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On May 31, a meeting was held in Shanxi Province to deploy a special campaign to address safety risks and hidden dangers in coal mines. The meeting, held on May 30, was attended and addressed by Lu Dongliang, Deputy Secretary of the Provincial Party Committee and Governor of Shanxi Province. The meeting emphasized that the lessons learned must be heeded and the consequences of past mistakes must be absorbed. All levels of government and departments across the province must learn from these cases, be inspired by past mistakes, and remain vigilant regarding safety. They must strengthen their sense of urgency, responsibility, and mission in ensuring safety. The meeting stressed the need to always prioritize the people and their lives, and to thoroughly investigate and address safety risks and hidden dangers in the provinces coal mines with a firm resolve, ensuring the effective implementation of the "eight hard measures" for mine safety. The meeting also emphasized focusing on the coal mines with the most prominent problems and concentrated risks, adopting a "zero-tolerance" attitude to accurately investigate and severely crack down on illegal and irregular activities such as hidden working faces, falsified safety monitoring, unauthorized mining beyond permitted layers or boundaries, illegal subcontracting, and failure to implement major disaster management measures. We must fully cooperate with the State Councils accident investigation to thoroughly investigate the cause of the accident, as well as the responsibilities of local management, industry supervision, and enterprises. We must also focus on rectifying prominent problems such as the weak establishment of the concept of safe development, a lack of awareness of the rule of law, failure to implement the responsibilities of "key personnel," insufficient penetration of safety supervision, and lax and lenient law enforcement inspections at the grassroots level.On May 31, the Colombian Ministry of Foreign Affairs issued a statement on May 30, local time, stating that in response to the Ecuadorian governments earlier announcement that it would stop imposing a "safety tax" on Colombian goods, Colombia would lift its trade retaliatory measures against Ecuador and promote the normalization of bilateral economic and trade relations.May 31 - A Bloomberg survey of economists median forecast indicates that the U.S. unemployment rate will remain unchanged at 4.3% in May, while nonfarm payrolls will increase by 89,000. This increase would push the three-month average job growth rate to its highest level in over a year, sparking discussions about a continued acceleration in hiring. Forecasters expect the healthcare sector to maintain its strong momentum, while cyclical sectors such as construction, leisure, and hospitality will also see a recovery, with demand in these sectors likely benefiting from the warm weather of the past month. Manufacturing employment may also be boosted as consumers stockpile goods in anticipation of potential price increases following a potential conflict with Iran.On May 31, according to Iranian state television, Saeed Ajorlou, a member of Irans Media Committee, stated on Saturday that Tehran had not yet approved the final draft of the proposed agreement with the United States, and warned that Iran might withdraw from the agreement if the US failed to fulfill its commitments. In an interview, Ajorlou said that to his knowledge, as of Friday evening, the final text had not been approved, but the differences between the two sides were minimal. He stated, "If the final text is approved, we will enter a 60-day phase of detailed consultations," adding that each of the 14 articles of the agreement contains annexes that require further negotiation. Ajorlou emphasized that the implementation mechanism is more important than the text itself, especially regarding the acquisition of Iranian assets and the fulfillment of commitments by the other side. He stated that the proposed agreement includes a clause allowing Iran to withdraw from the agreement if the other side fails to fulfill its commitments. He indicated that Iran could withdraw from the agreement if violations occur, including breaches of the ceasefire agreement, failure to grant access to Iranian funds, or failure to lift the naval blockade. He added that if commitments are not fulfilled in the initial phase, Iran will reconsider its participation in the proposed 60-day negotiations.The Indian government stated that the current consumption tax rates for gasoline and diesel consumed domestically will remain unchanged.

Stock Bulls Remain Optimistic As Manufacturing Inflation Slows, According to Data

Daniel Rogers

May 16, 2022 11:04

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As data indicates a deceleration in manufacturing inflation, stock market bulls remain exceedingly cautious but are slightly more bullish. The Producer Price Index increased by 11 percent year-over-year in April, which was higher than anticipated but a significant decrease from March's 11.5 percent increase. As producer prices lead consumer prices, the report is generally positive, although markets and the Fed will need to observe a few more months of decreases before pronouncing that inflation is actually moderating.

Inflation

Economists also caution that products inflation may be declining because consumer demand is shifting away from items and toward services, suggesting that high prices may be migrating from one sector of the economy to another. The most recent data indicates that prices for services are increasing at the quickest rate in 30 years, with airfare leading the way. Even if inflation has reached its top, the question is how long it will remain elevated.

 

Chairman of the Federal Reserve Jerome Powell cautioned Monday that the central bank cannot guarantee a "smooth landing" for the economy, citing the tight labor market and continued supply chain disruptions. Powell also emphasized that other "big events," including as Russia's war in Ukraine, are currently playing significant roles that are outside the Fed's control. Powell made the remarks after receiving Senate confirmation for a second four-year term.

 

The target inflation rate of the central bank is still "flexible +2 percent," but a number of officials have hinted that the new norm may be in the range of +2.5 percent to +3 percent. The Core PCE Prices Index, which stood at +5.2 percent in March, is one of the primary (but not the only) indicators used by the Fed to assess the rate of inflation. The April reading is expected to be released on May 27, a couple weeks before the Fed's next meeting on June 14-15.

Data to Monitor

Recent consumer data has sent mixed signals that are difficult to decipher. Since the beginning of the year, sentiment has largely declined, but consumer spending has showed no indications of slowing.

 

On Tuesday of the next week, April Retail Sales will provide an update on consumer spending. Next week, a flurry of new housing statistics will shed light on how significantly increased mortgage rates may be affecting the market. The May NAHB Housing Market Index is released on Tuesday, followed by April Housing Starts and April Existing Home Sales on Wednesday and Thursday, respectively.

 

Home Depot and Walmart will report earnings on Tuesday, followed by Cisco, Lowe's, Target, and TJX Companies on Wednesday; Applied Materials, Palo Alto Networks, and Ross Stores on Thursday; and Deere & Co. on Friday.