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On December 30th, the overnight SHIBOR was 1.2470%, down 0.10 basis points; the 7-day SHIBOR was 1.5890%, up 3.10 basis points; the 14-day SHIBOR was 1.8690%, up 21.90 basis points; the 1-month SHIBOR was 1.5850%, up 0.10 basis points; and the 3-month SHIBOR was 1.6000%, unchanged from the previous trading day.On December 30th, it was learned at the National Civil Affairs Work Conference that the Ministry of Civil Affairs, in conjunction with relevant departments, will establish a minimum living allowance standard filing system to prevent phenomena such as "raising standards while reducing the number of people" and "determining the number of people based on monetary compensation." An official from the Ministry of Civil Affairs stated that the next step will be to optimize and upgrade the dynamic monitoring information platform, improve the closed-loop operation mechanism for assistance and support, develop service-oriented social assistance according to local conditions, promptly identify people in need, and accurately implement assistance and support; consolidate and deepen the comprehensive governance of social assistance, and continue to address problems such as "omissions" and "incorrect coverage" to ensure fair and just implementation.On December 30th, Delphi Group stated during an institutional survey that its solid-state batteries have achieved continuous trial production. Furthermore, after debugging, the cells produced during the trial production process have demonstrated good consistency. Regarding downstream applications of its solid-state batteries, in addition to the new energy vehicle market, the company is also developing application scenarios in a wider range of fields, including humanoid robots, two-wheeled electric vehicles, energy storage, and consumer electronics.Hong Kong-listed oil and gas stocks rallied during the session, with CNOOC (00883.HK) and Shanghai Petrochemical (00338.HK) both rising nearly 4%, PetroChina (00857.HK) up nearly 3%, and Sinopec (00386.HK) and others following suit.On December 30th, the Ministry of Commerce issued the "Guidelines for Enterprises Overseas Fulfillment of Social Responsibility." The Guidelines guide enterprises to practice the concept of building a community with a shared future for mankind, implement global development initiatives, global security initiatives, global civilization initiatives, and global governance initiatives, promote high-quality Belt and Road cooperation, deepen international cooperation in industrial and supply chains, improve comprehensive overseas services, enhance the sustainable development level of overseas business, and contribute to the economic and social development of host countries (regions). The Guidelines are a guiding document for enterprises to better fulfill their social responsibilities and are provided for reference by enterprises "going global." In practice, enterprises should closely follow the latest laws, regulations, and policy requirements of my country, host countries (regions), and relevant international organizations, and adjust and improve their corporate social responsibility work accordingly.

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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