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On April 1st, it was reported that Kong Yanshuang, former General Manager of Tesla China, has joined Xiaomi, taking over the sales responsibilities from Li Xiaorui, the former Director of Automotive. The transition is currently underway. Kong Yanshuang previously oversaw sales planning in China at Tesla and possesses extensive market experience. Another employee with a Tesla background, "Eason," also joined Xiaomi at the same time, joining Xiaomis strategic advisory team. Xiaomis automotive retail system has always referenced the Tesla model; the addition of several Tesla-affiliated executives is expected to further enhance Xiaomis automotive retail capabilities and lay the foundation for responding to market changes.April 1st - On April 1st, with the strong support of relevant Cambodian departments, the Ministry of Public Security dispatched a working group and successfully extradited Li Xiong, a core member of the Chen Zhi criminal syndicate, from Phnom Penh, Cambodia back to China. This is another significant achievement in law enforcement cooperation between China and Cambodia. Investigation revealed that Li Xiong was formerly the chairman of Huiwang Group, a subsidiary of the Prince Group, and is suspected of multiple crimes including operating casinos, fraud, illegal business operations, and concealing criminal proceeds. Currently, Li Xiong has been placed under coercive measures according to law, and the relevant cases are under further investigation. A relevant official from the Ministry of Public Security stated that several core members of the Chen Zhi criminal syndicate have been apprehended, and the public security organs will continue to intensify their efforts to resolutely bring fugitives to justice. At the same time, they reiterated their warning to criminals to recognize the situation, repent before its too late, and surrender themselves to the authorities as soon as possible to receive lenient treatment.Benchmark gives Microsoft (MSFT.O) a "Buy" rating with a target price of $450.April 1st - Emerging market assets rebounded sharply, boosted by signals of de-escalation from the US and Iran. The MSCI Emerging Markets Index rose over 3%, while a similar index measuring emerging market currencies also gained 0.7% – both on track for their first gains in five days. The willingness expressed by Trump and Iranian authorities to ease hostilities significantly boosted market sentiment. Michael Wan of MUFG Bank wrote in a report that despite persistently high oil prices, risk appetite and a “rebound in Asian currencies” have become apparent. He stated, “We remain cautious in our positioning because we remain skeptical about the path to a lasting peace agreement.”The Israeli military stated that its operations in Iran are ongoing and are quite extensive.

S&P 500 Index, NASDAQ Composite Attempting to Recover from Knee-jerk Reaction to Hot Labor Market Report

Florala Chen

Dec 05, 2022 15:43



As traders attempt to recover earlier losses, the tech-heavy NASDAQ Composite and the benchmark S&P 500 Index are down late in trading on Friday but still much above their intraday lows.


As investors changed their bets in anticipation of a more hawkish-than-expected Federal Reserve response to a positive U.S. job market report, U.S. stocks declined and U.S. Treasury yields increased.


The November Non-Farm Payrolls report, which showed employers increasing wages amid worries of a recession and hiring more people than anticipated in November, is the driving force behind the price movement.


The blue-chip Dow Jones Industrial Average is currently trading at 34294.50, down 100.51 or -0.29%, at 19:00 GMT. The NASDAQ Composite Index is trading at 11394.84, down 87.61 or -0.76%, and the S&P 500 Index is at 4054.08, down 22.49 or -0.55%.

Jobs Hotter Than Expected Report

In contrast to economists' predictions of 200,000 jobs, the U.S. Labor Department reported that nonfarm payrolls expanded by 263,000 jobs last month. Additionally, average hourly wages rose by 0.6% from 0.5% in October. Traders have a 0.3% increase factored in. The Unemployment Rate, the report's lone positive point, remained constant at 3.7% even though the Fed would have preferred an increase.


According to the data, employers appear unconcerned about rising interest rates. They must first believe they need the people, and they must also be sure they can turn a profit even in an environment with rising interest rates.

Leading the Job Gains Were the Leisure and Hospitality Sectors

According to the report's internal statistics, the industry that added the most jobs, 88,000, was leisure and hospitality. Since consumers are traveling and dining out after being quarantined due to the pandemic, this is not really surprising.


Surprisingly, the building sector generated 20,000 jobs as well, despite the housing sector suffering from four straight rate rises of 0.75 percentage points.

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