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Market News Financial Breakfast on September 6: The US and Canada are closed on Labor Day, and the three central banks' interest rate resolutions are all in battle

Financial Breakfast on September 6: The US and Canada are closed on Labor Day, and the three central banks' interest rate resolutions are all in battle

During the week of September 6-12, many countries will announce heavy economic data, including China's trade account, foreign reserves, social financing and inflation, Canadian employment, etc. In addition, the three major central banks will successively announce September interest rate resolutions, namely the Reserve Bank of Australia and the Federal Reserve Bank of Australia. The Bank of Canada, the European Central Bank, and a number of Fed officials will deliver speeches. After the unexpected upset of the August non-agricultural report in the United States last week, the prospect of the Fed starting to cut currency support before the end of the year has become complicated. Relevant officials' speeches this week Maybe we can get further clues. Monday coincides with Labor Day, and this week's US crude oil inventory data is postponed by one day.

TOPONE Markets Analyst
2021-09-06
10685

This week (the week of September 6-12) many countries will announce heavy economic data, including China’s trade account, foreign reserves, social financing and inflation, Canadian employment, etc. In addition, the three major central banks will successively announce September interest rate resolutions, respectively. For the Reserve Bank of Australia, the Bank of Canada, the European Central Bank, and a number of Fed officials will deliver speeches. After the unexpected upset of the August non-agricultural report in the United States last week, the prospect of the Fed starting to reduce monetary support before the end of the year has become complicated. The speeches of relevant officials may give further clues. Monday coincides with Labor Day, and this week's US crude oil inventory data is postponed by one day.



Last Friday (September 3) the US Department of Labor released data showing that the non-agricultural employment population in the US increased by 235,000 in August, far less than market expectations of 733,000, the smallest increase since January 2021. The unemployment rate in August was 5.2%, in line with market expectations, a slight improvement from the previous value of 5.4%. Average hourly wages continued to improve in August, rising by 0.6% month-on-month, exceeding market expectations by 0.3%.

Previously, the market generally expected that the Fed would give advance notice in September and officially announced in November that it would start to reduce the scale of bond purchases. But after the data was released, Wall Street almost agreed that the September announcement was almost impossible, but there is still a high probability that the official announcement in November or December of this year will be realized.

On Monday (September 6) Canada and the United States are both closed for Labor Day, and the market is expected to be relatively light.

Market hotspots this week


① The Sentix Investor Confidence Index in September in the Eurozone on Monday.
② On Tuesday (September 7), China's August trade account, the final value of the Eurozone GDP quarterly rate after the second quarter quarterly adjustment, the Reserve Bank of Australia announced the September interest rate resolution.
③ On Wednesday (September 8), China Social Finance, July JOLTs job vacancies in the United States, and the Bank of Canada decided.
④ Thursday (September 9) API Crude Oil Inventory Report, EIA Crude Oil Inventory Report, EIA Monthly Short-term Energy Outlook Report, FOMC Permanent Voting Committee, New York Federal Reserve Chairman Williams delivered speeches on economic prospects and monetary policy, and participated in the meeting. Discussions on economic trends, the Federal Reserve’s Beige Book on economic conditions, and the European Central Bank’s interest rate decision.
⑤ Friday (September 10) Canada’s August Employment Report, Cleveland Federal Reserve Chairman Meester made a speech at the New Monetary Policy Conference, and Bank of Canada Governor McCallum gave a speech explaining the central bank’s interest rate decision on September 8. .

Holiday reminder this week


Both Canada and the United States were closed for Labor Day on Monday. The trading of Brent crude oil contract under ICE in the United States ended at 01:30 on GMT+8 7th, and the trading of precious metals under CME, U.S. crude oil and foreign exchange contracts was closed at 01:30 on GMT+8 7th. : 00 ends. .

