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On June 12th, the Hong Kong Stock Exchange (HKEX) announced that it will expand the price limits for after-hours trading (T+1) of seven stock index futures contracts from the current ±5% to ±6%. The designated contracts include Hang Seng Index futures, Hang Seng Index Dividend Cumulative Index futures, Hang Seng China Enterprises Index futures, Hang Seng China Enterprises Index Dividend Cumulative Index futures, Hang Seng TECH Index futures, Mini Hang Seng Index futures, and Mini Hang Seng China Enterprises Index futures, but exclude Hang Seng Biotechnology Index futures. On June 11th, the HKEX responded that it reviews and adjusts the price limits for futures products periodically, and currently will not adjust the price limits for Hang Seng Biotechnology Index futures. Regarding the objective of this price limit relaxation, the HKEX also responded that the announcement is merely to notify brokers to participate in relevant drills, and the specific implementation time will be notified separately after regulatory approval. The HKEX believes that the adjustment will help ensure smooth market trading and prevent a sharp drop in liquidity during periods of extreme market volatility.On June 12, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked, "French President Macron chaired the Global Convergence for Growth Summit via video link on June 11, and Chinese Vice Premier Zhang Guoqing participated. Could the spokesperson provide further details regarding Chinas participation in this summit?" Spokesperson Lin Jian stated that on June 11, Vice Premier Zhang Guoqing attended and addressed the "Global Convergence for Growth Summit" held in France via video link. Vice Premier Zhang Guoqing pointed out that, facing the current situation, we must prioritize development and promote inclusive growth in the world economy. We must uphold and improve global governance and advance the reform of the international financial system. We must adhere to seeking truth from facts and objectively view the comparative advantages of various countries. We must uphold openness and cooperation and create a free and convenient trade environment.ECB Governing Council member Koch said the ECB will consider further interest rate hikes or keeping rates unchanged in the coming months.On June 12th, according to Qichacha APP, Beijing Yunrui Changshi Technology Co., Ltd. was recently established, with Cai Qiang as the legal representative and a registered capital of 1.6 billion yuan. Its business scope includes: information technology consulting services; non-residential real estate leasing; property management, etc. Qichachas equity penetration analysis shows that the company is wholly owned by Beijing Zitiao Network Technology Co., Ltd., an affiliate of ByteDance.New York gold futures fell 1.00% on the day, currently trading at $4,191.20 per ounce.

The Dow Futures drop following a strong week

Charlie Brooks

Jul 11, 2022 10:59

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After major benchmark indexes completed the week higher, U.S. stock futures dropped during Sunday evening trade as investors anticipated company earnings reports and important inflation data.


By 7:00pm ET (11:00pm GMT), the Dow Jones Futures were down 0.2 percent , the S&P 500 Futures were down 0.3 percent , and the Nasdaq 100 Futures were down 0.4 percent .


Ahead this week, market participants will concentrate on new CPI data, with the inflation rate predicted to hit 8.8 percent, the highest level since December 1981. Investors will examine, among other data releases, retail sales, manufacturing production, Michigan consumer mood, NFIB Small Business Optimism, consumer inflation expectations, producer pricing, export and import prices, and the New York Empire State Manufacturing Index.


PepsiCo Inc (NASDAQ:PEP) and Delta Air Lines Inc (NYSE:DAL) are scheduled to report earnings on Tuesday and Wednesday, respectively, while JPMorgan Chase & Co (NYSE:JPM), Morgan Stanley (NYSE:MS), Wells Fargo & Company (NYSE:WFC), and Citigroup Inc (NYSE:C) are scheduled to report earnings later in the week.


During trading on Friday, the Dow Jones Industrial Average sank 46.4 points, or 0.2 percent, to 31,338.2, the S&P 500 finished 0.3 points, or 0.1 percent, down at 3,894.4, and the NASDAQ Composite climbed for the sixth consecutive day, adding 14 points, or 0.1 percent, to 11,635.3. The Dow rose 1.4 percent for the week, while the S&P 500 climbed 2.7 percent and the NASDAQ gained 6.1 percent .


On the bond markets, 10-Year United States rates jumped to 3.08 percent.


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