Chinese embassies hold receptions to mark PRC's 76th founding anniversary

Chinese embassies across the globe recently hosted National Day receptions to mark the 76th anniversary of the founding of the People's Republic of China (PRC), with foreign dignitaries highly praising China's development achievements and looking forward to further promoting friendly cooperation in various fields with China.

On September 30, the Chinese embassy in Singapore held a reception to celebrate the 76th anniversary of the founding of the PRC and the 35th anniversary of the establishment of diplomatic relations between the two sides. The guests said they expect to continuously expand cooperation with China across various areas and promote greater development of bilateral relations.

"On behalf of the government of Singapore, I would like to congratulate the People's Republic of China on the occasion of the 76th anniversary of its founding. Over the past seven decades, China has demonstrated extraordinary progress. These accomplishments speak to the resilience, the vision, and the determination of its people. Singapore looks forward to deepening our partnership with China and fostering enduring ties that support mutual development and shared prosperity," said Tan See Leng, minister for Manpower and minister-in-Charge of Energy and Science and Technology of Singapore.

At the National Day reception jointly hosted by the Chinese Mission to the European Union and the Chinese Embassy in Belgium on Sept 24, the participants spoke highly of China's development achievements and expressed their hope that both sides would further promote the implementation of the outcomes of the China-EU leaders' meeting, enhance exchanges and dialogue, and jointly address global challenges.

The Chinese Embassy in Brazil held a National Day reception on Sept 28. The guests expressed their confidence and expectations for the bright future of relations between Brazil and China.

At the National Day reception hosted by the Chinese Embassy in Egypt on Sept 29, overseas Chinese and local people exchanged views on friendship and cooperation.

"I take this opportunity to extend my heartfelt congratulations on the 76th anniversary of the founding of the People's Republic of China. President Xi Jinping has noted that China-Egypt relations have deep historical roots and enduring vitality. I am confident that the China-Egypt comprehensive strategic partnership will remain a model, standing firm against the test of time like the Pyramids and the Great Wall," said Amr Talaat, Egypt's minister of Communications and Information Technology.

In addition, the Chinese embassies in Iran, Republic of Congo, and Trinidad and Tobago also held receptions and celebratory events. Attendees praised China's achievements in economic, social, and other fields, expressing their expectations for strengthening cooperation with China to jointly create a brighter future.

Chinese embassies hold receptions to mark PRC's 76th founding anniversary

U.S. stocks ended mixed on Friday following the market's steepest declines in a month.

The Dow Jones Industrial Average fell 309.74 points, or 0.65 percent, to 47,147.48, marking its second straight drop but still notching a weekly gain. The S and P 500 slipped 3.38 points, or 0.05 percent, to 6,734.11. The Nasdaq Composite Index rose 30.23 points, or 0.13 percent, to 22,900.59, snapping a three-day losing streak.

Seven of the 11 primary S and P 500 sectors finished lower, with materials and financials leading the laggards, down 1.18 percent and 0.97 percent, respectively. Energy and technology outperformed, advancing 1.37 percent and 0.74 percent, respectively.

The tech trade regained some footing after several days of pressure. AI leaders Nvidia and Oracle rebounded from their losses in the prior session, as did Palantir Technologies and Tesla, both of which had dropped more than 6 percent on Thursday.

Those sharp declines had briefly put the Nasdaq on course to break its seven-week winning streak, but Friday's recovery lifted the index back into positive territory for the week. Concerns about the sustainability of the AI rally have intensified, with the recent rout in cloud-computing giant Oracle heightening worries over stretched valuations, heavy reliance on debt financing, and soaring capital expenditure plans across the sector.

"AI is truly testing the limits of Wall Street spreadsheets right now," David Krakauer, vice president of portfolio management at Mercer Advisors, told CNBC, adding that investors pricing in "so much of this future growth that they really can't measure yet" just spurs an "environment of swings."

Adding to the market unease, traders continued to assess the Federal Reserve's upcoming policy decision. Market pricing now puts the odds of a quarter-point rate cut in December at below 50 percent, which is sharply lower than the roughly 95 percent probability seen a month ago, according to the CME FedWatch Tool.

U.S. stocks close mixed following steep declines