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On July 1st, the "Implementation Plan of Guangzhou Municipality for Strengthening and Optimizing the Tax Refund Policy for Outbound Tourists" was released for public comment. The plan includes increasing the coverage of tax refund shops. It encourages more qualified shops to register as tax refund shops, continuously optimizing spatial layout. Building on full coverage in all 11 districts, it will continue to promote the addition of tax refund shops in various key inbound consumption venues, focusing on expanding to key commercial districts, scenic spots, markets, and ports with high concentrations of overseas tourists, as well as shops with distinctive local characteristics, high-quality brands, time-honored enterprises, tourist attraction shops, souvenir shops in cultural and museum sites, shopping shops in theme parks, and shops around international sports stadiums. A one-time reward will be given based on tiers for shops that issue 50 or more single applications for tax refunds or "instant refund" within each six-month period.Li Auto delivered 30,895 vehicles in June.July 1st - The 62-day national railway summer transport season started today (July 1st) and will end on August 31st. During the summer transport season, the national railway is expected to transport 1.01 billion passengers, with an average daily passenger volume of 16.29 million.July 1st - Marcel Thieliant, Head of Asia Pacific at Capital Economics, stated that the Bank of Japans Tankan survey released earlier reinforced its case for a rapid interest rate hike. He pointed out that the overall index measuring the business sentiment of large manufacturers jumped to +22, the highest level since the global financial crisis. "The business sentiment of large non-manufacturing companies was already at its highest level since the early 1990s in the first quarter, but still rose slightly further to +37 from +36," he added. Furthermore, businesses inflation expectations for the next five years climbed to 2.6% from 2.5%, a figure that "supports the views of those within the Bank of Japan who have warned of upside risks to inflation."Crude oil futures contract 2608 weakened during the session, with the decline widening to 2.01%, and last quoted at 452.8 yuan/barrel; the trading volume was approximately 21.662 billion yuan, with an increase of nearly 1,300 lots in open interest during the day, and the market volatility increased.

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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