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On June 8th, Guo Fangming, Director of the Economic Construction Department of the Ministry of Finance, stated at a State Council policy briefing that the Ministry of Finance is coordinating various funding channels to support key urban renewal tasks. These include subsidies for urban affordable housing projects, local government special bonds, central government budgetary investment, and ultra-long-term special treasury bonds. During the 15th Five-Year Plan period, the central government will maintain substantial support and continuously optimize policy design to improve the efficiency of fund utilization. In addition to fiscal support, tax support policies will be implemented simultaneously, and eligible urban renewal entities can enjoy existing tax incentives.The Hang Seng Index narrowed its decline to 0.94%, after falling more than 2% earlier in the session, with heavy machinery, food, oil, and dairy stocks performing strongly.On June 8th, Chen Shaopeng, Director of the Department of Building Energy Conservation and Technology of the Ministry of Housing and Urban-Rural Development, stated at a State Council policy briefing that the total length of urban underground pipe networks in my country is currently approximately 3.9 million kilometers, with about 7,700 kilometers of underground integrated pipe corridors already built. During the 15th Five-Year Plan period, approximately 770,000 kilometers of urban underground pipe networks will continue to be constructed and upgraded, including approximately 200,000 kilometers of gas pipelines, 175,000 kilometers of drainage pipelines, 175,000 kilometers of water supply pipelines, 100,000 kilometers of sewage pipelines, and 120,000 kilometers of heating pipelines. This will enhance urban safety and resilience while also stimulating effective investment.On June 8th, Qin Haixiang, Vice Minister of Housing and Urban-Rural Development, stated at a State Council policy briefing that the "15th Five-Year Plan for Urban Renewal" is the first national-level special plan in my countrys urban renewal field, clearly defining the goals, key tasks, and major projects for the 15th Five-Year Plan period. Going forward, local governments will refine their local urban renewal goals, tasks, and measures according to the plan, addressing each issue one by one.On June 8th, Saudi Arabia cut its official selling price for its main crude oil shipments to Asia for the second consecutive month, but the premium for its crude in its largest market remains near its highest level in decades. Saudi Aramco lowered the price of its Arab Light crude for shipments to Asia by $6 per barrel next month, bringing the premium over the average price in Oman and Dubai to $9.50 per barrel. This cut was larger than the $5 per barrel reduction expected by refiners and traders. Global oil markets remain disrupted as negotiations between the US and Iran to extend the ceasefire stall and the Strait of Hormuz remains closed. With tankers stuck in the Persian Gulf and empty ships unable to enter to load new cargoes, the Middle East has drastically reduced production, shutting down oil fields and slowing or halting refinery operations.

S&P 500 Tests Resistance At 4040 Ahead Of Fed Rate Decision

Cory Russell

Dec 15, 2022 15:44

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Trading bets on a less hawkish Fed help the S&P 500 gain ground.


While traders get ready for today's publication of the Fed Interest Rate Decision, the S&P 500 is rising. The technologically oriented NASDAQ Composite is up 0.3%. After yesterday's CPI statistics, the market sentiment is still upbeat.


A decrease in the demand for safe-haven assets is highlighted by the U.S. dollar's recent trading around multi-month lows. If the Fed continues to take a hawkish position, though, the scenario may swiftly shift.


Currently, traders anticipate that the Fed will announce that, in order to safeguard the economy, interest rates would rise gradually starting in 2023. Recent inflation statistics showed that the Fed's rapid rate rises are having the desired effect, but it is unclear if the Fed would adjust its policies in response to the data.


Trading activity indicates that markets have begun to reflect a less hawkish Fed. As a result, the S&P 500 will be very sensitive to any remarks that may be seen as being hawkish.


The market's response, which will occur after the Fed publishes its announcement, should be noted by traders since it won't be the final one. During the press conference, which will begin 30 minutes after the release of the statement, the S&P 500 will also respond to Powell's remarks.

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