EUR/USD
1.16189
0.090%
Gold
5134.16
1.025%
Oil
78.325
0.747%
USD/JPY
157.500
-0.031%
GBP/USD
1.33708
0.100%
GBP/JPY
210.594
0.085%
Real-time News
On March 6th, Gong Zheng, Deputy Secretary of the Shanghai Municipal Party Committee and Mayor of Shanghai, stated that Shanghai must focus on promoting high-quality development, be pragmatic and diligent, and ensure a good start to the 15th Five-Year Plan. First, it is crucial to expand domestic demand, which is the strategic support for Shanghais high-quality development. Shanghai must strengthen the leading role of domestic demand, strive to achieve effective qualitative improvement and reasonable quantitative growth in the economy, and play a leading role in national development. Consumption is a lasting driving force for economic growth. Shanghai must thoroughly implement special actions to boost consumption, accelerate the construction of an international consumption center city, accelerate the expansion and upgrading of commodity consumption, actively create new service consumption scenarios, and continuously amplify the integration effect of culture, commerce, tourism, sports, and exhibitions. Expanding effective investment is an important means to stabilize growth and promote development. Shanghai must promote the high-quality development of key infrastructure projects, further stimulate private investment, and direct investment towards technological innovation, industrial upgrading, urban renewal, and peoples livelihood.According to Iranian media, a missile attack struck two military bases near the city of Khomeini.On March 6th, Phil Flynn, senior analyst at Price Futures Group, stated that the U.S. Treasury Department may be looking to utilize the oil futures market to address soaring oil prices. This is a novel and innovative move, abandoning the traditional approach of using physical crude oil to alleviate market concerns. Instead, it utilizes futures instruments to sell near-month crude oil futures contracts and purchase forward futures contracts. The Treasury Departments traditional functions primarily involve fiscal policy, debt management, and occasional intervention in the currency market through mechanisms such as the Exchange Stabilization Fund, but not intervention in commodities such as oil.Fitch upgraded Hutchison Whampoas rating to "A"; outlook stable.On March 6th, John Kilduff, a partner at Again Capital, stated that the US Treasurys intervention in the oil market would be unprecedented. Comparing it to the use of Treasury futures during the global financial crisis is not entirely accurate. First, the US Treasury has a natural position in the bond market. In this context, presumably aiming to lower futures prices, theoretically, this would require selling a large number of futures contracts on the open market. At this juncture, naked short selling would require substantial funds to support positions, cope with margin calls, and prevent potential further severe supply disruptions. However, the Treasury does indeed possess unlimited financial resources.
