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February 1st - China Mobile announced that, according to regulations from the Ministry of Finance and the State Taxation Administration, starting January 1, 2026, the applicable tax category for business activities providing mobile data services within China will be changed from value-added telecommunications services to basic telecommunications services, with the corresponding VAT rate increasing from 6% to 9%. This adjustment will impact the companys revenue and profits. The company will adhere to its core business, strive to strengthen and expand its communication services, computing power services, and intelligent services, persist in strengthening its network infrastructure, promote full-stack innovation, deepen lean management and improve efficiency, and accelerate the construction of a world-class technology service enterprise.Ukrainian President Zelensky: Ukraine is documenting Russia’s attempts to disrupt logistics and connectivity between cities and communities.February 1st - SAIC-GM delivered 51,005 vehicles in January 2026, an increase of 8.2% year-on-year. New energy vehicle sales increased by 89.7% year-on-year, and exports increased by 115.1% year-on-year.February 1st - Fushi Holdings announced on February 1st that it recently received a detention notice issued by a national supervisory commission, placing its actual controller, chairman, and general manager, Chen Yongliang, under detention. As of the date of this announcement, the company has not been required to assist in the investigation.February 1st - On February 1st local time, Brigadier General Vahidi, Deputy Commander-in-Chief of the Iranian Islamic Revolutionary Guard Corps, issued a strong statement regarding the regional situation. He emphasized that the mobilization capacity and combat readiness of the Iranian armed forces far exceed the levels seen during the 12-day Iran-Israel war. Vahidi explicitly stated that every move the enemy makes in the region is under Irans comprehensive monitoring and close control. He said, "Our level of preparedness has qualitatively improved compared to the past." Regarding the recent gathering of a US aircraft carrier group in the relevant waters, Vahidi appeared unconcerned. He pointed out that the presence of US aircraft carriers is "not new" and characterized it as a psychological warfare tactic commonly used by the US. He called on all parties to remain calm, stating that it "does not deserve excessive attention."

S&P 500 Facing More Selling Pressure from Fed Tightening

Skylar Shaw

Jun 20, 2022 14:34

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After a dramatic loss the previous day, September E-mini S&P 500 Index futures closed higher on Friday in a tumultuous session, with the benchmark index swinging back and forth over the break-even line.


The "quadruple witching," which refers to the simultaneous expiry of stock index futures, single-stock futures, stock options, and stock index options, increased market volatility.


The September E-mini S&P 500 Index closed at 3675.75 on Friday, up 4.50 points or 0.12%. The SPDR S&P 500 Trust ETF (SPY) finished the day at $365.84, up $0.77 or 0.21 percent.


Leading Indicators and Industrial Production Weaken


In economic news from the United States, the Federal Reserve issued a report indicating that industrial output rose less than predicted in May. The Conference Board's rating on main U.S. economic indicators continued to fall last month, according to a separate analysis.

More Negative Effects Are More Likely

Despite the fact that economic data was poorer than expected, there was nothing in the reports to indicate a recession was on the horizon or to prevent the Federal Reserve from continuing to tighten policy.


On Friday, Fed Chair Jerome Powell said that the central bank is committed to bringing inflation to its target of 2%. This effectively indicates that higher interest rates are on the way.

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