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On May 6th, it was reported that on April 29th, 2026, during the 9th Digital China Summit, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) successfully held a sub-forum in Fuzhou themed "Digital Empowerment of Central Enterprises, Innovation Leading the Future" on enterprise digital transformation. Li Zhen, member of the SASAC Party Committee and Vice Chairman, attended the forum and delivered a speech. Li Zhen stated that the SASAC has thoroughly implemented the decisions and deployments of the CPC Central Committee and the State Council, adhering to policy-driven, organizational-promoted, demonstration-led, and collaborative approaches to deeply advance the digital transformation of central enterprises, achieving positive progress in promoting the digitalization of central enterprise industries and the digitalization of industries. In the future, the SASAC will organize a new round of special actions for digital and intelligent transformation, guide central enterprises in the tiered cultivation of smart factories, strengthen independent innovation in digital technologies, deepen the integration of the digital economy and the real economy, promote the transformation and upgrading of traditional industries, and accelerate the development of new quality productivity.May 6th - According to the National Immigration Administration, during this years May Day holiday, border inspection authorities nationwide handled 11.279 million inbound and outbound passengers, averaging 2.256 million passengers per day, a 3.5% increase compared to last years May Day holiday. The peak day for inbound and outbound clearance occurred on May 2nd, reaching 2.529 million passengers. Among them, 1.255 million were foreigners, a 12.5% increase compared to the same period last year; of the foreigners entering the country, 436,000 were eligible for visa-free entry, a 14.7% increase compared to the same period last year. A total of 531,000 inbound and outbound means of transport (ships, trains, vehicles) were inspected, a 16.6% increase compared to the same period last year.May 6th - Since the end of March, the Philadelphia Semiconductor Index has surged 54%, marking its best 25-day performance since March 2000. Ohsung Kwon, chief equity strategist at Wells Fargo Securities, stated that companies designing, manufacturing, or selling computer chips for high-intensity AI tasks are currently the biggest beneficiaries of large-scale AI infrastructure construction. "Thats the real bottleneck," he said. Kwon indicated that AI trading has entered a healthier cycle, with investors focusing more on monetizing the technology rather than capital expenditure. Last weeks earnings reports from tech giants like Amazon and Google reflected this shift in focus, with traders closely watching whether the massive investments in AI are truly yielding returns. Despite the ongoing AI hype, Wells Fargos sentiment indicator issued a "sell" signal for the first time since November 2021—suggesting that investors should build protective measures for their portfolios after the "sugar rush" in financial markets.Hong Kong-listed AI application stocks showed mixed performance. Meitu (01357.HK) surged over 16%, Kingsoft Cloud (03896.HK) rose over 5%, and Zhixing Technology (01274.HK), Baidu (09888.HK), and Alibaba (09988.HK) all rose over 3%. Meanwhile, 51Vision (06651.HK) fell over 6%, Micro-Robotics (02252.HK) and MyFT (02556.HK) fell over 5.5%, and Xunze (03317.HK) fell over 4%.Hong Kong-listed mainland property stocks continued their upward trend during the session, with China Jinmao (00817.HK) and Yuexiu Property (00123.HK) both rising by more than 6%, Jianfa International Group (01908.HK) rising by more than 5.5%, and China Resources Land (01109.HK), China Overseas Land & Investment (00688.HK), Greentown China (03900.HK), Longfor Group (00960.HK), and many other stocks rising by more than 4%.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

 

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

 

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

 

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

 

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.