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Amazon (AMZN.O) has opened its first Canadian disaster relief center in Edmonton, specifically to deal with wildfire disasters.On July 22, it was reported that Chinas Ministry of Science and Technology and the European Commission recently signed a new round of joint research funding agreements between China and the EU. According to the agreement, from 2025 to 2027, China and the EU will focus on areas such as "Agricultural, Food and Biodiversity Solutions" (FAB) and "Climate Change and Biodiversity" (CCB), jointly funding practical R&D projects between Chinese and European universities, research institutions, and enterprises to address global challenges such as climate change and provide technological solutions for achieving carbon neutrality and green, low-carbon development. As per the agreement, China will implement the joint funding mechanism through the "Key Project for Intergovernmental International Science and Technology Innovation Cooperation" under the "National Key R&D Program," while the EU will implement the joint funding mechanism through "Horizon Europe."Crude oil futures contracts rose in the short term, with SC crude oil extending its gains to 5.43%, currently trading at 559.5 yuan/barrel. Low-sulfur fuel oil (LU) rose by 5.09%, currently trading at 4930 yuan/ton. Fuel oil rose by 4.97%, currently trading at 3801 yuan/ton.July 22 - Data released on Wednesday showed that UK inflation slowed more than expected in June, reducing the likelihood of a Bank of England interest rate hike, causing the pound to fall. The June inflation rate fell to 2.6%, but core inflation remained at 2.6%, compared with economists previous forecasts of 2.7% and 2.5%. Aberdeen Investments economist Felix Feather noted in a report: "Household energy bills have not yet fully reflected the energy price shock this summer, and the UKs Gas and Electricity Markets Office (Ofgem) raising price caps will push inflation higher again in the coming months."July 22nd - Since 2026, the consumer goods trade-in policy has continued to demonstrate its effectiveness, stimulating market vitality and driving consumption upgrading. Data from the Ministry of Commerce shows that in the first half of 2026, the consumer goods trade-in program cumulatively boosted sales of related goods to 1.1 trillion yuan, benefiting 150 million people. Specifically, 3.707 million cars were traded in; 63.266 million home appliances were traded in; 79.098 million digital and smart products were purchased; and 19 local governments implemented their own category subsidy policies, boosting sales of related goods by 992,000 units.

Hang Seng Index, ASX200, Nikkei 225: The Markets Respond to the Fed

Cory Russell

Feb 02, 2023 16:15


Market Snapshot

The morning session was upbeat as the Asian equities markets reacted to the Fed's overnight interest rate rise and Powell's news conference. The Fed increased interest rates by 25 basis points to 4.75%, as anticipated. The action put Fed Chair Powell in charge of market risk sentiment, bolstering the Hang Seng Index's positive opening.


Support came from a favorable view of the economy, the state of the job market, and the prognosis for monetary policy. While conceding that the disinflationary process has begun, Fed Chair Powell said the Fed might deliver a couple more rate rises to return inflation to its objective.


The Fed Chair said that there wouldn't need to be "a major downturn, or a very large rise in unemployment" for the Fed Funds Rate to remain below 5% and achieve the inflation objective.


Despite Fed Chair Powell's upbeat prognosis, the US ADP nonfarm job change and ISM Manufacturing PMI statistics underperformed, casting doubt on the economy's prospects.

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