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Real-time News
On July 3rd, the Hainan Provincial Housing Provident Fund Management Bureau issued a notice regarding the withdrawal of housing provident funds to pay property management fees. The notice clarifies that contributors can apply to withdraw their housing provident funds once a year to pay property management fees for any owner-occupied residential property under their familys name in Hainan Province. Owner-occupied residential properties do not include self-built houses, shops, office buildings, or commercial properties such as timeshare hotel rooms. It is worth noting that if the contributors family has an outstanding housing provident fund loan in Hainan Province, the combined balance of the contributors and their spouses accounts after applying for the property management fee withdrawal must be sufficient to repay three months of the loan.July 3 – Allianz Chief Economist Ludovic Subran stated, “The US non-farm payroll data was actually weak, but I still believe inflation will peak above 3.7%, and artificial intelligence, fiscal stimulus, and the energy sector continue to support economic growth. The Fed may have to raise rates in September. I think this is the real point of contention between the US and Europe.” Subran believes that the European Central Bank will not take further action after last months rate hike. “That was an insurance-style rate hike, but judging from the current data, it seems to be over,” he said. “The traumatic effects of the (Iranian) war will take time to manifest; the economy is still bearing the costs of the war, but the situation is much better now than it was a few weeks ago.”NATOs Deputy Supreme Allied Commander Europe: Europe has increased its investment. Europe is filling the gaps left by the US repositioning its troops.The Houthi rebels in Yemen stated that if Saudi Arabia launches further attacks, it will "face attacks targeting Saudi airports and other vital objectives."July 3 - A Bloomberg survey shows that OPEC member countries have resumed oil exports via the Strait of Hormuz following the US-Iran peace agreement. The survey indicates that OPECs oil production increased by 2.34 million barrels per day in June, reaching 18.75 million barrels per day, with Kuwait, Saudi Arabia, and Iran showing the most significant increases. Despite the recovery, production remains far below pre-war levels. Even before the peace agreement, Persian Gulf oil-producing countries had found ways to secretly transport goods through the Strait of Hormuz. In the early stages of the conflict, the strait was almost completely closed. With the US-Iran agreement allowing more overt transit, tanker tracking data shows that Saudi oil shipments have recovered to 90% of normal levels. Following the UAEs withdrawal from OPEC, the organizations June production was still 7.3 million barrels per day lower than February levels, a decrease of 28%.
