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On September 18, Zhang Qiang, Director of the Urban Management Supervision Bureau of the Ministry of Housing and Urban-Rural Development, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, 115,000 old urban residential communities will be newly renovated nationwide, 5,000 communities will undergo complete community construction and renovation, and 575,000 residential elevators will be updated and installed.Bank of Japan: CPI has risen moderately recently, remaining in the 1.5%-2.0% range.Bank of Japan: Despite some signs of weakness, the Japanese economy has recovered moderately.On September 18th, Zhang Xuetao, Director of the Real Estate Market Supervision Department of the Ministry of Housing and Urban-Rural Development, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, efforts will be made to improve the quality and efficiency of housing provident fund management and services. This will be achieved through digital empowerment, simplifying housing provident fund withdrawal procedures, shortening loan processing times, promoting mutual recognition and trust of contribution records nationwide, and facilitating the efficient handling of housing provident fund transfers, inter-city loans, and other related services.Bank of Japan policy board member Toshiro Asada: The recent CPI (excluding fresh food) growth rate is below 2%, so it cannot be simply said that the economic situation is strong.

Oil Maintains Stability as Traders Assess Ukraine's Fallout and China's Outbreak

Charlie Brooks

Apr 27, 2022 09:33

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West Texas Intermediate futures rose 3.2 percent Tuesday, snapping a two-day losing streak. Russia has announced the suspension of natural gas supplies to Poland and Bulgaria, as the European Union considers measures to restrict oil imports from the OPEC+ producer. Meanwhile, China is pursuing its Covid Zero policy and virus testing the majority of Beijing as an unprecedented lockdown approaches.


Since Russia's invasion of Ukraine in late February, the market has been gripped by a volatile period of trading, with the viral outbreak in China providing another source of instability. The European conflict has fueled inflation and increased the cost of virtually everything, from food to petrol.


Moscow is enforcing a threat to cut off natural gas supplies to countries who resist President Vladimir Putin's new demand for payment in rubles for the fuel. Although the EU has rejected the move in principle, payment deadlines are approaching. Meanwhile, Germany's economy minister stated that the country had already reduced its dependence on Russian oil to the point where a complete ban would be "manageable."


Brent is narrowly in backwardation following Tuesday's close to a bearish contango structure. The worldwide benchmark's prompt timespread was 38 cents in backwardation – a bullish trend – compared to a high of $4.64 in early March, immediately following Russia's invasion of Ukraine.

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