 erased its May losses and ended a streak of seven straight weekly losses.


As the European Union (EU) failed to agree on a revised package of Russian sanctions in response to Russia's invasion of Ukraine on February 24, the dollar remained stable while the euro fluctuate. The U.S. holiday prevents the trading of cash Treasuries in Asia.


China recorded fewer cases of COVID-19 in both Beijing and Shanghai, encouraging the government to relax some restrictions in an effort to stimulate the economy.


After one of the worst starts to the year for global markets, the key question for investors is whether the bottom of the recent selloff is near. Investors have been buying the dip. Concerns continue, however, regarding stricter monetary policies from central banks, growing food inflation resulting from the conflict in Ukraine, and China's COVID-19 measures.


Bloomberg quoted Citigroup (NYSE:C) Australia head of investment experts Maheebeen Zaman as saying, "We are in the midst of a bear market rally."


Treasury yields are expected to peak in 2022, according to Zaman. "I believe the market will trade in a narrow range as investors try to determine how soon the next recession will arrive and how rapidly inflation will decline," he added.


As of Wednesday, the Fed will also begin reducing its $8.9 trillion balance sheet and will also print its Beige Book assessment on regional economic conditions. Presidents John Williams of the New York Fed and James Bullard of the St. Louis Fed will both speak at separate events on Wednesday, with President Loretta Mester of the Cleveland Fed discussing the economic outlook the next day.


Friday, the United States will release its May employment report, including non-farm payrolls. Tuesday will see the release of the Eurozone consumer price index, as well as China's manufacturing and non-manufacturing purchasing managers indexes.


Later in the day, EU leaders will convene in Brussels for a two-day extraordinary conference to discuss the war in Ukraine, defense, inflation, energy, and food security. The Food and Agriculture Organization of the United Nations will also release its monthly food price index on Friday, just as global supply concerns reach their peak.

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