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US-listed companies TIGR.O and FUTU.O fell sharply in pre-market trading, with TIGR.O dropping more than 10% and FUTU.O falling more than 5%.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Operations." The plan outlines a two-year concentrated rectification period to clean up existing illegal businesses. During this period, overseas institutions are prohibited from illegally providing services such as buying and selling, and transferring funds into China for existing investors; only one-way selling and fund transfers are permitted. After the concentrated rectification period, overseas institutions will completely shut down their websites, trading software, and related services in China, and will be prohibited from illegally providing trading services to existing investors within China.The China Securities Regulatory Commission and eight other departments announced that, after two years of concentrated efforts, measures to eliminate illegal cross-border business activities include prohibiting overseas institutions from conducting marketing and solicitation activities related to securities, futures, and fund businesses in China, as well as providing related account opening, transaction order processing, fund transfer, and other trading services. Domestic entities are also prohibited from assisting overseas institutions in illegally conducting marketing and trading services, and from providing them with website and trading software development and operation, customer service, etc.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Management Activities." The overall requirement of the plan is to completely eliminate illegal cross-border operations by overseas securities, futures, and fund management institutions after two years of concentrated rectification, achieving the rectification goal of "resolutely eliminating illegal activities and steadily clearing existing ones." The targets of the rectification include overseas institutions illegally operating securities, futures, and fund businesses across borders; domestic affiliates or partners assisting overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. Illegal cross-border operations by overseas institutions will be banned according to law, and violations of laws and regulations concerning foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection by relevant entities will also be included in the rectification scope.The Hang Seng Index closed up 219.51 points, or 0.86%, at 25,606.03 on Friday, May 22; the Hang Seng Tech Index closed up 100.67 points, or 2.11%, at 4,869.57; the H-share Index closed up 75.55 points, or 0.89%, at 8,550.87; and the Red Chip Index closed up 4.29 points, or 0.1%, at 4,438.3.

Silver Prices Are Under Pressure as Yields Increase

Larissa Barlow

Apr 22, 2022 09:58

Silver prices have continued to fall as benchmark rates have risen in anticipation of tighter monetary policy. Benchmark rates continue to rise as Fed Chair Powell addresses the International Monetary Fund. This situation has developed as investors express anxiety about rising inflation and a more hawkish monetary policy stance.

 

Gold prices fell as government yields continued to rise and the market became more risk-averse. Oil prices rose higher in a limited range following the IMF's downgrade of economic growth forecasts and supply disruptions from Libya.

 

Weekly unemployment claims totaled 184,000, down 2,000 from the prior week. Dow Jones estimated the number at 182,000. The data indicates that the labor market continues to be tight.

 

Job vacancies and demand for workers outstripped the labor pool. While the job market has improved, it has not yet returned to pre-pandemic levels.

 

The Philadelphia Manufacturing Index, which tracks order placement, delivery timelines, and shipments, was 17.6. This reading indicated a ten-point fall from March. delivery schedules. Manufacturing increased, but at a slower pace than predicted. 

Technical Evaluation

Silver prices are under pressure, lingering near the $26.5 mark, as bearish sentiment continues to weigh on the safe-haven metal. Despite growing inflation, silver prices continue to decline. A recovery attempt may run into opposition at the critical psychological level of $25.00, but an upward advance will be met with additional selling.

 

Support is located near the low of April 5th, around $24.25. Resistance is located near the $25.30 10-day moving average. Short-term momentum is bearish, as the fast stochastic has crossed below the zero line, signaling a sell signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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