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On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.On May 30, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Canadian Foreign Minister Anand in Ottawa on May 29. Wang Yi stated that China is willing to work with Canada to maintain the correct direction of bilateral relations. He emphasized deepening cooperation in areas such as energy, finance, and law enforcement, and welcomed Canadas participation as the guest of honor at the China International Import Expo. He also stressed the importance of vigorously promoting cultural and local exchanges to solidify the public opinion foundation of bilateral relations. Finally, he called for strengthening multilateral communication and coordination to jointly reform and improve global governance.The Central Bank of the Philippines predicts that the annual inflation rate in May is likely to be between 7.1% and 7.9%.U.S. Defense Secretary Hergsays said the bold move was out of strategic necessity.

Asian stocks follow Wall Street higher ahead of Fed meeting

LEO

Oct 25, 2021 14:07

By Kevin Buckland and Kane Wu

TOKYO (Reuters) - Asian stocks rose on Tuesday, tracking Wall Street's advance to record highs, as investors anticipated the U.S. Federal Reserve and other central banks meeting this week will keep policies accommodative to help drive a post-pandemic global economic recovery.

European shares looked set to extend the global rally, with pan-region Euro Stoxx 50 futures up 0.2% and FTSE futures 0.5% higher in early deals. On Monday, the STOXX 600 index touched its highest level in more than a year before ending flat. E-mini futures for the S&P 500 edged up 0.04%.

An index of Asia-Pacific share markets excluding Japan strengthened 0.69%, led by a 1.2% jump in Australia's benchmark S&P/ASX 200 index.

Japan's Nikkei 225 gained 0.5% to just below the closely watched 30,000 mark, while the broader Topix added 0.65%.

China's blue chip CSI 300 index climbed 0.55%, and Hong Kong's Hang Seng gained 0.46%.

"The rally in stocks has to do with expectations that as we hear from central banks this week, they'll be reiterating a message they've already made clear, which is they are unconcerned about the inflation outlook," said Michael McCarthy, chief markets strategist at CMC Markets in Sydney.

"Whether or not that will last is a key question. We’ve seen sentiment reverse sharply several times over the past two or three weeks, particularly in bond markets. But for right now, the sun is shining and equity gains reflect that."

On Monday, the S&P 500 and Dow Jones Industrial Average both soared on gains in travel stocks as mass vaccinations in the United States and congressional approval of a $1.9 trillion aid bill fueled investor optimism.

Longer-term U.S. Treasury yields slipped further on Tuesday, as the market looked ahead to government debt auctions and the Fed's two-day policy meeting, which will conclude on Wednesday.

The benchmark 10-year yield, which reached a more than one-year high of 1.642% last week, was back at 1.125%.

The earlier surge in yields stemmed from investors speculating that rising inflation expectations could prompt the Federal Open Market Committee to signal it will start raising rates sooner than expected.

Fed policymakers are expected to forecast that the U.S. economy will grow in 2021 by the fastest rate in decades, as it recovers from a coronavirus-stricken 2020.

The Bank of England also meets this week on Thursday, while the Bank of Japan wraps up a two-day gathering on Friday.

On Wall Street, the Dow Jones Industrial Average rose 174.82 points, or 0.53%, to 32,953.46, the S&P 500 gained 25.6 points, or 0.65%, to 3,968.94 and the Nasdaq Composite remained unchanged to 0.00.

Airline shares rose as the companies pointed to concrete signs of an industry recovery as vaccine rollouts help spur leisure bookings.

The outlook for post-pandemic recoveries continued to diverge between the U.S. and Europe.

President Joe Biden's order to make vaccination available to all adults by May 1 contrasted with stuttering rollouts in Germany, France and elsewhere, where use of the AstraZeneca (NASDAQ:AZN) vaccine has been suspended due to concerns over possible serious side effects.

However, Kyle Rodda, an analyst at IG Markets, said the prospect of a slower economic recovery in Europe didn't appear to be a major handicap for investors.

"It doesn't seem to be the view that this is a real risk," he said. "Investors are wary, but not worried."

In currencies, the U.S. dollar held small gains from overnight, with caution evident ahead of the central bank meetings.

The greenback was largely flat at 109.19 yen, after rising as high as 109.365 on Monday for the first time since June.

The euro was little changed at $1.1930, languishing for an eighth session below the closely watched $1.20 level.

Bitcoin continued its slide from a record high of $61,781.83 reached on Saturday, last trading 2.42% weaker on the day at around $54,304.


U.S. West Texas Intermediate crude for April changed hands at $64.81 a barrel, down 58 cents. Brent crude futures for May stood at $68.31 a barrel, losing 57 cents.


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