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Indonesian disaster management official: The death toll from the earthquake has risen to 38.On August 15, Iranian Foreign Minister Araqchi stated in an interview with Iranian media that Iran has no intention of extending the ceasefire agreement with the United States and has not yet decided whether to restart negotiations with the US. He asserted that the US has violated the Iran-US memorandum of understanding, and that hostilities have resumed; therefore, there is no such thing as "extending the ceasefire agreement." Araqchi also said that Qatar and Pakistan, as mediators, are exchanging information and maintaining contact with Iran, but this does not mean that negotiations between Iran and the US are underway.August 15th - According to a market survey by investment bank Lazard, investors in the secondary market for private equity fund shares are changing how they evaluate potential software investment targets. While awaiting further clarity on the disruptive impact of AI on business models and valuations, they are often "shifting funds to other investment opportunities." The investment bank stated that the vast majority of respondents (91%) believe that the main moat for software companies to cope with the threat of AI and avoid their products becoming obsolete is "the proprietary data advantage and network effects that are difficult for AI to replicate." Lazard stated that as of June this year, only 4% of respondents indicated that their investment approach in the software industry had not changed.August 15th - According to Canadian sources on the 14th, with the deadline for the US to impose additional tariffs on Canada approaching, tariff negotiations between Canada and the US have reached a stalemate due to significant differences in core interests. It is understood that senior trade officials from both countries have held multiple rounds of intensive consultations in Washington in recent days, but their positions are far apart, and there are currently no signs of reaching an agreement. On July 20th, US President Trump signed several proclamations imposing a 50% tariff on hundreds of specific goods imported from Canada, including wine, hockey sticks, and cement, under Section 338 of the Smoot-Hawley Tariff Act. The new tariffs will take effect on August 19th, Eastern Time. In addition, tariffs imposed by the US on Canadian steel, aluminum, automobiles, and lumber since last year remain in effect.The Israeli military: On Saturday, the Israeli military struck Hezbollah infrastructure in southern Lebanon in response to actions against Israeli soldiers within the security zone.

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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