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Goldman Sachs now expects the Federal Reserve to keep interest rates unchanged in 2026.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.

Stocks Boosted by Strong Apple, Amazon Earnings, Nasdaq 100 Ends July 12.5% Higher

Cory Russell

Aug 01, 2022 15:50


Exceptional Apple and Amazon Earnings Boost Attitude

Major US indexes experienced strong gains on earnings optimism despite data released on Friday by the US indicating high inflationary pressures in June and elevated wage growth in Q2. These data led to a small rebuilding of Fed tightening bets. Bulls seeking a test of early-June highs in the upper-4,100s drove the S&P 500 up 1.4 percent to 4,130. The Nasdaq increased by 1.8 percent to reach its highest point since May and almost retested the 13,000 mark.


The S&P 500 had its greatest monthly performance since November 2020 with a gain of 9.1 percent. Meanwhile, the Nasdaq 100 index saw its biggest monthly return since April 2020, rising almost 12 percent in July.


After the business provided a positive outlook, Apple's stock price increased by more than 3.0% above its 200-Day Moving Average and reached its highest level since early May. The world's biggest firm by market capitalization said supply chain hiccups are subsiding and that demand for its iPhones is still high.


Meanwhile, after the e-commerce giant predicted robust Q3 sales despite increasing Prime membership fees, neighboring US internet giant Amazon saw its share price rise over 10% and to its highest level since April. The previous two weeks have seen US equities markets benefit significantly from Q2 earnings. 77.8% of the 279 S&P 500 firms who have released earnings results so far, according to Reuters, have surpassed analyst estimates.


The fact that Fed Chair Jerome Powell was less pessimistic during the Fed policy announcement on Wednesday, as well as data released on Thursday showing that the US was already in a technical recession in the first quarter of 2022, were major positives for stocks this week. Investors interpreted these factors as signs that the Fed would be less likely to raise interest rates in the coming quarters.


Markets Rebuild Slightly A flood of US data dropped on Fed Bets Friday. The closely watched US Employment Cost Index increased 1.3 percent QoQ in Q2, indicating that despite the economy's contraction, the labor market remained strong. The PCE price index, the Fed's favored inflation indicator, increased at its fastest YoY rate since 1982 in June, along with a 1.0 percent MoM jump that was the largest since 2005.


Personal Income and Spending both had somewhat stronger MoM growth in June than anticipated, supporting some hope that the US economy could be able to avoid contracting in Q3. After the big data dump, the money market indicated likelihood of another 75 bps rate rise from the Fed increased somewhat to just under 40% from closer to 30% before.


However, the stock markets seemed to be far more interested in optimistic earnings. Health Care (-0.4%) and Consumer Staples (-0.7%) were the only two of the eleven sectors in the S&P 500 GICS sector performance breakdown to show a loss. With increased oil prices and after Chevron and Exxon Mobil announced record quarterly profits, energy was the best-performing sector, up 4.5 percent. The second greatest performance, Consumer Discretionary, increased by 4.2 percent.

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