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It is reported that several trust companies recently received the "Interim Measures for the Administration of Asset-Serviced Trusts (Draft for Comments)" issued by regulators. The Measures, comprising six chapters and forty-seven articles, not only clarify the definition, business classification, and operating principles of asset-serviced trusts, but also stipulate that trust companies must strictly adhere to the provisions of these Measures in conducting asset-serviced trust business and are prohibited from using the name of asset-serviced trusts to substantively conduct asset management trust business. The Measures also explicitly require that the investment amount of a single asset-serviced trust in the same asset shall not exceed 25% of the paid-in capital of the trust, except for bank demand deposits, treasury bonds, central bank bills, policy bank bonds, and local government bonds, and except for securities investments made entirely according to the composition ratio of relevant indices. Non-standardized assets of a single entity and its related parties are considered as the same asset and the aforementioned ratio is calculated collectively. For private asset management products where asset-serviced trusts invest in underlying assets involving non-standardized assets, trust companies must thoroughly identify the non-standardized assets and calculate the aforementioned ratio accordingly.On April 22, Hu Jinglin, Director of the State Taxation Administration of the Peoples Republic of China, met with Daniel Egorov, Head of the Federal Tax Service of the Russian Federation, in Beijing on April 21. The two sides held in-depth exchanges on topics such as the digital transformation of tax administration, BRICS tax cooperation, and the establishment of a tax administration cooperation mechanism under the Belt and Road Initiative. During the meeting, Director Hu Jinglin and Head Egorov jointly signed the "Memorandum of Understanding on Cooperation between the State Taxation Administration of the Peoples Republic of China and the Federal Tax Service of the Russian Federation."On April 22nd, Baidu Union officially launched the "Nebula Project" at its conference, opening up its Orion AI engine to the entire industry. MCP service revenue is shared with developers, and manufacturers can directly integrate it according to industry-specific modules. Xiaomi, Honor, and Vivo, among other mobile phone manufacturers, have already joined. Baidu Orion is a universal AI search service solution open to partners. Relying on Wenxin Assistant, through Master Agent and multi-skill orchestration, it can call upon Baidu search and services in e-commerce, tourism, and health, achieving a closed loop from information acquisition to task delivery.Futures News, April 22nd - According to foreign media reports, data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending April 18th, Japans commercial crude oil inventories were 8,867,118 kiloliters, a decrease of 34,864 kiloliters from the previous weeks 8,901,982 kiloliters. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel. The operational capacity utilization rate of Japanese refineries in the week ending April 18th was 74.90%, compared to 75.90% the previous week. The designed capacity utilization rate of refineries was 68.40%, compared to 67.80% the previous week. Before the oil supply disruptions caused by the US-Israel-Iran conflict, Japanese refinery operating rates had exceeded 80%.On April 22, the State Administration for Market Regulation (National Standardization Administration) approved and released two national standards in the field of meteorological disaster prevention and mitigation: "Dust Weather Warning Levels" (GB/T28593—2026) and "Guidelines for Public Meteorological Disaster Prevention Behaviors - Lightning" (GB/T47319—2026). These standards aim to further strengthen the resilience of the whole society in meteorological disaster prevention, build a sound national meteorological safety defense line, effectively protect the safety of public life and property, and maintain social security and stability.

NASDAQ Composite Treading Water Ahead of US Congressional Elections, CPI Data

Steven Zhao

Nov 08, 2022 17:10

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With many of the major players staying away ahead of Tuesday's U.S. congressional elections and Thursday's significant consumer inflation report, the major U.S. stock indices are trading mixed near the midpoint of the session on Monday.


The blue-chip Dow Jones Industrial Average is currently trading at 3262.61, up 159.39 or +0.49%, at 17:00 GMT. The tech-heavy NASDAQ Composite is trading at 10441.84, down 33.41 or -0.32%, while the benchmark S&P 500 Index is at 3771.75, up 1.20 or +0.03%.


If the GOP wins, a split government will result.


Republican presidential candidate Joe Biden's strategy, which may include potential broad tax increases and a windfall tax on energy companies, may be hampered by a split government, analysts say, with the GOP capturing the House of Representatives and possibly the Senate.


According to Wells Fargo economists, "in this election outcome scenario, we doubt we would make any significant revisions to our projections for GDP growth, inflation, or the federal funds rate as a result of the election."


Instead, investors see a status quo and political deadlock that prevent significant policy changes as a positive outcome for stocks.

CPI Data Available

Traders are preparing for a potential surprise in Thursday's consumer price index (CPI) report following Friday's unexpected increase in the jobless rate in the United States.


On a historical basis, economists anticipate that inflation will once more register at extraordinarily high levels.


According to FactSet, the consensus CPI report projection predicts an increase in inflation of 0.7% for October. It is anticipated that the so-called core rate of inflation, which doesn't include volatile food and energy prices, will increase by 0.5%. That would come after a reading of 0.4% for the CPI as a whole and 0.6% for the core CPI in September.


According to Factset, the consensus CPI projection calls for an annualized increase in the CPI of 8.0% and an increase in core inflation of 6.5%. From the September data, when the annual inflation rate was 8.2% overall and 6.6% for core, that would only indicate a small set of gains.

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