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On April 11th, the High-Level Forum on the Development of Intelligent Electric Vehicles (2026) was held. Su Bo, Vice Chairman of the National Manufacturing Power Construction Strategy Advisory Committee and former Vice Minister of the Ministry of Industry and Information Technology, stated that the 15th Five-Year Plan period is crucial for my countrys transformation from a major automobile producer to a leading automobile power. New energy vehicles must shoulder the national mission of building a strong manufacturing nation, a strong science and technology nation, a strong transportation nation, and achieving the "dual-carbon" goals. By 2030, new energy vehicles will become the absolute mainstay of the automobile market, with a domestic penetration rate exceeding 70%. The goal of building a leading new energy vehicle nation is expected to be achieved ahead of schedule by the end of the 15th Five-Year Plan period.NASA: The four astronauts who were on the Artemis 2 mission safely exited the spacecraft.New Energy Vehicles: 1. China Association of Automobile Manufacturers (CAAM): Chinas new energy vehicle sales reached 1.252 million units in March, a year-on-year increase of 1.2%. 2. The Netherlands became the first EU country to approve Teslas Full Self-Driving (FSD) software for road use. Other: 1. TSMCs revenue in March was NT$415.19 billion, a year-on-year increase of 45.2%. 2. The Hong Kong Monetary Authority issued the first batch of stablecoin issuer licenses to Point Point Financial and HSBC. 3. The Internet Society of China issued an initiative: not to mandate "lowest price across the entire network" or enable "automatic price matching". 4. The Cyberspace Administration of China and five other departments jointly announced the "Interim Measures for the Administration of Humanized Interactive Services of Artificial Intelligence". 5. A number of important national standards were released, including those for brain-computer interfaces, intelligent connected vehicles, semiconductor devices, and Beidou chips. 6. Automated high-frequency ticket grabbing is strictly prohibited: Ctrip, Tongcheng, Qunar, Fliggy, Meituan, Zhixing, and High-Speed Rail Butler were summoned for talks. 7. The Change-7 probe has arrived at the Wenchang launch site, and my country will deeply integrate its existing resources and capabilities in the fields of manned lunar landing and unmanned lunar exploration. April 11 - According to the Yangpu Transportation and Port Authority, in the first quarter of 2026, Yangpu Ports container throughput reached 983,700 TEUs, nearly doubling (up 94.37% year-on-year); among them, the growth rate of foreign trade container throughput was particularly rapid, basically achieving a 2-fold increase (up 199% year-on-year), successfully achieving a "good start" for port production in the first quarter.April 11th - According to Dutch regulators, Full Self-Driving (FSD) has received regulatory approval in the Netherlands, marking the first time FSD has been approved in the European market. Tesla hopes other EU countries will follow suit. Widespread adoption of FSD is central to Teslas growth strategy. A significant portion of the companys current valuation of approximately $1 trillion depends on Elon Musks bet that AI-powered self-driving software and robotaxis will become the companys primary revenue streams in the future.

Oil Prices Climb As U.S. Stocks Plummet Before Demand-heavy Holidays

Charlie Brooks

Dec 22, 2022 11:37

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Oil prices extended advances into a fourth consecutive session on Thursday after inventory data indicated that U.S. supplies were tight ahead of a demand-heavy holiday season; but, caution ahead of crucial economic indicators restrained gains.


In the preceding week, U.S. crude inventories decreased far more than anticipated, with drops in heating oil and jet fuel stocks occurring just ahead of an anticipated rise in travel demand and a possible cold snap towards the end of the year.


Even as the government took more than 3 million barrels of crude from the Strategic Petroleum Reserve, inventories decreased, showing that demand remained solid.


This week's increase in the yen has exerted downward pressure on the dollar, which in turn has boosted crude oil prices. However, the dollar stabilized on Thursday ahead of critical inflation and economic growth reports.


Brent oil futures traded in London increased 0.4% to $82.56 per barrel by 21:21 ET, while West Texas Intermediate futures rose 0.6% to $78.73 per barrel (02:21 GMT). Both contracts are trading approximately 5% higher for the week, with confidence regarding the reopening of China's economy further boosting sentiment.


On Thursday and Friday, respectively, revised U.S. gross domestic product (GDP) figures and the personal consumption expenditures (PCE) price index will be released. The second reading of U.S. economic growth for the third quarter is projected to remain unchanged at 2.9%, as robust consumer spending and a stable labor market supported the world's largest economy.


The PCE data, which is the Federal Reserve's favored inflation gauge, will be monitored more closely. Even while the number is predicted to have decreased more in November compared to the previous month, it is still anticipated to be considerably above the Fed's target range.


Last week, oil prices fell to a one-year low due to fears of a probable recession, which were fueled by rising interest rates and surging inflation. A spate of hawkish signals from the world's most influential central banks has also weighed on petroleum prices.


However, crude prices rebounded from annual lows as the dollar weakened. In addition to optimism on China's reopening, the government loosened anti-COVID laws.


China's near-term picture remains murky, as the world's largest crude importer is also confronting a massive increase in COVID-19 cases. However, the markets are bracing themselves for a potential revival in Chinese demand, which, according to some analysts, could bring oil prices back above $100 in 2023.

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