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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.

Asian Stocks Rise; China Plans to Relax COVID Measures; However, Concerns Remain

Aria Thomas

May 30, 2022 11:21

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China's relaxing of several COVID-19 restrictive measures and U.S. markets' greatest week since November 2020 before Monday's Memorial Day weekend sent Asia Pacific stocks higher on Monday morning.


The Nikkei 225 gained 2% by 10:24 p.m. ET (2:24 a.m. GMT), while the KOSPI gained 1.27 percent.


The S&P/ASX 200 increased 0.91 percent in Australia.


Hong Kong's Hang Seng Index rose 2.19 percent .


The Shanghai Composite rose 0.55 percent, while the Shenzhen Component rose 0.04 percent.


Both the S&P 500 and Nasdaq 100 contracts were higher, a possible indication that the rebound could continue. As institutional investors rebalance their portfolios in anticipation for the end of the month, the S&P 500 erased its May losses and ended a streak of seven straight weekly losses.


As the European Union (EU) failed to agree on a revised package of Russian sanctions in response to Russia's invasion of Ukraine on February 24, the dollar remained stable while the euro fluctuate. The U.S. holiday prevents the trading of cash Treasuries in Asia.


China recorded fewer cases of COVID-19 in both Beijing and Shanghai, encouraging the government to relax some restrictions in an effort to stimulate the economy.


After one of the worst starts to the year for global markets, the key question for investors is whether the bottom of the recent selloff is near. Investors have been buying the dip. Concerns continue, however, regarding stricter monetary policies from central banks, growing food inflation resulting from the conflict in Ukraine, and China's COVID-19 measures.


Bloomberg quoted Citigroup (NYSE:C) Australia head of investment experts Maheebeen Zaman as saying, "We are in the midst of a bear market rally."


Treasury yields are expected to peak in 2022, according to Zaman. "I believe the market will trade in a narrow range as investors try to determine how soon the next recession will arrive and how rapidly inflation will decline," he added.


As of Wednesday, the Fed will also begin reducing its $8.9 trillion balance sheet and will also print its Beige Book assessment on regional economic conditions. Presidents John Williams of the New York Fed and James Bullard of the St. Louis Fed will both speak at separate events on Wednesday, with President Loretta Mester of the Cleveland Fed discussing the economic outlook the next day.


Friday, the United States will release its May employment report, including non-farm payrolls. Tuesday will see the release of the Eurozone consumer price index, as well as China's manufacturing and non-manufacturing purchasing managers indexes.


Later in the day, EU leaders will convene in Brussels for a two-day extraordinary conference to discuss the war in Ukraine, defense, inflation, energy, and food security. The Food and Agriculture Organization of the United Nations will also release its monthly food price index on Friday, just as global supply concerns reach their peak.

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