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On June 19th, a ceremony was held in Antananarivo, the capital of Madagascar, to mark the delivery of meteorological equipment donated by China. The donation, made through a UNDP-implemented livelihood project in Madagascar, included a batch of weather warning and information technology equipment. Madagascar, the largest island in Africa, is located in the western Indian Ocean. Its rainy season and tropical cyclone season run from December to March. In addition to heavy rainfall and tropical cyclones, the country also faces the long-term threat of natural disasters such as floods and droughts, severely impacting its economic and social development and the lives of its people.June 19 - According to TankerTrackers, a maritime news agency, Iran exported approximately 18 million barrels of crude oil, worth about $1.44 billion, in the past five days.On June 19, the Afghan Ministry of Defense claimed that its air force had conducted airstrikes overnight on multiple hideouts in neighboring Pakistans Khorasan province used by the extremist group ISIS. Pakistan denied the claims on the same day. The Afghan Ministry of Defense issued a statement on social media stating that all pre-selected high-value targets in the operation were hit; these targets were located in Pakistans Balochistan and Khyber Pakhtunkhwa provinces. The locations were "used to plan and coordinate attacks against Afghanistan." Pakistans Ministry of Information and Broadcasting issued a statement on June 19 denying the claims. The statement said that a drone from Afghanistan violated Pakistani airspace in the Khyber region, and was identified and immediately shot down by the Pakistani Air Forces early warning and defense system. The statement also claimed that ISIS camps and several other terrorist organizations are actually located within Afghan government-controlled areas and are funded and operated by personnel within the Afghan government.On June 19th, the Guangdong Provincial Peoples Government issued a notice titled "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan includes fostering and developing general aviation transportation, actively developing low-altitude logistics, strengthening provincial and municipal coordination in the management of low-altitude flight activities, and accelerating the formation of a low-altitude cross-border logistics network connecting Hong Kong and Macau. It also supports railway transportation enterprises in deepening cooperation with social logistics companies, strengthening policy support for high-speed rail freight, launching general cargo freight trains, and expanding the general cargo transportation market. The plan actively explores cross-city collaborative transportation and autonomous driving transportation scenarios. Finally, it aims to improve the pipeline transportation network and promote substantial connectivity between the Pearl River Deltas inner ring pipeline network and the provincial pipeline network.On June 19th, the Guangdong Provincial Peoples Government issued the "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan proposes to control new supply, reduce inventory, and optimize supply through city-specific policies. This includes improving the adaptability of housing supply, optimizing the accuracy of housing purchase subsidies, continuously conducting sales promotions for commercial housing, and encouraging promotion outside the province. The plan also calls for the orderly advancement of "good housing" construction and the improvement of public service facilities for real estate development projects. It actively promotes the "sell old, buy new" and "sell small, buy large" approach to commercial housing, implements cross-bank mortgage transfers for second-hand homes, supports qualified enterprises in acquiring second-hand homes, and streamlines the exchange chain between new and second-hand homes. The plan also promotes the conversion of commercial and office buildings for accommodation, shopping malls, medical facilities, and elderly care, thereby reducing the inventory of commercial and office buildings. Furthermore, it intensifies efforts to promote urban renewal, continuously advancing the renovation of old urban residential areas and the construction of complete communities (future communities), supporting the original demolition and reconstruction of old housing and independent renovation, and promoting the housing voucher resettlement model in the new model of urban village renovation.

As Fed worries eclipse earnings, the market closes

Haiden Holmes

Oct 21, 2022 14:19

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On Thursday, U.S. shares closed lower due to job market numbers and comments from a U.S. official. A member of the Federal Reserve confirmed forecasts that the central bank will swiftly raise interest rates, despite a surge in outstanding corporate earnings.


IBM (NYSE:IBM), up 4.73% after the IT services giant beat quarterly profit estimates on Wednesday and said it expected to meet full-year sales growth targets, contributing to early market gains. After its annual profit forecast was raised, AT&T Inc (NYSE:T) climbed 7.72%.


However, the markets were unable to sustain their gains as high weekly unemployment claims and comments from Federal Reserve Bank of Philadelphia President Patrick Harker fuelled fears of a Fed rate hike and a potential recession.


As long as high inflation remains, according to Harker, the Fed will continue to boost its short-term rate target, contributing to the rise in the yield on 10-year U.S. bonds. At 4.239%, the Treasury note yield has achieved its highest level since June 2008.


"Interest rates cause equities volatility, that's how we've viewed things all year," said Zachary Hill, portfolio management head at Horizon Investments in Charlotte, North Carolina. Observing a fall in interest rate volatility is a precursor to observing a lull in the equities market and becoming more comfortable with taking on further risk.


I am not certain that we will be able to observe the halt that some Fed officials and market players have pointed to.


The Dow Jones Industrial Average down 90.22 points, or 0.3%, to 30,333.59, while the S&P 500 dropped 29.38 points, or 0.80%, to 3,665.78 and the Nasdaq Composite fell 65.66 points, or 0.61%, to 10,444.84.


The profit growth forecast for the third quarter of S&P 500 companies is now 3.1%, up from 2.8% earlier in the week, but far lower than the 11.1% increase forecasted at the beginning of July.


Tesla (NASDAQ:TSLA) fell 6.65% after the electric-vehicle manufacturer announced that fourth-quarter deliveries increased by less than the projected 50%.


This year, as the Federal Reserve works to combat persistently rising inflation, concerns about the impact of the Fed's aggressive path of interest rate hikes on company earnings and the broader economy have grown.


According to supplementary statistics, existing home sales fell for the eighth consecutive month in October, while factory activity in the region served by the Federal Reserve Bank of Philadelphia decreased once again.


At its November meeting, the U.S. central bank will likely announce a fourth consecutive 75 basis-point rise, with a remote chance of a one-percentage-point increase.


The volume on U.S. exchanges was 11.37 billion shares, compared to the 20-day daily average of 11.62 billion shares.


On the NYSE, declining issues outnumbered those that were gaining by a ratio of 2.12 to 1; on the Nasdaq, the ratio was 1.34 to 1.


The S&P 500 posted three new 52-week highs and twenty-eight new lows, while the Nasdaq recorded fifty-three new highs and two hundred thirty-nine new lows.

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