Market opening on Monday




Last week review


[U.S. unemployment rate fell in August but new non-agricultural jobs were far less than expected] Data released by the U.S. Department of Labor on the 3rd showed that the U.S. unemployment rate in August fell by 0.2 percentage points from the previous month to 5.2%, but the number of new non-agricultural jobs was only It is 235,000. Analysts believe that the number of new non-agricultural jobs in the United States in August is far less than expected, showing people's concern about the rapid spread of the mutant new crown virus delta strain. At the same time, it is difficult for companies to recruit qualified employees and job vacancies are also the main reason for the slowdown in the growth of this indicator. In addition, the surge in the number of infections may lead to greater difficulties in recruiting companies (Xinhuanet)

[The United States announced a strategic oil reserve transaction, the US Department of Energy will exchange strategic oil reserves with ExxonMobil, and the strategic oil reserve transaction will release 1.5 million barrels of crude oil]

[U.S. Democratic Senator Manchin asks Democrats to "suspend" the US$3.5 trillion tax and spending plan] US moderate Democrat Senator Manchin said that Democratic congressmen’s $3.5 trillion package of US President Biden’s economic agenda should be "suspended" Press the pause button". This poses a clear challenge to Democratic leaders’ efforts to pass the tax and spending plan in the evenly matched Senate in the coming weeks. He said that soaring inflation, coupled with the uncertainty of national security after the U.S. withdrawal from Afghanistan, means that it is necessary to slow down and possibly reconsider the plan. Manchin’s vote is critical, because Republicans unanimously oppose the plan, and all Democrats in the Senate must support the plan before the vice president can cast a tie-breaking vote, which will be passed by 51 votes.

[OPEC+ decided to maintain a monthly production increase of 400,000 barrels per day timetable] After a short video conference, OPEC+ agreed to abide by the existing monthly gradual increase in production timetable. The delegates said that the ministers agreed to continue to increase the monthly output of 400,000 barrels per day. The video conference lasted less than an hour and was one of the shortest meetings in memory in recent memory, in sharp contrast to the difficult negotiations in July. Given that crude oil prices have basically recovered the land lost in mid-August, and the supply outlook this year is relatively tight, OPEC+ has little reason to change the timetable for gradual increase in production each month. At present, about 45% of the idle capacity has been restored. In July, OPEC+ plans to gradually restore the remaining capacity until September 2022.

[The use of the Fed's overnight reverse repurchase tool hit a record high] The excess supply of funds in the US money market has caused investors to deposit funds in a major tool of the Fed to a new high. According to data released by the New York Fed, 82 participants in the Fed’s overnight reverse repurchase operation on Tuesday invested a total of US$1.19 trillion in the tool, which exceeded the previous record high of US$1.147 trillion set on August 25. Subadra Rajappa, head of U.S. interest rate strategy at Societe Generale, said that the driving factors are “decreased short-term debt supply, excess cash from rising reserves, and capital inflows from ultra-short-term bond funds. The Fed’s demand for this tool will still peak. Unclear, this will depend on the time when the US government resolves the debt ceiling.

【Federal Reserve Meester: The inflation standard for interest rate hikes has not yet been reached, and there is an upward risk of inflation. The Fed must maintain a high degree of coordination. The US labor market has not yet maximized employment. It is expected that economic growth will remain strong, but the biggest risk is that the economy will How to deal with the delta mutant strain, it is expected that as the supply chain challenges are resolved, some high inflation data that appeared this year will ease next year, but some may last longer. After the Fed begins to reduce asset purchases, monetary policy will remain accommodative. The Fed should start to reduce the scale of bond purchases this year and end bond purchases in the middle of next year]

[US Congress members call for the removal of Fed Chairman Powell] US Capitol members Ocasio-Cortez and Tlaib called on US President Biden to reshape the Federal Reserve. They said: The concerns related to Fed Chairman Powell’s performance record are “twofold”. Powell has done little to mitigate the risks posed by climate risks to the financial system. Powell weakened efforts to reform large banking institutions. It is recommended that Biden re-elect someone else to be the chairman of the Federal Reserve.

[U.S.-Israel leaders discuss the Iranian nuclear issue and security relations] According to Xinhua News Agency, US President Biden met with visiting Israeli Prime Minister Bennett on the 27th to discuss the Iranian nuclear issue and security relations between the two countries. Biden said that he will discuss with Bennett the US's security commitments to Israel, the Iranian nuclear issue, Palestine-Israel relations, and support for Israel to deepen relations with Arab and Islamic countries. Biden said that the United States and Israel are committed to ensuring that Iran will not develop nuclear weapons. The United States is giving priority to solving the Iranian nuclear issue through diplomatic means. If the diplomatic channel fails, the United States is ready to turn to "other options." Bennett said in his speech that Israel and the United States have formulated a "comprehensive strategy" with the goal of stopping Iran's "regional aggression" and permanently preventing Iran from acquiring nuclear weapons. The two sides will continue to discuss this.

