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On September 1, Premier Li Qiang met with a delegation led by John McCain, Chairman of the Board of Directors of the US-China Business Council, at the Great Hall of the People in Beijing. Li Qiang pointed out that the essence of China-US economic and trade relations is mutual benefit and win-win cooperation, and strengthening cooperation is both an inherent need and the right choice for both sides. As long as there is mutual respect and understanding, and strengthened communication and consultation, solutions can always be found. China is willing to actively promote the resolution of the reasonable demands of American companies operating in China and safeguard a fair and competitive market environment in accordance with the law. China also hopes that the US will meet China halfway and take concrete actions to address Chinas concerns, jointly implementing the outcomes of bilateral economic and trade consultations. He hoped that the US-China Business Council would continue to exert its influence to guide various sectors in the US to view Chinas development rationally and objectively, and promote the stable, healthy, and sustainable development of China-US relations.September 1 – On the afternoon of September 1, Premier Li Qiang met with a delegation led by John McCain, Chairman of the Board of Directors of the US-China Business Council, at the Great Hall of the People in Beijing. Li Qiang stated that the US-China Business Council has long been committed to promoting China-US relations and economic and trade cooperation, playing a vital role. With the joint efforts of both sides, bilateral relations are currently maintaining overall stability. In May of this year, President Xi Jinping and President Trump met in Beijing and reached a series of important consensuses. China is willing to work with the US to follow the strategic guidance of the two heads of state, strengthen dialogue and communication, expand mutually beneficial cooperation, properly manage differences, promote the building of a constructive strategic and stable China-US relationship, and strive for more practical results.September 1 - On the afternoon of September 1, Premier Li Qiang met with a delegation led by John McCain, Chairman of the Board of Directors of the US-China Business Council, at the Great Hall of the People in Beijing.September 1st - Despite accusations that Chancellor of the Exchequer John Healy has reneged on his previous commitment to achieving this target, the British military still expects him to pledge 3% of GDP for defense spending by 2030. Sources revealed that the Treasury informed senior military officials weeks ago that it could not announce this target in the October 28th budget, and the decision would be postponed until the multi-year public spending review in 2027. However, the sources indicated that after discussions with Healy, they expect the 3% GDP target for defense spending by 2030 to be announced at that time. Defense spending currently accounts for 2.6% of GDP; increasing it to 3% would require an additional £15 billion annually from the Office for Budget Responsibility, equivalent to raising the basic income tax rate by approximately 2 percentage points. It remains unclear how this additional expenditure will be financed.Market news: The British military expects Chancellor of the Exchequer Healy to increase defense spending to 3% of GDP by 2030.

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

Alice Wang

Aug 30, 2022 15:20

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Stocks Continue to Face Some Pressure

As traders continued to pay attention to Powell's hawkish remarks, the S&P 500 fell below the 4050 mark.


It is not unexpected that tech companies had a poor day given that the yield on 10-year Treasuries has risen back over the 3.10% mark. Apple, Microsoft, Tesla, NVIDIA, Meta, and other well-known IT companies are still under a lot of pressure.


3M Company was the biggest laggard in Dow Jones. The stock is still significantly under pressure because investors are concerned that litigation involving combat earplugs might cost the business up to $100 billion. A court decided on Friday that the bankruptcy of the subsidiary of 3M Business could not bar legal actions against the parent company.


The dominant market sector at the moment is energy equities. Leading energy equities like Exxon Mobil and Chevron received further support as WTI oil rose amid violent demonstrations in Iraq. At the close of today's trading session, the S&P 500 may go higher due to the uptick in the oil sector.

Will There Be Another Sell-Off?

Traders worry that the economy will face severe pressure as a result of the Fed's aggressive rate rises. Since many of the shares in this market category are trading at high valuation levels, tech stocks continue to be sensitive to changes in Treasury yield dynamics. For instance, NVIDIA, which has lost nearly 45% of its value so far this year, is still selling at a projected P/E of 35.


It would be stupid to anticipate that the S&P 500 would continue to decline day after day, despite the fact that increasing Treasury rates and future Fed rate rises are significant negative drivers. There are no indications of significant liquidity issues worldwide, and there should be enough buyers anticipating pullbacks to start positions in American equities. The market may get extra support from the surge in energy equities.


The S&P 500 is attempting to climb back over the resistance of 4040 after failing to go below the 4000 mark. If this effort is successful, the S&P 500 will advance in the direction of the 50 EMA, which is close to the 4080 level. The test of the resistance at 4115 will be possible if a move is made above the resistance at the 50 EMA.


To have a chance of gaining further downward momentum, the S&P 500 has to settle again below 4040 on the support side. S&P 500 is placed at its next support level at 4000. The S&P 500 will move in the direction of the support at 3975 if it is able to settle below this point. If the S&P 500 moves below 3975, it will be forced into the 3945 support level.

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