Weekly

Yesterday, the Standing Committee of the National People's Congress unanimously passed the National Security Law of the Port Area, which was signed by President Xi Jinping and promulgated to the whole country to take effect on the same day.  The National Security Law of the Port Area was immediately added to Annex III of the Basic Law of Hong Kong.

To serve as an entry point for the enactment of this law for Hong Kong, so as to avoid the image of the Beijing Government forcing legislation for Hong Kong.  The Government of the Hong Kong Special Administrative Region gazetted last night that the national security law came into effect at 11: 00 last night.

Earlier, the United States announced that due to Beijing's forced implementation of the National Security Law of the Port Area, Hong Kong's autonomy was weakened in disguise. It decided to revoke its special treatment status for Hong Kong and suspend the granting of export license exemption, but allowed some goods to be exported to Hong Kong until August 28.

Commodities exported to Hong Kong in the future need to apply for a permit, and commodities that have been waiting for loading at the dock or are in transit can continue to be transported to their destinations.  What worries the market is that the United States will cancel Hong Kong's independent tariff status,

It even cracked down on Hong Kong's financial business through the Hong Kong Autonomy Act, and even prohibited Hong Kong from using US dollars for sanctions, because the Act allowed sanctions against individuals or enterprises, as well as banks doing business with them.

Last night, the United States announced that the Consumer Confidence Index of the Economic Consultative Conference was 98.1 points, which was better than 85.9 last month and better than the market expectation of 91.8.  It shows that American consumers' confidence in economic activities after the epidemic has greatly increased.

It also means that the employment situation may improve.  Dow Jones Industrial Average rose 217 points or 0.85, but Powell poured cold water on it.  This morning, Federal Reserve Chairman Powell continued to deliver a speech.

He said that in the second quarter of the United States, the economy may have the biggest decline on record, because the epidemic situation has risen rapidly and the relevant social restrictions of various state governments and the partial suspension of economic restart measures have caused a sharp decline in economic activities.

The number of unemployed people may increase significantly, while the production and employment situation of enterprises is still far below the pre-epidemic level.  He concluded that the economic prospects of the United States are still very unclear, and the key lies in whether the epidemic situation can be controlled and the government's support for economic recovery.

Affected by economic data and market optimism, it is expected to stimulate crude oil demand to drive up oil prices. new york oil futures closed at 39.6 US dollars per barrel, an increase of more than 1.5
Gold price hit a new high since October 2010, and really broke through 1780 level on the last trading day of June, with the highest price rising to 1786 US dollars per ounce and closing at 1782.
 

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