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Market Watch Today: Jackson Hole, Powell Speech, China Regulations

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The Jackson Hole symposium has been an anticipated event, mainly because of Jerome Powell’s speech. The likelihood that the Federal Reserve will start tapering their bond purchases is a hot topic. The Jackson Hole symposium is an annual which investors follow closely.  And Chinese regulators are not done with Internet companies. 

The Federal Reserve has been spending $120 billion per month since the pandemic started in 2020. This was an effort to offer relief to the nation’s economy. 

The sentiment among three of Powell’s colleagues is that the U.S. economy is recovering well, and the stimulus is no longer required. However, they did not vote in the policy-setting committee this year. 

They will have to wait just like everyone else to see what Powell’s speech entails in the symposium later today.

The market has reacted in anticipation of Powell’s speech, and crude oil has increased; however, if the dollar gains, it can put oil under pressure. 

Another push for oil was the news that Libya’s National Oil Company’ largest operating division, will stop production. 

They produce over 200,000 barrels per day. The issue is related to their government’s bargaining of budget receipts which made the payment of wages a challenge for the company.

U.S. crude futures price reached $68.50 a barrel, 1.6% up. Brent crude gained $71.18 per barrel, 1.4% up. 

China is hitting the Internet sector again

The Chinese regulator of cyberspace has published another set of draft regulations. These will have broad impacts on Chinese Internet companies. This is part of China’s latest regulatory crackdown on Internet companies. 

Designing algorithms that enable addiction, or as it is called ‘excessive compulsion’, will be illegal and is prohibited. Furthermore, they made provisions about public order and national security.

The government aims to minimize inequalities relating to income. The Supreme court of China published a new set of cases to empower workers’ rights.

Listing in the U.S. of companies with sensitive data is banned. Beijing is currently preparing this.  Further proof of the separation of the two largest capital markets in the world. 

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Justin N. Richards

Justin N. Richards is a Florida-based technical analyst, market researcher, educator, and trader. Justin began his career in Chicago in 2001 performing futures market analysis for floor traders at the Chicago Board of Trade and the Chicago Mercantile Exchange. He also worked for numerous brokerage firms during that time, all of which hold him in high regard, and he has been providing outstanding analysis services for traders worldwide ever since. Mr. Richards is an expert in the area of market patterns, price and time analysis as it applies to futures, Forex, and stocks. In addition to these talents, he provides educational services for investors looking to improve their analysis and trade skills. Justin has a B.A. in Business Administration from UCLA and an M.S. in Financial Markets and Trading from the Illinois Institute of Technology. Justin’s professional experience, education, and discipline, not only make him an exceptional analyst, they point him out as a reliable, hard working and intelligent business strategist who is dedicated to his craft.
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