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Pinduoduo will hold an earnings call in ten minutes.A spokesperson for the British Prime Minister said that Britain hopes to establish an ambitious and close relationship with the European Union.According to Hong Kong Stock Exchange filings, Xiaomi Group (01810.HK) repurchased 1.8 million Class B shares on August 24, at a cost of HK$50.8 million.On August 24, the Payment & Clearing Association of China issued the "Self-Discipline Convention for Smart Agent Payment Applications." The convention proposes that member units should explore establishing a "Know Your Customer (KYC)" mechanism to identify and verify the identity of smart agents accessing the payment chain, implement real-name management for users of smart agent payment application services, and clarify the correspondence between smart agents and users through agreements and other means.On August 24th, to promote the safe and standardized development of artificial intelligence technology in the payment and settlement industry, prevent security risks associated with technology applications, and protect the legitimate rights and interests of consumers, the Payment & Clearing Association of China (PCA) has formulated the "Self-Discipline Convention for Intelligent Agent Payment Applications." After widely soliciting opinions from member units, the convention was reviewed and approved at the second meeting of the fifth Standing Council of the PCA and is now being implemented. The convention stipulates that for intelligent agent payment applications involving core aspects of payment business such as account management, transaction processing, and fund clearing and settlement, related business should be conducted by licensed institutions such as banking financial institutions, non-bank payment institutions, and clearing institutions. Member units should bear primary responsibility for the security of users accounts and transactions, funds, and information, in accordance with the principle of "whoever provides payment services is responsible."

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.