List of major global markets



The long-awaited U.S. non-agricultural employment report triggered small fluctuations in the U.S. stock market. Investors weighed whether the sharp slowdown in U.S. recruitment would cause the Fed to postpone economic stimulus measures. Traders turned to large technology stocks that were considered safe havens, and most of the S&P 500 index fell. Before the Labor Day holiday, the market volume was sluggish.

It is reported that Democratic lawmakers are discussing a series of tax proposals for companies and wealthy people, including taxes on stock repurchases, carbon emissions and executive compensation. This is wider than the tax increase proposed by Biden.

The number of new jobs created in the United States last month was 235,000, which was far lower than economists expected, and the number of new jobs was the lowest in seven months. Economists believe that this indicates that the Fed needs to see more employment growth data before it will begin to reduce the weight.

Seema Shah, a strategist at Principal Global Investors, said that this is a major disturbance caused by Delta. Today's data is very weak and may prevent the Fed from announcing a reduction in at least November.

Brad McMillan, chief investment officer of Commonwealth Financial Network, said that employment data means slower economic growth, but it also indicates that the Fed will not tighten policy anytime soon, which should significantly limit the negative impact on the market.

Precious metals and crude oil


Spot gold closed up 1% last Friday, earlier hitting the highest since July 15 at US$1834.03 per ounce. The weekly rise for the fourth consecutive week. In August, the US employment growth was lower than expected, which dragged the US dollar down, which made people feel bad about the Fed. The timetable for curtailing quantitative easing has raised doubts.

As the number of new coronavirus infections soared, US employment growth in August was much lower than expected. Soon after the employment report was released, the U.S. dollar index fell, increasing the attractiveness of gold to investors holding other currencies.

Saxo Bank analyst Ole Hansen said that gold prices received a welcome boost from the much weaker-than-expected employment report, but the price of gold failed to break through the resistance level of $1,835 per ounce, which may indicate that some people are concerned about whether this means growth. Peaking and delaying the reduction of asset purchases are skeptical.

Ed Moya, senior market analyst at OANDA, a foreign exchange brokerage firm, said that the knee-jerk reaction was positive for the price of gold, because the overall data was significantly lower than expected, which almost ruled out the possibility of a reduction in quantitative easing in September; he believes that the price of gold is expected to rise to $1,850.

Standard Chartered Bank precious metals analyst Suki Cooper pointed out that the market focus will shift to the Federal Open Market Committee (FOMC) meeting in September. Given our expectations of a weaker U.S. dollar and real yields that will remain deeply negative, gold has further upside risks.

Oil prices fell by more than 1%, and the US August non-agricultural employment data was far less than expected, which put pressure on oil prices. However, energy production in the Gulf of Mexico, which was hit by the hurricane, recovered slowly. Crude oil prices still recorded an increase last week. Traders closed their positions before the long weekend in the United States and Canada, which also put downward pressure on oil prices on Friday afternoon.

Oil prices climbed last week, also because even though OPEC and its allies continue to promote the restoration of supply, the market still seems to be in short supply. Investors are also evaluating crude oil production in the U.S. Gulf Area. After Hurricane Ida hit the area over the weekend, Louisiana's refinery production was blocked.

Foreign exchange


The U.S. dollar fell against a basket of currencies last Friday for the fourth consecutive day. It was as low as 91.94, the lowest since August 4. It fell 0.12% in late trading to 92.11 and fell 0.65% last week; the non-agricultural jobs announced by the United States before The increase was far weaker than expected, which may make the Fed not eager to reduce its large-scale stimulus measures.

In the United States, non-agricultural jobs increased by 235,000 in August, far below market expectations, but the unemployment rate fell to 5.2% from 5.4% in the previous month.

Due to the uncertainty of the Fed's policy path, the dollar's trend is suppressed. Fed Chairman Powell said on Friday that although the Fed may start to scale back its stimulus plan this year if job growth continues, it is not in a hurry to do so.

The rising number of new cases in recent weeks has raised concerns that the economic recovery may stall. The employment report may keep the Fed on hold.

JB Mackenzie, managing director of TD ameritrade's futures and foreign exchange division, said this has increased people's worries or concerns about the October data because people want to see if a trend has formed. The Fed is trying to signal that if the economy continues to heat up, they need to take action, they will do so, and transparency is important to the market, which is one of the main reasons why you continue to see the market not reacting greatly to the downside. , Because the market feels that it has got a clear direction. Mackenzie said 92 is an important support level after the dollar rebounded from that level in early August.

