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According to the latest shareholding structure, the National Commercial Bank of the UAE has sufficient room for foreign ownership in the bank, allowing it to hold at least 51% of the shares.On December 31, the China Securities Regulatory Commission (CSRC) revised and issued the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds." The regulations stipulate that for equity funds and mixed funds, the sales service fee should not exceed 0.4% of the funds assets per year; for index funds and bond funds, the sales service fee should not exceed 0.2% of the funds assets per year; for money market funds, the sales service fee should not exceed 0.15% of the funds assets per year; for other funds, the fee standards can be agreed upon with reference to the above fee levels. Except for money market funds and other funds approved by the CSRC, sales service fees shall not be charged to fund units held by investors for more than one year.On December 31, the General Office of the Shanghai Municipal Peoples Government issued the "Interim Measures for the Management of Flight Safety of Civil Unmanned Aerial Vehicles in Shanghai." The measures clarify that owners and users of civil unmanned aerial vehicles must register their information under their real names in accordance with the relevant provisions of the "Interim Regulations on the Management of Unmanned Aerial Vehicle Flights" and the "Shanghai Municipality Implementation Measures of the Anti-Terrorism Law of the Peoples Republic of China." According to the regulations, the use of civil unmanned aerial vehicles for commercial flight activities, as well as the use of small, medium, and large civil unmanned aerial vehicles for non-commercial flight activities, must be insured with liability insurance in accordance with the law.On December 31, Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Amendments to the Implementation Regulations of the Drug Administration Law of the Peoples Republic of China." The meeting pointed out that timely revisions to drug administration and supervision laws and regulations in accordance with changing circumstances are of great significance for ensuring the safety of medication for the public and promoting the healthy and orderly development of the pharmaceutical industry. It is necessary to improve the drug research and registration system, accelerate the review and approval of breakthrough therapeutics, and continuously stimulate the vitality of industrial innovation. It is also crucial to strengthen quality supervision throughout the entire supply chain and process, and severely crack down on illegal and irregular activities in the pharmaceutical field.December 31st - The US dollar is poised for its biggest annual drop in eight years, with investors saying it could fall further if the next Federal Reserve chairman chooses to cut interest rates as expected. Following its plunge after Trump announced a series of tariffs in April, the dollar faces continued pressure as the government actively pushes for the appointment of a dovish Fed chairman next year. Nomura Securities currency strategist Yusuke Miyairi stated, "The biggest factor affecting the dollar in the first quarter will be the Federal Reserve. This isnt just about the January and March meetings, but about who will be the Fed chairman after Powells term ends."

NASDAQ, S&P 500, Dow Jones Analysis – Stocks Retreat As Traders Focus On Recession Risks

Steven Zhao

Jan 19, 2023 17:42

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S&P 500 (SPX500)

S&P 500 found itself under pressure as traders reacted to the disappointing economic data.


Retail Sales declined by 1.1% month-over-month in December, compared to analyst consensus of -0.8%. Industrial Production declined by 0.7%, while Manufacturing Production decreased by 1.3%. Both reports missed analyst expectations.


The PPI report showed that Producer Prices declined by 0.5% in December. Treasury yields tested multi-month lows, as bond traders bet on a less hawkish Fed.


Lower Treasury yields did not provide any support to stocks as traders focused on recession risks. The pullback was broad, and all market segments moved lower. Consumer Defensive stocks were among the worst performers as Retail Sales data indicated that consumer activity was slowing down.

NASDAQ (NAS100)

NASDAQ  declined towards the 11,450 level amid a broad market sell-off. Leading tech stocks have found themselves under pressure, although Apple and Alphabet were almost flat in today’s trading session.


It should be noted that lower Treasury yields provided some support to the tech-heavy NASDAQ, which outperformed S&P 500 and Dow Jones.

Dow Jones (US30)

Dow Jones remained under strong pressure after yesterday’s sell-off. While Goldman Sachs made an attempt to rebound, other Dow Jones components were moving lower.


Honeywell, IBM, and Coca-Cola were among the biggest losers in the Dow Jones today. Currently, Dow Jones is trying to settle below the 33,500 level. In case this attempt is successful, Dow Jones will move towards the 50 EMA at 33,290.