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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.

S&P 500 Futures Continue to Consolidate

Cameron Murphy

Apr 20, 2022 10:22


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Technical Analysis of the S&P 500

During Tuesday's trading session, the S&P 500 dropped down slightly to indicate hints of weakness, but then rallied to challenge the 50 Day EMA. In the end, if we can break over the 50 Day EMA, we'll most likely go for the 4500 level. The market's break over the 4500 level opens the door to a move to the 4600 level, although that level is likely to be tough to reach at this time.


Keep an eye on the interest rate situation in the United States, which will continue to be a key issue, since we have seen so much in the form of a headwind for the stock markets. Keep in mind that the market is going to experience a lot of noise at best, so keep that in mind. I believe that if we break below the hammer from Monday's session, we will be able to break below the 4350 level, which would open up the 4300 level, and then the 4100 level.


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There are lots of unfavorable conditions out there that continue to work against a stronger stock market, so it's understandable that we'll see a lot more selling pressure in the future. If you notice symptoms of fatigue, I believe you should either purchase puts or take gains if you are a "long-only" trader. At best, the market is highly loud, so you should be wary of the volatility and keep your position size minimal.

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