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On April 24th, it was reported that from January to March 2026, 13,987 new foreign-invested enterprises were established nationwide, a year-on-year increase of 11%; actual utilized foreign investment amounted to RMB 249.6 billion, a year-on-year decrease of 7.3%. By industry, actual utilized foreign investment in manufacturing reached RMB 71.46 billion, and in services RMB 174.6 billion. Actual utilized foreign investment in high-tech industries reached RMB 102.73 billion, a year-on-year increase of 30.7%, accounting for 41.2% of the total actual utilized foreign investment nationwide, an increase of 12 percentage points compared to the same period last year. Among them, actual utilized foreign investment in R&D and design services, computer and office equipment manufacturing, and electronic and communication equipment manufacturing increased by 127.8%, 88.1%, and 23.8%, respectively. By origin, actual investment in China from Luxembourg, Switzerland, France, and South Korea increased by 96.8%, 50.4%, 42.3%, and 35.2%, respectively (including investment data through free ports).April 24 (Xinhua) -- Iranian Vice President Esmail Saghab Isfahani stated that Iran will retaliate severely against any attack on its energy facilities, according to Iranian sources on the 24th. Speaking at a rally in Eslam Shahr, Iran, Isfahani said that if the enemy misjudges the situation again, Irans strategy will escalate. Irans response to any potential attack will not stop at "an eye for an eye," which is only the first step. "If any Iranian oil well is attacked, we will target the oil fields of countries that launch attacks from their territory," Isfahani said. Isfahani added that Iran is fully prepared to maintain a continuous energy supply, and arrangements in the energy and electricity sectors are in place, so the public need not worry.On April 24th, Tesla (TSLA.O) CEO Elon Musk posted on his social media site X that Tesla has begun production of its Cybercab self-driving taxis, fulfilling a long-promised launch plan. Tesla had previously announced plans to begin production of its latest model this month, envisioning the futuristic Cybercab as part of its self-driving taxi network. This two-door, two-seater sedan, unveiled two years ago, lacks a steering wheel and pedals, requiring certain exemptions from US regulators.A Bank of England survey released on Friday, April 24, showed that British businesses surveyed in April expect prices to rise faster than before the Middle East conflict, but wage growth is expected to slow. A separate report from the Bank of Englands regional agents noted that while businesses are concerned about the conflict, "few businesses currently report a significant impact on their output, business activities and plans." The survey, conducted from April 2 to 17, interviewed approximately 2,030 chief financial officers. Energy prices have surged and remained high since the attacks on Iran in late February. The survey found that businesses expect prices to rise by 3.8% over the next 12 months, up from 3.5% in March. Businesses reported that their pricing rose by 3.7% in the year to April. The anticipated signs of rising inflation will concern Bank of England policymakers, who will meet next week to formulate policy and are expected to keep the key interest rate unchanged at 3.75%.Japanese Prime Minister Sanae Takaichi urged the cabinet to seek new sources of oil imports. It is estimated that approximately 60% of crude oil imports in May will bypass the Strait of Hormuz.

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.