Today's market focus: The U.S. Department of Labor significantly reduced the workforce.

Market Review

Key Highlights

Chinese Market

1. China Releases Four National Internet Finance Standards

The Foreign exchange dealers that can trade tryState Administration for Market Regulation and the Standardization Administration of China have officially released four national financial standards led by the China Internet Finance Association. These include "Internet Finance Personal Online Consumer Credit Information Disclosure," "Open Source Software Evaluation Specifications for the Financial Industry," "Technical Requirements for Internet Finance Intelligent Risk Prevention and Control," and "Technical Requirements for Internet Finance Personal Identity Recognition." The National Financial Standardization Technical Committee is responsible for these standards, with the People's Bank of China as the supervising entity.

2. Domestic Gasoline and Diesel Prices Continue to Rise

The National Development and Reform Commission stated that, according to recent changes in international oil prices and the domestic oil price formation mechanism, starting from midnight on August 23, 2023, the prices of domestic gasoline and diesel (standard products) per ton will increase by 55 RMB. This adjustment translates to an increase of 0.04 RMB for 92# gasoline, 0.05 RMB for 95# gasoline, and 0.05 RMB for 0# diesel. Despite the modest increase, it marks the fifth consecutive rise in domestic fuel prices.

3. Taiyuan's New Policy Supports Refunding Personal Income Tax for Residents Upgrading Their Homes

Taiyuan has announced several measures to promote the stable development of the real estate market, effective from October 1, 2022, to December 31, 2023. For taxpayers who sell their own residential property and repurchase a new home within Taiyuan within one year after the sale, the personal income tax already paid on the sale of their current home will be refunded.

Overseas Market

1. U.S. Department of Labor Significantly Revises Employment Figures Downward

The Bureau of Labor Statistics (BLS) of the U.S. Department of Labor has announced that employment and wage data from the Quarterly Census of Employment and Wages (QCEW) for the first quarter show a downward revision of 306,000 nonfarm payroll jobs by March, indicating a possible annual revision downward of employment figures by the same number. This marks the second adjustment to annual employment data by the BLS in recent years, following an upward revision of 506,000 nonfarm jobs until March of the previous year.

2. U.S. New Home Sales Reach a Near One-Year High

Benefiting from low inventory levels in the real estate market, U.S. new home sales have reached a new high in nearly a year. According to data from the U.S. Department of Commerce, new home sales in July unexpectedly rose by 4.4% to an annualized rate of 714,000 units. Regionally, sales in the Midwest and West reached their highest levels since the beginning of last year, while sales in the Northeast and South declined.

3. India Plans to Ban Sugar Exports

Due to reduced sugarcane production caused by insufficient rainfall, the Indian government plans to prohibit sugar mill exports starting from the 2023/24 production season in October to ensure domestic sugar supply and curb sugar prices. This marks the first time in seven years that the Indian government has banned sugar exports, following a recent export ban on rice. The export bans on rice and sugar by the Indian government have raised concerns in financial markets about the resurgence of food inflation.

4. Plane Crash Involving Senior Personnel of the Russian Private Military Contractor Wagner Group

According to reports from TASS news agency citing Russia's Ministry of Emergency Situations, a private plane crash in Tver Oblast, Russia, resulted in ten fatalities. The list of passengers released by the Russian Aviation Authority included Wagner Group founder Prigozhin, among other top executives, who were all listed among the casualties.

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.