In addition, the US service industry activity increased moderately in August, but there are preliminary signs that supply constraints and price surges have begun to fall, suggesting that even if economic growth slows this quarter, it will be temporary.

After the report was released, the euro strengthened against the dollar, hitting 1.1909, tying the highest level since July 30; the euro rose 0.03% against the dollar late to 1.1879, and cross-selling before the long weekend in the United States slowed the euro’s gains. Earlier this week, data showed that inflation in the euro zone was at a ten-year high, as well as the hawkish statements made by ECB officials before the September 9 policy meeting, which supported the euro.

Valentin Marinov, G-10 Monetary Director of Credit Agricole Bank, said that I think that as the European Central Bank’s meeting this week approaches, the euro against the US dollar may become one of the biggest beneficiaries. ). Similarly, currencies with higher yields may perform relatively better. Having said that, given that the United States is gradually turning to loose fiscal policy and tightening monetary policy, it is still possible to buy US dollars on dips across the board.

The pound to US dollar rose 0.25% to 1.3867. The pound was partly driven by selling and buying on the eve of the close of the euro against the pound; staying above the 200-day moving average 1.3816; the pound rose by 0.7% last week. Tom Fitzpatrick, chief technical foreign exchange strategist at Citigroup, suggested to go long on the pound against the dollar at 1.3849, with a target of 1.4350 and a stop loss at 1.3650.

The U.S. dollar fell 0.21% to 109.71 against the yen, little reaction to the news that Japanese Prime Minister Yoshihide Suga decided to step down at the end of the month. The yen short position was closed, especially the yen against the euro short position; a test of the bottom of the wedge pattern so far this year at 109.62; the dollar fell 0.2% against the yen this week.

Resource-based currencies led the rise with the rise in commodity prices and the strengthening of the renminbi; the US dollar fell 0.23% to 1.2524 against the Canadian dollar; the Australian dollar rose 1.05% to 0.7478 against the US dollar, setting a six-week high, and then narrowing its gains. The New Zealand dollar was 0.66% to 0.7158 against the US dollar, hitting 0.7170 intraday, the highest level since June 11.

International Financial Information


[Economist: The non-agricultural sector in August was a serious disappointment. If the QE reduction schedule changes, it will have a significant impact on the stock market, money market, and foreign exchange market]
① The US Department of Labor announced on Friday (September 3) that the number of non-agricultural employment in August was only 235,000, which was far less than the expected 750,000, the smallest increase since January this year.
② The U.S. non-agricultural data released on Friday was unexpectedly weak, and the Fed's QE reduction schedule may be delayed later. Economist Carl Riccadonna believes that the non-agricultural employment data is a serious disappointment, which has brought great uncertainty to the possible timetable for the Fed to reduce the scale of debt purchases.
③ Riccadonna pointed out that if this rate of recruitment continues, dovish officials will have the upper hand. They will think that the current employment situation cannot meet the Fed's threshold of "substantial progress" and further postpone the originally set timetable. If the QE reduction schedule changes, it will have a significant impact on the stock market, money market and foreign exchange market.

[After Hurricane "Ada" crossed the Gulf of Mexico, the ship was dispatched to clean up the oil pollution]
According to media sources, the U.S. Coast Guard said that cleanup crews are responding to the large-scale oil spill in the Gulf of Mexico caused by Hurricane Ida. The source of the current leak may come from underneath an offshore drilling platform about 3 kilometers south of the Port of Fourchon in Louisiana, USA. Aerial photos show that there are brown and black oil slicks near the waters, which are several miles long. A spokesman for the Coast Guard said that the source of pollution came from crude oil from Talos' submarine pipeline. The company said that it has sent two emergency ships to the scene to recover oil, and another ship will also go to the scene to determine the source of the leak.

[Philippines will lift travel bans in 10 countries on September 6]
The Spokesperson of the Presidential Office of the Philippines Harry Locke announced on the 4th that President Duterte approved the recommendations of the Philippine Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases. Ten countries including Sri Lanka, Nepal, UAE, Oman, Thailand, Malaysia and Indonesia have travel bans.

[Italy tries to protect supercar manufacturers from the effects of the internal combustion engine ban]
A minister of the Italian government said that the country is negotiating with the European Union to protect supercar manufacturers such as Ferrari and Lamborghini from the effects of the internal combustion ban, which requires the phasing out of internal combustion engines by 2035. Although the Italian government fully supports Europe’s phasing out of the most polluting engines in order to meet its commitment to reduce emissions, Italy’s Minister of Ecological Transition Roberto Cingolani said that there is also a niche market in the huge car market and is currently discussing new issues with the European Commission. How does the regulation apply to high-end automakers with lower sales.

