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August 21 – As US-Iran peace talks remain stalled and the security situation in the Middle East deteriorates, shipping traffic in the Strait of Hormuz decreased on Thursday compared to the previous day. Preliminary data from ship tracking company Kpler showed that seven cargo ships passed through the Strait of Hormuz on Thursday, down from 14 on Wednesday; four entered the strait, and three left. Data showed that no Very Large Crude Carriers (VLCCs) or liquefied natural gas (LNG) carriers passed through this narrow sea passage on Thursday. However, a VLCC carrying propane and butane exited the strait via the Iranian route.Oppenheimer raised its price target for Marwell Technology (MRVL.O) from $250 to $300.On August 21, the Ministry of Finance issued a notice on further improving fiscal and financial coordination policies to boost domestic demand. The notice stipulates that the annual maximum amount of interest subsidies for loans to small and micro enterprises that a single borrower can receive from a single lending institution will be increased from 50 million yuan to 75 million yuan. The annual maximum amount of interest subsidies for loans to service industry operators that a single borrower can receive from a single lending institution will be increased from 10 million yuan to 20 million yuan. The annual maximum cumulative interest subsidy for personal consumer loans and credit card installment payments that each borrower can receive from a single lending institution will be increased from 3,000 yuan to 5,000 yuan.The Ministry of Finance announced that the scope of agencies handling the loan interest subsidy policy for small and micro enterprises and the loan interest subsidy policy for service industry operators will be expanded to 21 national banks and city commercial banks, rural cooperative financial institutions, private banks and foreign banks with a financial regulatory rating of 3A or above.On August 21, the Ministry of Finance issued a notice on further improving fiscal and financial coordination policies to boost domestic demand. The notice stipulates that newly issued working capital loans to eligible small and medium-sized private enterprises will be included in the scope of the SME loan interest subsidy policy, with the central government providing an annualized interest subsidy of 1 percentage point on the principal of the working capital loan for a period not exceeding two years. New credit card installment businesses, including special installment plans, consumer installment plans, and cash advance installment plans, will also be included in the scope of the personal consumer loan fiscal interest subsidy policy, with a subsidy rate of 1 percentage point per annum.

Dow Futures Rise Subsequent to Indices' Extinction

Kate Ward

Sep 27, 2022 14:32

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Futures for U.S. shares were trading higher on Monday evening, after key benchmark indexes extended down for a sixth consecutive day as investors continued to flee amid increasing interest rates and recession fears.


Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures were all trading 0.2% higher about 7:20 p.m. ET (11:20 p.m. GMT) on Tuesday.


Tuesday's session will be dominated by the CB consumer confidence, the house price index, and durable goods orders.


In the meantime, mounting currency fears are further lowering risk appetite as the US Dollar surged to fresh record highs against the British pound and to 20-year highs against the Euro in the wake of last week's aggressive interest rate hikes by the U.S. Federal Reserve.


The Dow Jones Industrial Average plummeted 239.6 points, or 1.1%, to 29,260.8 during normal trade on Monday, touching its lowest level since November 2020. The S&P 500 plummeted 38.2 points, or 1%, to 3,655.1, its lowest closing since December 2020, while the NASDAQ Composite slid 65 points, or 0.6%, to 10,802.9, extending to three-month lows.


On the bond markets, 10-Year United States interest rates were 3.928%, barely below 12-year highs.

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