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Amazon (AMZN.O) has opened its first Canadian disaster relief center in Edmonton, specifically to deal with wildfire disasters.On July 22, it was reported that Chinas Ministry of Science and Technology and the European Commission recently signed a new round of joint research funding agreements between China and the EU. According to the agreement, from 2025 to 2027, China and the EU will focus on areas such as "Agricultural, Food and Biodiversity Solutions" (FAB) and "Climate Change and Biodiversity" (CCB), jointly funding practical R&D projects between Chinese and European universities, research institutions, and enterprises to address global challenges such as climate change and provide technological solutions for achieving carbon neutrality and green, low-carbon development. As per the agreement, China will implement the joint funding mechanism through the "Key Project for Intergovernmental International Science and Technology Innovation Cooperation" under the "National Key R&D Program," while the EU will implement the joint funding mechanism through "Horizon Europe."Crude oil futures contracts rose in the short term, with SC crude oil extending its gains to 5.43%, currently trading at 559.5 yuan/barrel. Low-sulfur fuel oil (LU) rose by 5.09%, currently trading at 4930 yuan/ton. Fuel oil rose by 4.97%, currently trading at 3801 yuan/ton.July 22 - Data released on Wednesday showed that UK inflation slowed more than expected in June, reducing the likelihood of a Bank of England interest rate hike, causing the pound to fall. The June inflation rate fell to 2.6%, but core inflation remained at 2.6%, compared with economists previous forecasts of 2.7% and 2.5%. Aberdeen Investments economist Felix Feather noted in a report: "Household energy bills have not yet fully reflected the energy price shock this summer, and the UKs Gas and Electricity Markets Office (Ofgem) raising price caps will push inflation higher again in the coming months."July 22nd - Since 2026, the consumer goods trade-in policy has continued to demonstrate its effectiveness, stimulating market vitality and driving consumption upgrading. Data from the Ministry of Commerce shows that in the first half of 2026, the consumer goods trade-in program cumulatively boosted sales of related goods to 1.1 trillion yuan, benefiting 150 million people. Specifically, 3.707 million cars were traded in; 63.266 million home appliances were traded in; 79.098 million digital and smart products were purchased; and 19 local governments implemented their own category subsidy policies, boosting sales of related goods by 992,000 units.

S&P 500 Drops More Than 2% As Traders Rush To Take Profits After Recent Rally

Cory Russell

Aug 23, 2022 14:37

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The Jackson Hole Symposium is being prepared for by traders.


As traders grabbed gains ahead of the Jackson Hole Symposium, which begins on August 25, the S&P 500 came under heavy pressure at the beginning of the week and dropped below the 4150 mark.


Concerns about the impending recession, a strong currency, and increasing rates have all helped to fuel the sell-off. However, it seems that after the robust comeback from June lows, traders were looking for a reason to cut their long holdings.


Bulls are concerned that Fed Chair Jerome Powell, who is set to speak on Friday, would say anything excessively hawkish even if the FedWatch Tool shows that there is a 56.5% likelihood of a 75 bps rate rise.


A 100 bps rate increase now seems very improbable, but traders often experience anxiety when they wish to take some winnings off the table.


Stocks of semiconductor companies fall as yields increase.


Stocks of semiconductor companies took a beating, and Intel dropped to multi-year lows. Today, rivals like AMD and NVIDIA have also seen a 3–4% reduction.


Although the price of certain companies in this market category, such as NVIDIA, has been heavily discounted, semiconductor stocks have been under pressure for months. They could be more susceptible to increasing rates at high valuation levels.


Ford pressured Dow Jones as it said it will eliminate 3,000 employees. Ford said that it intended to concentrate on software and electric cars.


The market is concerned that employment losses indicate that the demand for autos is not as robust as first anticipated. Manufacturers of electric vehicles like Tesla and Rivian have also declined today.


As AMCstock fell on concerns about Cineworld's insolvency, it was a hot day for fans of meme stocks. Concerns regarding Bed Bath & Beyond's financial stability caused the firm to lose more than 15% of its value. Meme stock prices may have difficulties as a result of the current market mood; they may come under more pressure in the future trading sessions.


In general, today's energy was the only place to hide. Due to the robust performance of the oil and natural gas markets, energy equities have gained support. Chesapeake and Range Resources' stock prices moved nearer to their annual highs.

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