[Global grain commodity prices stop falling and rebound]
① On September 2, the Food and Agriculture Organization of the United Nations (FAO) issued a report stating that, driven by the strong rise in international quotations of sugar, wheat and vegetable oil, global commodity prices rebounded rapidly in August after falling for two consecutive months. In August, the FAO Food Price Index averaged 127.4 points, an increase of 3.1% over July and an increase of 32.9% over the same period in 2020;
② Affected by concerns about frost damage to Brazil’s crops, the world’s largest sugar exporter, the FAO Sugar Price Index rose 9.6% in August compared to July, but India and the European Union have good production prospects, crude oil prices have fallen, and the Brazilian currency has weakened. Other factors slowed down this upward momentum;
③ The FAO Vegetable Oil Price Index rose by 6.7% in August, and the international palm oil price rebounded to a historical high. The reason was that the market worried that Malaysian palm oil production was lower than the potential production, resulting in reduced inventories. The quotations of rapeseed oil and sunflower oil also rose;
④ The FAO Grain Price Index in August was 3.4% higher than that in July on average. World wheat prices rose by 8.8% due to lower crop expectations in major exporting countries. In contrast, corn prices fell by 0.9% due to improved production prospects in Argentina, the European Union and Ukraine, and lower production expectations in Brazil and the United States. International rice prices continue to fall;
⑤ The FAO Meat Price Index rose slightly in August. China's strong purchases supported the prices of mutton and beef, and the price of pork fell because of the continued decline in China's purchases and weak domestic demand in Europe. (Economic Daily)

[Bond investors ignore the weak performance of U.S. employment data in August, betting that U.S. debt will continue to fall]
① Bond investors are betting that U.S. Treasury bonds will continue to fall in the next few days. When the issuance of US$120 billion in Treasury bonds is completed next week, it will give longs an opportunity to build positions;
② Investors expect the 10-year Treasury bond yield may soon test 1.37% again. Today’s U.S. Treasury bond bear market has become steeper, partly because of preparations for the issuance of 3-year, 10-year and 30-year Treasury bonds next week. Common arbitrage transactions after the release of employment data have also affected price trends;
③ It is speculated that this employment report may increase the possibility that the Fed will continue to implement stimulus measures and start the reduction later. Investors will pay attention to the speeches delivered by New York Fed President John Williams, San Francisco Fed President Mary Daly, Chicago Fed President Charles Evans, and Governor Michelle Bowman next week. The Fed's pre-meeting silence period will begin on September 11.

[Italy and the European Union are negotiating to protect supercar manufacturers such as Ferrari and Lamborghini from the ban on internal combustion engines]
A minister of the Italian government said that the country is negotiating with the European Union to protect supercar manufacturers such as Ferrari and Lamborghini from the effects of the internal combustion ban, which requires the phasing out of internal combustion engines by 2035. Although the Italian government fully supports Europe’s phasing out of the most polluting engines in order to meet its commitment to reduce emissions, Italy’s Minister of Ecological Transition Roberto Cingolani said that there is also a niche market in the huge car market and is currently discussing new issues with the European Commission. How does the regulation apply to high-end automakers with lower sales.

Domestic financial information


[Beijing Stock Exchange solicits public opinions on listing rules, trading rules and membership management rules]
Taking into account the characteristics of the valuation of SME stocks, in order to effectively promote price discovery, the ratio of the price limit for auction transactions on the Beijing Stock Exchange is ±30% of the previous closing price, and there is no limit on the price increase or decrease on the first day of listing. In addition, in order to promote intraday price convergence and enhance price continuity, a benchmark price ±5% (or 10 minimum price change units) declared effective price range was set during the continuous bidding phase.

[Are there any major differences between the "Trading Rules" of the Beijing Stock Exchange and the original selection layer trading system arrangements? What are the main contents? 】
The "Trading Rules" of the Beijing Stock Exchange as a whole continues the selection layer's trading system with continuous bidding as the core, and other major regulations such as price limits, reporting rules, and price stabilization mechanisms remain unchanged, without changing investors' trading habits or increasing The burden of the market reflects the characteristics of SME stock transactions and ensures the stability and continuity of market transactions. Compared with the selected-tier trading system, the Beijing Stock Exchange's "Trading Rules" only made adaptive adjustments to the publishing subject and style, and the content did not change.

