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On October 20, Ren Zhongbao, Deputy Director of the Innovation and High-Tech Development Department of the National Development and Reform Commission, stated at a press conference that in response to the recent overheated investment in certain aspects of hydrogen energy, a plan is being formulated. This plan will comprehensively consider factors such as national strategic needs, technological maturity, and supporting resources to rationally allocate major projects and guide local governments to accurately position themselves in key core technology breakthroughs and the development of renewable energy hydrogen production demonstration application scenarios, thereby achieving differentiated development.On October 20th, Zuo Gang, Deputy Director of the Department of National Economic Comprehensive Affairs of the National Development and Reform Commission (NDRC), stated at a press conference that the NDRC is currently studying and formulating an implementation plan for expanding domestic demand and will expedite its issuance and implementation. The NDRC will work with relevant departments to further expand domestic demand with greater力度 and more concrete measures.Hong Kong-listed physics AI concept stocks surged, with 51Vision (06651.HK) rising nearly 25%, Hesai-W (02525.HK) rising over 10%, UBTECH (09880.HK) rising over 9%, and Yuejiang (02432.HK) rising 5.5%.On October 20th, at a press conference held by the National Development and Reform Commission (NDRC), it was announced that the NDRC, together with relevant departments, has launched the first batch of 136 landmark major application scenario projects, providing important guidance for scenario cultivation and openness. Li Chao, Deputy Director of the Policy Research Office and spokesperson of the NDRC, stated at the press conference that the tasks to be accomplished by these projects can be summarized in three key words: First, verification, promoting the rapid maturation and application of new technologies, new products, and new business models. Second, openness, supporting various business entities to share development opportunities. For example, in the field of brain-computer interfaces (BCIs), verification scenarios will focus on BCI diagnosis, treatment, assistance, and consumption, building service platforms such as BCI data platforms, pilot-scale platforms, and scenario application centers to support relevant enterprises in conducting product verification and expanding market space. Third, demonstration, providing models for wider application.On October 20th, Zuo Gang, Deputy Director of the Department of National Economic Comprehensive Affairs of the National Development and Reform Commission (NDRC), stated that the NDRC will work with relevant departments to promptly introduce and implement incremental policies, promoting the synergistic effect of existing and new policies to maximize the integrated effect of macroeconomic policies and strive for a good start to the 15th Five-Year Plan. On the one hand, the NDRC will further enhance the efficiency of existing policy implementation, coordinate the commencement of major projects under the 15th Five-Year Plan and the "Six Networks" implementation plan, ensure high-quality project preparation, strengthen resource guarantees for the progress of preliminary project work, improve approval efficiency, coordinate with relevant parties to accelerate the release of funds through new policy-based financial instruments, and stimulate private investment. On the other hand, the NDRC will promptly introduce practical and effective incremental policies, focusing on the implementation of recently introduced incremental policies supporting the development of the service industry, such as lowering mortgage-backed supplementary lending rates, increasing relending quotas, and providing interest subsidies for residential housing loans, to ensure the policies are effectively implemented.

S&P 500, Dow Jones, Nasdaq Directional Fate Tied to CPI After NFP Selloff

Steven Zhao

Oct 10, 2022 14:28

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Major indices fell quickly after an in-line US employment data as the print increased the likelihood of a 75-basis point rate rise to almost 100%, per Fed funds futures and overnight index swaps (OIS). Fed funds futures had an 87.8% likelihood of a 75-bps raise at the November 02 FOMC before the NFP. After the story hit the wires, those chances rose to 96%.


The policy-sensitive 2-year yield increased by around eight basis points during the New York trade day as Treasury rates increased throughout the curve. Given that rates are at multi-year highs, which typically drive investment into the "virtually risk-free" securities, the lack of demand for government bonds is raising concerns for some investors.


Due to a holiday on Monday, the US bond market will be closed, which might increase market volatility. The auction program for later next week includes sales of 3-year, 10-year, and 30-year Treasury bonds totaling around $90 billion. Even if a modest desire for debt is predicted, these auctions might provide valuable knowledge. This might result in higher yields and more pressure on stocks.


However, the consumer price index (CPI) for the United States is the market event with the largest visibility for both equities dealers and the international financial system. All eyes are on Jerome Powell, the head of the Federal Reserve, and what they have planned for the future. Analysts predict that core inflation, which includes food and energy, will increase from the previous year to 6.5%. It's easy to understand the CPI inflation figures in this case: A print that is higher than anticipated would probably cause the market to decline even more, supporting the Fed's stance against inflation, while a print that is lower than anticipated will probably have the opposite impact.

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