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February 10th – The first meeting of the China-Cambodia Public-Private Sector Dialogue Mechanism was held on February 9th in Phnom Penh, the capital of Cambodia. Cambodian Deputy Prime Minister Sun Chanthol and other government officials and business representatives from both countries attended the meeting. Sun Chanthol expressed his gratitude to Chinese enterprises for their outstanding contributions to Cambodias economic and social development and hoped that both sides would actively respond to the demands of Chinese enterprises in Cambodia through the dialogue mechanism, creating a favorable environment for Chinese enterprises to expand their investment in Cambodia. Chinese Ambassador to Cambodia Wang Wenbin stated that this meeting has set a good precedent for the smooth operation of the China-Cambodia Public-Private Sector Dialogue Mechanism and hoped that both sides would continue to uphold the spirit of pragmatism, professionalism, and cooperation to safeguard and develop the common interests of China and Cambodia. At the meeting, China and Cambodia exchanged frank and in-depth views on resolving issues faced by Chinese enterprises in Cambodia, including taxation, customs clearance, and labor issues.On February 10th, five departments—the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Ministry of Housing and Urban-Rural Development, the State Administration for Market Regulation, and the State Intellectual Property Office—jointly issued the "Guideline for the Construction of a Standard System for the Science and Technology Service Industry (2025 Edition)." The guideline proposes that by 2027, more than 40 new national and industry standards for the science and technology service industry will be formulated, initially establishing a standard system that meets the high-quality development needs of the service industry, and conducting standard implementation work for more than 1,000 enterprises. By 2030, more than 80 new national and industry standards for the science and technology service industry will be formulated, basically establishing a standard system that meets the high-quality development needs of the service industry, with the effectiveness of standards serving enterprises becoming more prominent.The Federation of Automobile Dealers Associations of India (FADA) predicts that retail car sales will continue to grow steadily over the next three months.Federation of Automobile Dealers Associations of India (FADA): (View on near-term outlook) Demand remains visible across all market segments; cautiously optimistic.On February 10th, some netizens discovered that typing "Yuanbao" in WeChat chat would trigger a lucky bag event. Some even shared screenshots showing they received a red envelope (cash reward) directly deposited into their WeChat Wallet. Testing revealed that not every lucky bag contained a cash reward; some led to a page prompting users to "Go to Yuanbao to participate in the Share 1 Billion Yuan in Cash activity." Clicking "Go Now" on this page led to an "Open/Download Yuanbao" page, and clicking again redirected to the Yuanbao App (if already downloaded) red envelope activity page. This appears to be related to Yuanbaos previously mentioned "optimized and adjusted sharing mechanism."

S&P 500 Moves To Session Lows After Hawkish Comments From Fed Officials

Skylar Shaw

Nov 29, 2022 15:46

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Chinese protests and Fed speakers lower market sentiment

As traders reacted to protests in China and hawkish remarks from Fed officials, the S&P 500 ended the day below the 4000 mark.


Protests erupted in China after a fire in the Xinjiang province claimed the lives of 10 people. Protesters felt that anti-coronavirus precautions were to blame for the fire victims' delayed assistance.


Markets worry that China's zero-COVID policy and protests will increase economic pressure and cause more supply chain problems. These worries caused WTI oil to reach yearly lows, but oil markets recovered on December 4 amid speculations of a probable OPEC+ output cut.


Additional pressure was applied on market sentiment by Fed speakers. Fed's Williams stated that by the end of 2023, the jobless rate could reach 5% and inflation would still be too high. He stated that the Fed should keep raising interest rates.


Williams also said that the Fed would start lowering interest rates in 2024, which the market found to be excessively hawkish given that it had hoped the Fed would begin doing so in the second half of 2023.


Bullard of the Fed stated that the markets were underestimating the likelihood of increased interest rates. He said the rates have to be increased by at least 5%.


Tech equities, which are susceptible to shifts in the market's appetite for risk, were the main drivers of today's decline. In today's trading session, Apple, Microsoft, and Meta all experienced a slight decline of roughly 2%.

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