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On December 21, the French presidential palace stated that it would determine the "best way" for French President Macron to hold dialogue with Russian President Putin "in the coming days." The French presidential palace welcomed Russias statement that Putin was willing to engage in dialogue with Macron, and that France believed the aim of such dialogue was to achieve a "stable and lasting peace," and that the content would be "transparent" to Ukraine and Europe.December 21 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.6-magnitude earthquake struck off the coast of North Maluku province, Indonesia, at 19:21 local time on December 21. The epicenter was located at 1.47 degrees north latitude and 126.34 degrees east longitude, with a focal depth of 27 kilometers.December 21 - On December 21, MiniMax, a general artificial intelligence company, published its post-hearing information set prospectus for the first time.On December 21, Russian Presidential Aide Ushakov told the media that the proposal to hold trilateral talks between Russia, the United States, and Ukraine has not yet been put on the agenda or discussed. He also pointed out that the modifications proposed by Ukraine and Europe to the Russia-Ukraine "peace plan" are not conducive to advancing the agreement. Ushakov confirmed that Russias Special Representative for Foreign Investment and Economic Cooperation, Dmitriev, is currently in Miami holding talks with the US. He revealed that Dmitriev will report on the results of the talks with the US after returning to Moscow. On the same day, Russian Presidential Press Secretary Peskov told the media that President Putin has no plans to speak with US President Trump before the end of the year, but arranging a call would be easy.On December 21st, according to Japanese sources, during a debate program, Itsunori Onodera, chairman of the Liberal Democratic Partys (LDP) Security Research Council, proposed that it is necessary to discuss the definition of the "Three Non-Nuclear Principles." He discussed Japans current reliance on the US "nuclear umbrella," stating, "This is one of the issues that should be discussed." Onodera said the LDP plans to submit a related motion to the Cabinet in February next year to promote discussion in the Diet. The "Three Non-Nuclear Principles" refer to not possessing, manufacturing, or introducing nuclear weapons. Recently, several political parties, politicians, and numerous civic organizations in Japan have called for adherence to the "Three Non-Nuclear Principles" to avoid a repeat of the tragedy of war.

Nasdaq Surges 2.7% As Strong Earnings/US Data Boost Growth Stocks; PayPal Gains 9.0%

Cory Russell

Aug 04, 2022 14:58

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Nasdaq 100, S&P 500 Break Higher Despite Strong Earnings, Strong US Data, and Fed Remarks

The US ISM Services PMI data for July and Factory Orders statistics for June sparked confidence that the US economy is, for the time being, not in recession, and on a bombardment of positive earnings reports, the S&P 500 and Nasdaq 100 indexes burst out to new multi-week highs on Wednesday.


Stocks also took solace from comments made by Fed policymaker Mary Daly, who downplayed the possibility of a further 75 basis point rate hike from the Fed in September. However, she also pushed back (as have other Fed policymakers in the last two days) against overly pessimistic market expectations for the Fed to start reducing interest rates in early 2023.


The S&P 500 index rose 1.6 percent to break over 4,150 for the first time since early June and leave its 100-Day Moving Average, which is located just around 4,120, in the dust. This was a bullish combination for stocks. Bulls are still aiming for a challenge of the highs from early June at 4,180.


While the Dow climbed 1.3 percent to cross back above its 100DMA just over 32,700, the Nasdaq 100 index rose 2.7 percent to reach its highest level since early May in the 13,200s.

Big Tech and Growth Stocks are the Best

The market gain on Wednesday was driven by "growth" firms, including some of the biggest names like Apple, Microsoft, Alphabet, Amazon, and Meta Platforms. The chief investment officer of Bokeh Capital Management, Kim Forrest, advised investors to switch from value equities to growth ones if the economy were not now in recession but neither blazing upward either.


Gains in growth stocks were aided by a nearly 10% increase in PayPal Holding's share price after the payment technology company raised its annual profit projection and reported that activist investor Elliot Management had amassed a $2 billion holding. The S&P 500 GICS sectors with the highest concentration of growth companies, Information Technology, Communication Services, and Consumer Discretionary, all increased by 2.5 percent to 3.0 percent on Wednesday.


Other significant companies that have reported earnings include Starbucks, which rallied after exceeding bottom-line analyst expectations in Q2 amid strong demand for its coffee in the US, CVS Health, the largest US pharmaceutical chain, and Moderna, which jumped after announcing a $3 billion share repurchase program.

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