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Chinas trade balance in May was 723.98 billion yuan, compared with 585.69 billion yuan in the previous month.June 9th - Starting in June, electronic savings bonds have been officially included in the scope of personal pension products. This means that citizens who have joined the personal pension system can directly purchase electronic savings bonds through their accounts. According to the issuance schedule, the latest issue of savings bonds will be available for purchase on June 10th. Currently, many banks have added bond purchase portals to their mobile apps personal pension sections. Alternatively, citizens can also visit a bank branch with their bank card and ID to apply for personal pension savings bonds.The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake struck Wensu County, Aksu Prefecture, Xinjiang, at 10:17 AM on June 9th, with a focal depth of 12 kilometers.On June 9th, the General Office of the Hainan Provincial Peoples Government issued the "Hainan Provinces 15th Five-Year Plan for High-Tech Industry Development," which mentions that, with serving the "Aerospace Power" strategy as its core, the province will fully promote the construction of Hainans commercial space launch site, forming a complete industrial cluster covering commercial launch, rocket and satellite manufacturing, and satellite applications, creating a rocket chain, satellite chain, data chain, and "aerospace+" industrial system. By 2030, the revenue of the commercial aerospace industry is expected to reach 50 billion yuan.The Hang Seng Index turned positive, with stocks related to chips, PCBs, leading tech companies, and cloud computing performing strongly.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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