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On September 19th, the General Administration of Customs released import and export data for January-August 2026. Chinas merchandise exports showed relatively strong overall growth in 2026, reaching $2.9255 trillion, a year-on-year increase of 19%. August saw a record high of $401.4 billion, demonstrating strong export growth. Automobile exports reached $129.1 billion in January-August 2026, a 53% increase, with August exports reaching $18.3 billion, a 43% increase, indicating strong vitality in the Chinese automotive market. Auto parts exports reached $69.8 billion in January-August 2026, an 8% increase, with August exports reaching $9.1 billion, a 7% increase, highlighting significant export pressure for Chinese auto parts. Motorcycle exports reached $15.5 billion in January-August 2026, a 26% increase, with August exports reaching $2.1 billion, a 28% year-on-year increase. Exports of gasoline-powered motorcycles slowed due to high oil prices, while electric motorcycles surged. The country needs to follow the development of domestic vehicle manufacturers and change its reliance on European and American after-sales systems.Court websites show that Iran executed a man convicted of passing intelligence on missile bases to Israel during the war.September 19 - According to the Russian Ministry of Defense, Russian air defense systems destroyed 344 Ukrainian drones over Russia overnight. During the night, on-duty air defense systems intercepted and destroyed 344 Ukrainian fixed-wing drones over Leningrad Oblast, Novgorod Oblast, Bryansk Oblast, Kursk Oblast, Belgorod Oblast, Oryol Oblast, Kaluga Oblast, Tula Oblast, Ryazan Oblast, Lipetsk Oblast, Vladimir Oblast, Rostov Oblast, Krasnodar Krai, Moscow region, Yamal-Nenets Autonomous Okrug, Dagestan Republic, and the Black Sea region.On September 19th, a preliminary investigation report released by the UKs National Air Traffic Control (NAC) on the 18th concluded that the widespread disruption at multiple UK airports last week, resulting in the cancellation of over 2,000 flights, was caused by a "millisecond-level" software glitch. The investigation revealed that a software failure occurred in the UK air traffic control system on September 8th, "the entire failure occurring within one millisecond," rather than a human error as many had initially speculated. This system is responsible for assigning flight codes, allowing air traffic controllers to identify flights on radar. This glitch forced the cancellation or delay of numerous flights, affecting hundreds of thousands of passengers. Several major airports, including London Heathrow, Edinburgh, and Manchester, were impacted, with many passengers stranded at airports, and order only gradually being restored after several days.On September 19th, Bolivian President Rodrigo Paz announced the termination of state subsidies for diesel fuel and a shift to a unified pricing model to help address the long-standing fuel shortage. Paz stated that Bolivia relies on imports for approximately 90% of its diesel, with the government spending about $55 million weekly on subsidies. From today, the price of diesel will equal the cost of purchasing it abroad. Rampant fuel smuggling and black market resale are key factors contributing to the weekly losses. This move replaces the dual-pricing system introduced in August, which charged high-volume consumers 18 Bolivianos ($2.60) per liter while maintaining a subsidized price of 9.80 Bolivianos for other consumers. Paz stated that domestic prices will now follow global benchmarks, and if international costs decrease, domestic prices will also decrease. To offset the financial pressure on households and key economic sectors, the government announced targeted relief measures, including direct cash transfers and concessional credit lines.

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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