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According to Iranian reports, more than 200 enemy aircraft have been shot down in the recent conflict.On August 17th, Alexander Stepanov, a military expert at the Institute of Law and National Security of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), stated that Irans resistance to the US military presence in the Middle East has seriously challenged the feasibility of deploying its carrier strike groups. Stepanov stated that aircraft carriers are among the most expensive tools for projecting US military power, but their effectiveness has been severely diminished due to their inherent weaknesses and the lack of adequate means to protect such large, high-value assets. He further pointed out that the more than 260-day deployment at sea and the inherent vulnerabilities of the ships themselves have placed a heavy burden on the crews. This is the longest mission to date, yet it has yielded almost no substantial military results.On August 17th, according to reports from the Ukrainian Air Force and local officials on social media, Russian forces launched attacks on 16 locations in Sumy, Odessa, and Kharkiv regions from the evening of the 16th to the early morning of the 17th. As of the morning of the 17th, the attacks had resulted in at least two deaths and 11 injuries. The Ukrainian Air Force stated on the morning of the 17th that Russian forces launched 128 drones into Ukrainian territory from the evening of the 16th to the early morning of the 17th. As of 8:30 AM on the 17th, Ukrainian air defense and electronic warfare units had intercepted 106 drones. The Ukrainian State Emergency Service stated on the morning of the 17th that Russian forces launched attacks on Sumy region in the early hours of the day, targeting residential buildings and structures, resulting in two deaths and one injury.On August 17, according to a statement from the Iraqi Kurdistan Regional Governments (KRG) Anti-Terrorism Directorate, at 00:28 local time, two Hadid-110 drones loaded with explosives took off from the Iranian border, targeting the KRG Prime Ministers office and the residence of the KRG Security Director in the Pilm district of Erbil province. No casualties were reported. The statement strongly condemned the attack and act of aggression, reiterating that these actions were "completely unacceptable" and that all perpetrators would be held accountable.On August 17, local time, Yadora Javani, deputy political commander of the Iranian Islamic Revolutionary Guard Corps, said: "The Strait of Hormuz will be reopened once the United States fulfills its commitments under the Islamabad memorandum."

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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