In terms of main content, one is to implement a 30% price increase and decrease limit to give the market sufficient room for price gaming and ensure the efficiency of price discovery. The second is that there is no limit on the price increase or decrease on the first day of listing, and a temporary suspension mechanism is implemented, that is, when the intraday transaction price rises or falls by 30% or 60% or more than the opening price for the first time, the intraday temporary suspension for 10 minutes, and the trading will be resumed. Call auction. The third is to set the effective price range of ±5% of the benchmark price for the price limit declaration during the continuous bidding period, and adopt price limit protection measures for the market price declaration. Fourth, the minimum number of trading declarations is 100 shares, and each declaration can be incremented by 1 share. Fifth, if the number of a single declaration is not less than 100,000 shares or the transaction amount is not less than 1 million yuan, a large transaction can be carried out. At the same time, institutional space has been reserved for the introduction of a market-making mechanism and the implementation of mixed trading.

[Beijing Stock Exchange intends to establish a diversified portfolio of delisting indicators to clarify the delisting process]
The Beijing Stock Exchange publicly solicited opinions on the listing rules, and it was mentioned in the comments that the "Listing Rules" clarified the arrangements for voluntary delisting and compulsory delisting. Among them, compulsory delisting is divided into four categories: transaction, financial, regulatory, and major violations. Transaction situations include stock price, number of shareholders, market value and other indicators, and the inspection period is 60 consecutive trading days; financial situations include negative net profit and operating income less than 50 million yuan, negative net assets, financial accounting reports Indicators such as inability to express opinions or negative opinions are issued, and the inspection period is 2 years, and the indicators are not cross-applicable.

Regulatory situations include failure to disclose periodic reports in accordance with regulations, major accounting errors or false records in financial accounting reports, information disclosure or major defects in standardized operations, etc.; major violations include major violations of public security laws and fraudulent issuances. If a listed company has abnormal financial status or other abnormal circumstances that cause its stocks to be forced to delist, a delisting risk warning shall be implemented for stock transactions. Compulsory delisting shall be reviewed by the Listing Committee of the Exchange, and the Exchange will make a decision based on the deliberations of the Listing Committee. After the company is forced to delist, it can enter the corresponding level of listing and trading if it meets the basic or innovative conditions of the NEEQ; if it does not meet the NEEQ listing conditions and the number of shareholders exceeds 200, it will be transferred to the delisting company sector. In addition, delisted companies on the Beijing Stock Exchange that meet the requirements for relisting can apply for relisting.

[Beijing Stock Exchange completes the company's industrial and commercial registration]
According to the official website of the National Enterprise Credit Information Publicity System, Beijing Stock Exchange Co., Ltd. has completed the industrial and commercial registration. The establishment and approval date is September 3, and the National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. is the sole shareholder. The registration information shows that the legal representative of the Beijing Stock Exchange Co., Ltd. is Xu Ming, the registered capital is 1 billion yuan, and the registration authority is the Beijing Municipal Market Supervision Administration.

[Zhang Wenwu, Vice President of Industrial and Commercial Bank of China: Guide market funds and actively support low-carbon companies with good ESG performance]
Zhang Wenwu said that ICBC promoted sustainable development with green finance, led the establishment of a low-carbon transformation working group for the banking industry, implemented the first carbon emission mortgage loan, and the green loan balance exceeded 2 trillion yuan for the first time, and jointly issued the China Securities 180ESG with relevant institutions. Index, guide market funds, and actively support low-carbon companies with good ESG performance.

[Zhou Yanli: Improving the prevention, early warning, handling and accountability system of financial risks]
Zhou Yanli, the former vice chairman of the China Insurance Regulatory Commission, stated that it is necessary to improve the system for the prevention, early warning, disposal and accountability of financial risks, and to promote small and medium-sized financial institutions to achieve the goal of high-quality development in reform, development, and stability, while maintaining the goal of high-quality development. It is the capital market, whether it is the stock market, bond market, or foreign exchange market, including the operation of the insurance market, to strictly guard against various risks.

[Liaohe Oilfield launches pilot test of deep ultra-low permeability reservoirs]
The reporter learned from PetroChina's Liaohe Oilfield that on August 30, at the Shuang229-36-62 well of the Xinglongtai oil production plant, the Liaohe Oilfield started the CCUS-EOR (carbon dioxide flooding) pilot test of the Shuang229 block Sha 1st. (Xinhua Finance)

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