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August 18th - It has been reported that following the requirement for new account openings to confirm the source of funds as legitimate overseas, some Hong Kong banks have begun initiating a declaration process for the source of funds for some existing mainland investment clients. HSBC Hong Kong has recently issued notices to some existing mainland investment clients, requiring them to submit a "Declaration of Account Opening/Maintenance" through the HSBC Hong Kong App by September 12th and update their contact information. The declaration includes confirmation that investment funds come from legitimate sources outside mainland China and that the bank may disclose personal data as required by law enforcement or regulatory authorities. The notice also states that if the declaration is not submitted by August 20th, investment-related services may be suspended; if it is still not submitted by September 12th, investment-related services may be terminated. In response, an HSBC spokesperson stated on August 18: "We comply with relevant regulatory requirements when managing investment client relationships. Therefore, we invite relevant mainland China investors to provide self-declarations confirming that the information they provided in Know Your Customer (KYC) and Client Due Diligence is up-to-date and valid. This helps us to continue providing uninterrupted services to our clients." HSBC emphasized that this latest declaration requirement only applies to investment service clients.The Malaysian Ministry of Finance announced that the 2027 budget will be submitted to Parliament on October 9.The European-Mediterranean Seismological Centre reports a 5.7-magnitude earthquake off the coast of Chiapas, Mexico.August 18 - According to Irans Tasnim News Agency, Iranian Parliament Speaker Qalibaf will lead a high-level parliamentary delegation to Iraq today to discuss regional developments, strengthen strategic cooperation between Tehran and Baghdad, and explore solutions to jointly achieve stability and security in West Asia.August 18th - According to the Guangdong Sub-Administration of the General Administration of Customs, from January to July, customs in Guangdong Province processed 186,000 applications for tax refunds upon departure, totaling 1.69 billion yuan, representing year-on-year increases of 6.4 times and 1.2 times respectively. Electronic products and clothing were the most popular items for travelers applying for tax refunds. The Guangdong Sub-Administration of the General Administration of Customs stated that it will further optimize customs clearance services, strengthen inter-departmental coordination, and improve the convenience of processing tax refunds upon departure.

S&P 500 Price Forecast – Stock Markets Wait for Jerome Powell

Alice Wang

Feb 01, 2023 15:58

S&P 500 Technical Analysis

The S&P 500 initially pulled back during the trading session on Tuesday to reach to the 200-Day EMA. The 200-EMA is of course an area where a lot of people pay close attention to, especially as it is near the 4000 level. The 4000 level is obviously a large, round, psychologically significant figure that people will pay close attention to. If we break down below there, we could break down to the 50-Day EMA, but the fact is that we have so much in the way of noise out there and events over the next couple of days, it’s difficult to get overly enthusiastic about anything.


At this point, we have to think about the FOMC Meeting that is going on over the next 48 hours. The market will have to wait to see what Jerome Powell has to say, and whether or not he squashes risk appetite. I think he will try to do so, but it’s worth noting that the market has completely ignored him for the most part. On the other hand, and if they do something to really spook the market, we could see a significant selloff.

The bullish case scenario is they completely ignore him and break above the 4100 level. Breaking above the 4100 level opens up the possibility of a move to the 4200 level. Either way, I think there is going to be a lot of choppy volatile markets. With that being the case, I think you get a situation where you need to be cautious and nimble, and probably wait until after the press conference on Wednesday as there will be a lot of shenanigans played between now and then by options traders pushing the market around.



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