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On August 24th, it was reported that some Hong Kong banks have initiated a fund source declaration process for some existing mainland investment clients, setting deadlines such as August 20th (failure to submit may result in suspension of investment services) and September 12th (failure to submit may result in termination of investment services). Previously, at the request of the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority, some banks had already begun requiring newly opened mainland accounts to confirm that the source of funds for investors was from legitimate overseas channels. This new fund source confirmation process targets existing mainland investor accounts, attracting attention and discussion. It is understood that some licensed Hong Kong institutions, including HSBC Hong Kong and branches of Chinese banks in Hong Kong, have indeed taken such measures recently, but primarily targeting long-term inactive accounts.On August 24, Iranian Foreign Ministry spokesman Baghae criticized Washingtons economic policies toward Iran, calling them "a clear example of economic terrorism" aimed at punishing a nation that insists on defending its sovereignty and independence. He reiterated, "Imposing a naval blockade on Iran is considered an act of aggression, and we have warned that any action that cooperates with the illegal actions of the United States will have serious consequences." "Iran will never stand idly by in the face of such actions."On August 24, Iranian Foreign Ministry spokesman Baghae stated that Iran would utilize all bilateral capabilities to counter US economic sanctions, adding that Washington continues to implement this failed policy against Tehran. He said, "Washingtons insistence on using these failed methods will yield no results other than demonstrating US hostility towards the Iranian people, because they are well aware that the direct consequences of these sanctions ultimately fall on ordinary citizens." Baghae emphasized that sanctions and threats to restrict trade relations with other countries violate the fundamental principles of free trade and respect for national sovereignty. He said, "This illegal practice should serve as a wake-up call to the international community, as the excessive and illegal actions of the United States in international relations have even provoked protests from its close allies."Hungarian Prime Minister Majol: A Hungarian Griffin fighter jet crashed near the town of Solnok, but the pilot successfully ejected.On August 24th, the Shanghai Futures Exchange (SHFE) reported the following changes in warehouse receipts for various commodities: 1. Silver futures warehouse receipts: 1,421,123 kg, an increase of 25,816 kg compared to the previous trading day; 2. Hot-rolled coil futures warehouse receipts: 230,083 tons, a decrease of 1,770 tons compared to the previous trading day; 3. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged compared to the previous trading day; 4. Zinc futures warehouse receipts: 114,507 tons, an increase of 104 tons compared to the previous trading day; 5. Butadiene rubber futures warehouse receipts: 24,970 tons, an increase of 24,970 tons compared to the previous trading day; 6. Copper futures warehouse receipts: 41,103 tons, a decrease of 5,002 tons compared to the previous trading day; 7. Low-sulfur fuel oil warehouse futures warehouse receipts: 330 tons, unchanged compared to the previous trading day; 8. 9. Rubber futures warehouse receipts: 13,003 tons, down 2,016 tons from the previous trading day; 10. Tin futures warehouse receipts: 5,494 tons, up 154 tons from the previous trading day; 11. Pulp warehouse futures warehouse receipts: 374,481 tons, unchanged from the previous trading day; 12. Pulp mill warehouse futures warehouse receipts: 20,000 tons, unchanged from the previous trading day; 13. Alumina futures warehouse receipts: 252,902 tons, up 252,902 tons from the previous trading day; 14. Lead futures warehouse receipts: 57,016 tons, down 4,687 tons from the previous trading day; 15. Petroleum asphalt mill warehouse futures warehouse receipts: 26,500 tons, unchanged from the previous trading day; 16. Petroleum asphalt warehouse futures warehouse receipts: 14,230 tons, unchanged from the previous trading day; Fuel oil futures warehouse receipts were 20,420 tons, unchanged from the previous trading day; nickel futures warehouse receipts were 101,854 tons, an increase of 72 tons from the previous trading day; natural rubber futures warehouse receipts were 144,820 tons, a decrease of 70 tons from the previous trading day; rebar warehouse futures warehouse receipts were 39,130 tons, an increase of 8,243 tons from the previous trading day; stainless steel warehouse futures warehouse receipts were 82,050 tons, a decrease of 653 tons from the previous trading day; gold futures warehouse receipts were 113,658 kg, unchanged from the previous trading day; international copper futures warehouse receipts were 6,795 tons, a decrease of 352 tons from the previous trading day; and aluminum futures warehouse receipts were 264,437 tons, a decrease of 9,764 tons from the previous trading day.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.