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July 2nd - Three mandatory national standards for the photovoltaic (PV) industry were officially approved and released today. These standards establish rigid energy consumption and efficiency constraints across the entire PV industry chain, from silicon materials and wafers to PV modules and inverters. By standardizing these standards, the green management system of the PV industry chain is improved, providing institutional support for the high-quality development of the new energy industry. The Ministry of Industry and Information Technology, in conjunction with the National Development and Reform Commission and the State Administration for Market Regulation, released three mandatory national standards for PV energy consumption and efficiency: "Energy Consumption Limits per Unit Product of Monocrystalline Silicon," "Energy Efficiency Limits and Energy Efficiency Grades for Crystalline Silicon PV Modules and Inverters," and "Energy Consumption Limits per Unit Product of Polycrystalline Silicon and Germanium." These standards cover key links in the PV industry chain, including polycrystalline silicon, wafers, modules, and inverters. They set energy consumption and efficiency indicators for relevant products at different levels, strictly controlling high-energy-consuming and inefficient production capacity at each stage. For modules, the standards innovatively incorporate the coupling environment stress attenuation rate evaluation index. Next, relevant industry organizations will accelerate the dissemination, interpretation, and implementation of these standards to solidify my countrys global competitiveness in the PV industry and support the green and low-carbon transformation of energy and the achievement of "dual-carbon" goals.SK Hynix announced on Thursday that it plans to invest 80 trillion won (approximately US$51.46 billion) to build a new NAND flash memory chip factory, expected to begin operations in 2029, to address the memory chip shortage driven by the AI boom. According to the plan announced at an event attended by the companys CEO and South Korean President Lee Jae-myung, the CEO stated that SK Hynix plans to begin construction of the new factorys M17 phase in Cheongju, South Korea, next year. In addition, the chipmaker plans to invest another 20 trillion won to build a chip packaging plant in Cheongju, expected to be completed by the end of 2027.July 2nd - Market research firm CounterPoint Research predicts that after the launch of Apples first foldable phone, it will capture 29% of global foldable phone screen shipments in 2026.July 2nd - Tencent Wealth Managements current account + 7-day annualized yield ranges from a high of 1.0630% to a low of 0.7850%, WeChat Pays 7-day annualized yield ranges from a high of 1.0070% to a low of 0.9750%, and Alipays Yuebaos 7-day annualized yield ranges from a high of 1.0220% to a low of 1.0010%.Crude oil futures (2608 contract) fell 5.06% intraday, last trading at 437.1 yuan/barrel, with open interest increasing by nearly 2,700 lots, indicating increased volatility 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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