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On March 22, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Regulations on Integrity in the Work of Leaders of State-Owned Enterprises" and issued a notice requiring all regions and departments to earnestly comply with and implement them. The regulations stipulate that it is prohibited to use ones power or influence to seek personal gain. It also prohibits engaging in power-for-money transactions through methods such as anonymous shareholding, having others hold shares on ones behalf, or acting as an agent in business operations.The G7 joint statement said: We stand ready to take necessary measures to support global energy supplies, such as implementing the decision made by the International Energy Agency member countries on March 11 to release oil reserves.March 22 – A groundbreaking ceremony for a Maldives affordable housing project, undertaken by a Chinese company, was held in Hulhumale on the evening of March 21. Maldivian President Muïse, several cabinet ministers, members of the Peoples Assembly, and Chinese Ambassador to the Maldives Kong Xianhua attended the ceremony. The project comprises 1,224 housing units and is being constructed by China National Machinery Industry Corporation (SINOMACH). Located on an artificial island formed through land reclamation, Hulhumales primary function is to alleviate overcrowding and housing shortages in the Maldives capital, Malé.On March 22, Minister Li Lecheng of the Ministry of Industry and Information Technology stated that the Ministry will seize the opportunities of the times, leverage its own advantages, deepen open cooperation, and accelerate the innovative development of future industries. This includes: comprehensive planning and forward-looking layout; strengthening planning guidance; improving the technology foresight mechanism; coordinating and orderly promoting the construction of future industry pilot zones; guiding various regions to leverage their comparative advantages and develop future industries in a differentiated and tailored manner; strengthening the technological supply of future industries; systematically planning original and leading technology breakthroughs; promoting breakthroughs in quantum technology, biomanufacturing, hydrogen energy and nuclear fusion energy, brain-computer interfaces, embodied intelligence, 6G, and other fields; and actively integrating into the global innovation network; giving full play to the leading role of enterprises; vigorously cultivating leading technology enterprises and high-tech enterprises with leading core technologies and strong innovation capabilities; leveraging the technological and industrial resources of national high-tech zones; accelerating the creation of a number of new tracks with international influence; optimizing the development ecosystem of future industries; promoting the deep integration of the innovation chain, industrial chain, capital chain, and talent chain; improving innovation development policies; strengthening financial element guarantees; and strengthening the training of professionals related to future industries; and improving the governance system for future industries. We will adhere to the principle of balancing development and security, actively explore regulatory approaches that adapt to the characteristics of future industries, continuously deepen international exchanges and cooperation, proactively connect with global innovation resources, actively participate in the formulation of international standards and rules, and strive to create an open, inclusive, safe, and orderly development environment.Israeli Defense Minister Katz has instructed the military to expedite the demolition of Lebanese houses in "frontline villages" to eliminate the threat posed to Israeli communities.

Weekly Market Outlook and Review – Week Ending 20 January

Jimmy Khan

Jan 16, 2023 15:43

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US Federal Reserve Chair Jerome Powell participated in a panel discussion on Tuesday (Central bank independence and the mission - changing viewpoints) in his first public appearance of 2023 and reaffirmed the commitment of the central bank to keep inflation under control. As interest rates are raised to slow the economy, Powell said, "restoring price stability when inflation is strong might involve policies that are not popular in the near term." However, there were few remarks about the new policy.


However, US inflation was the week's primary high point. According to the US Bureau of Labor Statistics, consumer prices decreased for a sixth straight month in the 12 months leading up to December (2022), easing to 6.5%. (BLS). This comes after the June 2022 high of 9.1%. US core annual inflation, which excludes energy and food, decreased by 0.3 percentage points from November's 6.0% figure to 5.7% in the 12 months ending in December.


Risk assets saw a buy as a result of this because market players expect the US Federal Reserve's policy tightening to slow down (Fed). The market has virtually priced in a 25 basis-point rise for the next Fed meeting on February 1 based on the pricing of Fed Fund futures contracts, according to the CME's FedWatch Tool. This move would raise the Federal Funds target range to 4.50%-4.75%.


Major US stock indexes battled their way into another week of gains on the markets (S&P 500 up 2.7%), helped by favorable US inflation data and the start of Q4 results on Friday, which were heavily weighted toward banking companies. While Wells Fargo & Co missed quarterly targets, JPMorgan Chase & Co exceeded them. The closely followed FAANG index in the equities market was noteworthy as well since it had a strong week of gains. Amazon increased by 14.0%, while Netflix was close behind at 5.47%.


The (main) currency market saw notable outperformers including EUR/USD, AUD/USD, and GBP/USD rise by 1.78%, 1.48%, and 1.15%, respectively. The USD/JPY fell by a startling 3.17% for the week, while the USD/CAD lost 0.35%.


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