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On October 12, the National Development and Reform Commission publicly solicited opinions on the "Interim Measures for the Registration and Administration of Public Data Resources (Draft for Public Comments)". The National Bureau of Statistics will strengthen the registration and administration of public data resources, promote the standardization of registration services, and establish and improve the public data resource directory based on registration information and government data directories. Build a national public data resource registration platform, connect with provincial public data resource registration platforms, and promote the interconnection of registration information. Implement "one certificate, one code" for electronic certificates nationwide to support the query and sharing of registration information.On October 12, the heads of relevant departments of the State Financial Supervision and Administration Bureau answered questions from reporters on the "Management Measures for Syndicated Loan Business". The key revisions to the "Measures" include: First, clarifying the regulatory orientation, requiring banks to better support the development of the real economy when conducting syndicated loan business, and effectively prevent and resolve risks. Second, enriching the syndicated organization model, optimizing the distribution ratio and secondary market transfer rules, and improving the convenience of conducting syndicated loan business. Third, standardizing the principles and methods of syndicated charges, and further improving the syndicated pricing mechanism. Fourth, more systematic requirements are put forward for the management of syndicated loans. In addition, this revision changed the "guidelines" to "measures" and added relevant content such as supervision and management.The State Financial Supervision and Administration Bureau issued the Management Measures for Syndicated Loan Business.On October 12, the Peoples Republic of China and the Lao Peoples Democratic Republic issued a joint statement, which mentioned that the two sides will accelerate the implementation of the memorandum of understanding on industrial cooperation, focusing on strengthening cooperation in the fields of automobiles, consumer goods, raw materials, photovoltaics, and electronic information industries. The two sides will further strengthen trade exchanges and enhance the scale and level of trade. Jointly implement the zero-tariff arrangement for 100% of Laotian tariff items exported to China. Promote the "single window" cooperation of China-Laos international trade and promote the export of more high-quality Laotian agricultural and food products to China. Strengthen the construction of infrastructure such as ports, improve the level of customs clearance facilitation, promote bilateral economic and trade cooperation and personnel exchanges, and help the social and economic development of border areas.On October 12, at the 3rd OpenHarmony Technology Conference, the open source Hongmeng OpenHarmony 5.0 Release version was officially pre-released. In addition, 32 OpenHarmony technology clubs made their debut and the first batch of 30 OpenHarmony developer associations were launched.

S&P 500 Rebounds From Session Lows As Energy Stocks Rally

Jimmy Khan

Nov 04, 2022 16:57

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As major tech companies hit new lows, the NASDAQ Composite seeks to settle below the 10,700 mark.

Big Tech Stocks Continue to Be Under Stress

As traders responded to the ISM Non-Manufacturing PMI data, which fell short of analyst forecasts, the S&P 500 recovered from session lows.


Energy stocks took the lead in the recovery from session lows today due to robust support. In today's trading session, ConocoPhillips, APA Corporation, and Marathon Oil all saw gains of 6–7%.


ConocoPhillips had significant price appreciation after exceeding analyst expectations, boosting the dividend, and expanding its share repurchase program by $20 billion.


Despite missing analyst profit expectations, Etsy increased by 14%. The firm gave a positive prognosis for the last quarter of this year, which caused the stock to rise.


Booking increased by 5% with the release of the $6.05 billion in sales and the higher-than-expected adjusted profits of $53.03 per share.


Fidelity National Information Services, which was down 25% following the publication of its quarterly report, was under a lot of pressure due to weak guidance.


Leading tech companies including Apple, Alphabet, and Amazon had declines of 2% to 3%. Meta Platforms, meanwhile, tested fresh lows at $88.50.


If the mega cap companies continue to experience pressure, the whole market will not be able to develop a sustained upward trend. Traders are nonetheless concerned that rising interest rates may harm the bottom lines of powerful corporations.


While the IT industry leaders seemed unstoppable during the coronavirus crisis, their stocks were under a lot of pressure from rising interest rates, a stronger currency, and a slowing global economy. Traders should continue to watch the large tech stocks' movements for hints regarding the S&P 500's future course.