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On June 19th, a ceremony was held in Antananarivo, the capital of Madagascar, to mark the delivery of meteorological equipment donated by China. The donation, made through a UNDP-implemented livelihood project in Madagascar, included a batch of weather warning and information technology equipment. Madagascar, the largest island in Africa, is located in the western Indian Ocean. Its rainy season and tropical cyclone season run from December to March. In addition to heavy rainfall and tropical cyclones, the country also faces the long-term threat of natural disasters such as floods and droughts, severely impacting its economic and social development and the lives of its people.June 19 - According to TankerTrackers, a maritime news agency, Iran exported approximately 18 million barrels of crude oil, worth about $1.44 billion, in the past five days.On June 19, the Afghan Ministry of Defense claimed that its air force had conducted airstrikes overnight on multiple hideouts in neighboring Pakistans Khorasan province used by the extremist group ISIS. Pakistan denied the claims on the same day. The Afghan Ministry of Defense issued a statement on social media stating that all pre-selected high-value targets in the operation were hit; these targets were located in Pakistans Balochistan and Khyber Pakhtunkhwa provinces. The locations were "used to plan and coordinate attacks against Afghanistan." Pakistans Ministry of Information and Broadcasting issued a statement on June 19 denying the claims. The statement said that a drone from Afghanistan violated Pakistani airspace in the Khyber region, and was identified and immediately shot down by the Pakistani Air Forces early warning and defense system. The statement also claimed that ISIS camps and several other terrorist organizations are actually located within Afghan government-controlled areas and are funded and operated by personnel within the Afghan government.On June 19th, the Guangdong Provincial Peoples Government issued a notice titled "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan includes fostering and developing general aviation transportation, actively developing low-altitude logistics, strengthening provincial and municipal coordination in the management of low-altitude flight activities, and accelerating the formation of a low-altitude cross-border logistics network connecting Hong Kong and Macau. It also supports railway transportation enterprises in deepening cooperation with social logistics companies, strengthening policy support for high-speed rail freight, launching general cargo freight trains, and expanding the general cargo transportation market. The plan actively explores cross-city collaborative transportation and autonomous driving transportation scenarios. Finally, it aims to improve the pipeline transportation network and promote substantial connectivity between the Pearl River Deltas inner ring pipeline network and the provincial pipeline network.On June 19th, the Guangdong Provincial Peoples Government issued the "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan proposes to control new supply, reduce inventory, and optimize supply through city-specific policies. This includes improving the adaptability of housing supply, optimizing the accuracy of housing purchase subsidies, continuously conducting sales promotions for commercial housing, and encouraging promotion outside the province. The plan also calls for the orderly advancement of "good housing" construction and the improvement of public service facilities for real estate development projects. It actively promotes the "sell old, buy new" and "sell small, buy large" approach to commercial housing, implements cross-bank mortgage transfers for second-hand homes, supports qualified enterprises in acquiring second-hand homes, and streamlines the exchange chain between new and second-hand homes. The plan also promotes the conversion of commercial and office buildings for accommodation, shopping malls, medical facilities, and elderly care, thereby reducing the inventory of commercial and office buildings. Furthermore, it intensifies efforts to promote urban renewal, continuously advancing the renovation of old urban residential areas and the construction of complete communities (future communities), supporting the original demolition and reconstruction of old housing and independent renovation, and promoting the housing voucher resettlement model in the new model of urban village renovation.

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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