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On July 31st, the National Development and Reform Commission (NDRC) held its July press conference. An NDRC spokesperson stated that to accelerate the planning and construction of the "six networks," the NDRC, together with relevant departments and local governments, has precisely formulated specific plans or implementation schemes for each network, striving to quickly generate tangible results. Next, the NDRC will work with relevant parties to emphasize multi-network synergy, hardware and software synergy, and scenario synergy, expediting the refinement and implementation of specific plans and accelerating construction according to local conditions and industry needs. Jiang Yi, Director of the Policy Research Office and spokesperson for the NDRC, introduced that during the 15th Five-Year Plan period, the planned investment in new power grids exceeds 5 trillion yuan. Through innovation in power grid architecture, transmission and energy storage technologies, and power supply services, it aims to better meet electricity demand and the consumption of new energy sources, and enhance the ability to respond to natural disasters and recover quickly. During the 15th Five-Year Plan period, the planned investment in underground pipeline networks is approximately 5 trillion yuan, which will accelerate the improvement of weaknesses in gas, water supply and drainage, and heating, enhancing the safety and resilience of urban infrastructure and the quality of life for the people.On July 31, Jiang Yi, Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, stated at a press conference that it is necessary to strengthen the monitoring and prevention of artificial intelligence risks, establish and improve the technology monitoring, risk warning, and emergency response system, adhere to the principle that the development of artificial intelligence should be led by people, used by people, and for the benefit of people, and actively respond to the impact of artificial intelligence on economic operation, employment distribution, and other aspects.On July 31, Jiang Yi, Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission (NDRC), stated at a press conference that my countrys independent innovation in artificial intelligence (AI) accelerated in the first half of the year, achieving breakthroughs across the entire industry chain and multiple links. Domestic companies such as DeepMind and Lunar Dark Side released open-source large-scale models with parameters reaching trillions, and the global downloads of domestically developed large-scale models exceeded 10 billion. Going forward, the NDRC will coordinate high-quality development and high-level security to ensure that AI, like a thoroughbred horse, runs both fast and steadily. First, it will accelerate independent innovation, focusing on cutting-edge areas such as the basic theory, training, inference efficiency, multimodal development, and intelligent agents of large-scale models, strengthening basic research and technological innovation. Second, it will emphasize application, accelerating the construction of national AI application pilot bases. Third, it will deepen the ecosystem, vigorously cultivate AI-derived enterprises, and focus on maintaining a dynamic balance between development and security, accelerating the legislative process for an AI law.The yen erased more than half of its gains against the dollar following overnight intervention.On July 31, Zhou Hongwei, Deputy Director of the Department of National Economic Comprehensive Affairs of the National Development and Reform Commission, stated that in terms of quantity, my countrys role as a global economic stabilizing anchor has become increasingly prominent. First, the economic scale has maintained stable growth. In the first half of the year, Chinas GDP grew by 4.7% year-on-year, continuing to rank among the top major economies, with an increase of 3.6 trillion yuan. Recently, while the International Monetary Fund and the World Bank lowered their global economic growth forecasts for this year, they raised their forecasts for my country by 0.2 percentage points, demonstrating the international communitys confidence in my countrys economic development. Second, the economic trend has steadily recovered. While major indicators declined somewhat in April due to external shocks and other temporary disruptions, they rebounded in May and June, with both supply and demand indicators showing improvement. Third, employment and peoples livelihoods have been effectively protected. In the first half of the year, the average urban surveyed unemployment rate was 5.2%, and 6.95 million new jobs were created, both meeting the annual targets.

Following the GDP Miss, the E-mini S&P 500 Has Given Up Some of Its Earlier Gains

Skylar Shaw

Apr 29, 2022 10:19

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Following a good earnings announcement from Meta Platforms, June E-mini S&P 500 Index futures are trading higher immediately after the cash market opens, as the benchmark index seeks to recoup from this month's sell-off.


The June E-mini S&P 500 Index is now trading at 4194.75, up 14.50 points or 0.35 percent, at 14:28 GMT. The SPDR S&P 500 Trust ETF (SPY) is now trading at $418.48, up $1.21 or 0.29 percent.


Following a beat on results, Meta's stock jumped roughly 16 percent, indicating that investors may be seeing indications of reprieve in the battered tech industry. Prior to the announcement, the stock was down 48% year to date.

Increased Wages Sentiment in the Market

In addition to Meta's gains, Qualcomm gained more than 8% on the basis of good results, while PayPal gained over 5% despite providing disappointing second-quarter outlook.


Following their quarterly releases, McDonald's, Merck, Eli Lilly, and Southwest were all up on Thursday.


Despite a positive earnings surprise, Caterpillar's stock dropped roughly 5%. After posting weaker-than-expected earnings, Teladoc's stock dropped by more than 44%.


Traders are unconcerned by the US GDP shortfall.


In economic news, the United States' Gross Domestic Product (GDP) unexpectedly fell by 1.4 percent in the first quarter from the previous year, contrary to the 1 percent rise projected by experts polled by Dow Jones. Some investors dismissed the economic downturn, citing the rise in prices and the trade imbalance as the primary causes.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 4136.75. The major trend will turn to up if the price breaks through 4509.00.


The minor trend is similarly in the negative direction. A trade through 4303.50 will shift momentum to the upside and turn the minor trend to up.

Swing Chart for the Day Technical Prognosis

Trader response to 4220.00 is expected to decide the direction of the June E-mini S&P 500 Index on Thursday.

Possibilities for Growth

The presence of buyers will be shown by a prolonged advance over 4220.25. Taking out the intraday high of 4258.75 would signal that the buying is becoming more powerful. Look for a burst through the resistance cluster around 4299.25 – 4303.50 if this generates enough upward momentum.

Scenario that is bearish

The presence of selling will be signaled by a persistent move below 4220.00. Look for the selling to continue towards 4136.75 if this move creates enough bearish momentum.


Taking out 4136.75 indicates that the selling pressure is increasing. This might lead to a break through the next key bottom at 4129.50, then the year's low at 4094.25.