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On August 13, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." The conference introduced that during the 15th Five-Year Plan period, the Ministry of Ecology and Environment will further strengthen ecological supervision and strive to build a more precise and efficient modern ecological supervision system. During the 15th Five-Year Plan period, efforts will focus on three aspects: "Systematization" of ecological status assessment: Systematically conduct multi-scale ecological status assessments at the national, key regional, nature reserve, and ecological protection red line levels to comprehensively grasp the ecological baseline and changing trends, and verify the effectiveness of ecological protection and restoration work. "Precision" in the discovery and handling of ecological damage: Continuously optimize satellite imagery monitoring to improve the accuracy of discovering ecological damage. Launch the "Green Shield" campaign to severely punish all kinds of illegal and irregular ecological damage. Improve the graded judgment system for ecological damage incidents, clarify the standards, work processes, and handling requirements for judgment, and achieve standardized management throughout the entire process. "Digitalization" of ecological monitoring and supervision: Deepen the application of new technologies such as satellite remote sensing, AI image interpretation, environmental DNA, voiceprint recognition, large-scale models, and intelligent agents, and promote the iterative upgrading of the national ecological protection and restoration supervision platform. We will continue to optimize the layout of comprehensive ecological quality monitoring stations and sample plots to enhance our monitoring capabilities for ecological quality and biodiversity. We will leverage technology to empower ecological supervision, making it more precise, efficient, and intelligent.August 13th - This week, the performance of major Australian banks reflected the extent of the sluggish Australian property market, leading to a decline in bank share prices and highlighting pressure on profitability. Since the governments May budget paved the way for the removal of tax breaks for property investors, mortgage applications at Commonwealth Bank of Australia, Westpac, and ANZ Group have fallen by at least 12%. This followed earlier this years rise in borrowing costs, which dampened demand, and house prices in major cities like Sydney and Melbourne began to decline. Matt Comyn, CEO of Commonwealth Bank, Australias largest bank, stated that the bank has not yet seen this deteriorating sentiment spread further to household spending and overall economic activity. However, with the Middle East conflict pushing up inflation and some businesses remaining cautious, housing credit growth is expected to slow further next year.August 13th - The Pinglu Canal is nearing full navigation. A key project of the Western Land-Sea New Corridor, the Pinglu Canal is the first canal project connecting the Yangtze River and the sea built since the founding of the Peoples Republic of China. The Guangxi Zhuang Autonomous Region has consistently prioritized ensuring the timely, safe, and high-quality completion and opening of the canal by September, coordinating efforts at a high level and pushing forward with all its might. A special working group has been established to implement a list-based, meticulous, and closed-loop management system for tasks such as project completion and operational preparations, with weekly scheduling to ensure that all tasks are carried out in a coordinated manner and achieve tangible results. Systematic measures have been deployed to achieve the goal of "water in the canal, boats on the water, goods on the boats, and goods flowing in all directions."On August 13th, Shanghai issued the "Shanghai Action Plan for Implementing the Several Measures on Further Promoting the Development of Private Investment". The plan mentions providing computing power subsidies in accordance with laws and regulations to support private enterprises in renting intelligent computing resources for large-scale model research, training, and application. It also encourages universities, research institutions, and state-owned enterprises to use data storage and computing power resources built by various business entities, including private enterprises. The plan includes publishing and dynamically updating a public data open list to support private enterprises in the in-depth development and scenario-based utilization of specific public data. It promotes the issuance of "computing power vouchers," "model vouchers," and "corpus vouchers" to reduce the cost of using digital elements such as public data, computing power, models, and corpora. The plan also aims to cultivate benchmark enterprises and platform enterprises for urban digital transformation and guide private enterprises to participate in the construction and scenario operation of digital transformation projects in transportation, logistics, and public services. Finally, it encourages private enterprises to build demonstration projects for new infrastructure such as blockchain applications and large-scale robot applications.On August 13, Minister of Ecology and Environment Huang Runqiu stated at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that my countrys ecological environment quality has continued to improve this year, with major indicators showing significant improvement. From January to July, the national concentration of fine particulate matter (PM2.5) decreased by 1.8 micrograms per cubic meter year-on-year, a decrease of 6.2%; the proportion of days with good air quality increased by 3.9 percentage points year-on-year. The proportion of surface water sections with water quality of Class I to III reached 86.5%, an increase of 2.4 percentage points year-on-year.

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.