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On January 13th, Daiwa Securities issued a report raising its target price for WuXi Biologics (02269.HK) from HK$35.5 to HK$42, maintaining a "Buy" rating. The bank raised its 2025-2027 EPS forecasts for WuXi Biologics by 1% to 5%, based on expected increases in new projects and continued operating expense leverage. It also raised its 2028-2032 revenue forecasts by 3% to 7%, based on project growth trends. Daiwa noted that WuXi Biologics added 128 net new projects last year, exceeding the banks forecast of 105. Gross new projects totaled 209, half from US clients, and two-thirds were bispecific/multispecific antibodies and ADCs. The potential total milestone for new contracts signed last year could reach up to US$4 billion. The company completed 28 PPQs last year and already has 34 scheduled for this year.On January 13, in response to the U.S. State Departments demand on January 12 that U.S. citizens immediately leave Iran, Foreign Ministry spokesperson Mao Ning stated at a regular press conference that China hopes and supports Iran in maintaining national stability. "We consistently oppose interference in other countries internal affairs and oppose the use or threat of force in international relations. We hope all parties will do more to promote peace and stability in the Middle East," Mao Ning said. "We are closely monitoring the developments in Iran, and we will take all necessary measures to protect the safety of Chinese citizens."The Ministry of Human Resources and Social Security and four other departments recently jointly issued a notice on regulating the posting of recruitment information on online platforms, further standardizing the online recruitment order. The notice requires strengthened supervision of online recruitment service licenses; for-profit human resources service agencies posting recruitment information or online platforms providing recruitment information posting services to employers must obtain a human resources service license in accordance with the law. Online platforms must fulfill their primary responsibility, strengthen account registration management, verify the real identity information of applicants, classify and verify the qualifications of certified accounts, set special labels, and clearly display qualifications and certification information on the account homepage. The notice clarifies that online platforms must standardize the format of recruitment information, ensuring that posted recruitment information is truthful and legal, and strictly prohibiting the illegal diversion of traffic under the guise of recruitment information. It also emphasizes strengthening the regulation of online behavior of recruitment service accounts, enhancing dynamic monitoring of recruitment information postings, and promptly detecting and handling illegal and irregular activities.On January 13th, Beike issued an internal notice outlining self-discipline requirements across its entire platform, reiterating its neutral market perspective, and requiring all employees and participants to strictly adhere to the companys values and practice a neutral market approach, strictly following the "Three Musts and Six Prohibitions." Internally, violations will be severely punished. The "Three Musts" focus on service standards, including providing honest and professional services to help stabilize the market, ensuring the authenticity of property listings and fulfilling contractual obligations, and providing comprehensive and objective information to assist users in making rational decisions. The "Six Prohibitions" cover strictly prohibiting subjective speculation and pessimistic pronouncements about the market, strictly prohibiting the distorted interpretation of relevant national policies, and prohibiting the dissemination of false information.On January 13th, the Jiangsu Provincial Government issued the "Jiangsu Province Artificial Intelligence+ Action Plan." The plan outlines the creation of high-quality datasets. It coordinates the construction and promotion of high-quality datasets across industries, and releases a series of initiatives requiring developers to take on challenges. The plan also emphasizes increasing the supply of data resources, promoting the open sharing and trading of high-quality datasets and corpora, strengthening data intellectual property protection, exploring data property rights systems adapted to the development of artificial intelligence, and achieving data cost compensation and revenue distribution based on value contribution. It supports eligible regions in issuing "corpus vouchers."

Wall Street Mixed Ahead of Friday’s US Jobs Data; Energy Stocks Drop 3.6% on Oil Price Decline

Skylar Shaw

Aug 05, 2022 15:39

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Indices Are Mixed, and Energy Stocks Are Hurt Due to the Declining Oil Price

On Thursday, the major US stock indexes were uneven, with the Nasdaq 100 index rising 0.44 percent to new highs over 13,300 since early May, the S&P 500 maintaining flat at 4,150, and the Dow falling 0.26 percent to close to 32,725 points. A near 6.0 percent increase in Advanced Micro Devices and a more than 2.0 percent increase in Amazon's share price were the main drivers of Nasdaq 100 outperformance. While this was happening, Walmart's near 4% decline and Chevron's almost 3% decline weighed on the Dow.


Chevron was hardly the only US oil company to suffer; in fact. Exxon Mobil had a decrease of almost 4.0 percent, while the S&P 500 Energy GICS sector as a whole lost 3.6 percent. This was due to additional drops in the world's oil markets and a dimming demand forecast. WTI dropped to below $90 per barrel, its lowest point since February 2014, just before Russia invaded Ukraine.


The price of Coinbase Global's stock increased by 10% at the close of business on Thursday as a result of the announcement that global asset management firm Blackrock would provide its customers with access to cryptocurrency trading services via Coinbase's institutional platform, Coinbase Prime. Shares of COIN had increased by as much as 44% throughout the day at one point.

Investor Attention Turns to the NFP Data on Friday

Wall Street was neutral on Thursday, but none of the main indexes experienced significant swings outside of previous levels due to investors' caution ahead of the Friday publication of important US job market data. The assumption that US inflation has peaked and the notion that the labor market is now weakening as the US economy slows are just two emerging economic storylines that recent data has shown are forming.


The second of these two storylines was in fact strengthened on Thursday by new data showing an increase in US weekly unemployment claims, perhaps putting pressure on the US currency and US rates. Traders will consider Friday's data in light of how it contributes to these stories. It may be more confident in a less aggressive Fed tightening forecast if the pace of job increases slows from June's 372,000 and the pace of average hourly wage growth moderates from June's 5.1 percent YoY.


Given that the battle against inflation is far from being won, Fed officials have been careful this week to caution the markets not to get ahead of themselves by betting on rate decreases in 2023. The Fed's Loretta Mester signaled that the bank is open to another 75 basis point rate rise in September, depending on the data, and said that the Fed would need to see many months of inflation drifting down before the central bank would take its foot off the throttle in terms of tightening.

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