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On August 23, Zhaojin Mining announced that its revenue for the first half of 2026 was RMB 9.022 billion, an increase of approximately 29.38% year-on-year; profit attributable to shareholders of the parent company was RMB 1.578 billion, an increase of approximately 9.61% year-on-year; net profit was RMB 2.105 billion, an increase of approximately 18.50% year-on-year; basic and diluted earnings per share were RMB 0.42, an increase of approximately 10.75% year-on-year. The board of directors does not recommend the payment of an interim dividend.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.3 occurred at 18:04 on August 23 near Tashkurgan County, Kashgar Prefecture, Xinjiang (36.96 degrees north latitude, 74.89 degrees east longitude). The final result is subject to the official rapid report.According to the Financial Times, Italian oil company Eni is betting that nuclear fusion will become its "next refinery".On August 23, two slope collapses occurred in Fengshan Town, Fengqing County, Lincang City, Yunnan Province, leaving four people missing. The Ministry of Natural Resources activated a Level IV emergency response for geological disaster prevention in Yunnan at 2 PM on the 23rd and dispatched a working group to the site to guide rescue and relief efforts.On August 23, Galaxy Securities stated that in the short term, the index will continue to fluctuate due to overseas volatility and stock structure disturbances, and the game and rebalancing between sectors will continue. However, external shocks are more of a phased disturbance, and the domestic policy signals and the logic of the main industry line have not been shaken. Looking ahead to the second half of the third quarter, the market will mainly be structural rotation and repair. It is recommended to focus on the policy line and the direction of economic verification to seize structural opportunities. Next week, pay attention to the following events: (1) Overseas macro pricing, the second valuation of the US second quarter GDP, the core PCE in July and the speech of the chairman of the Jackson Hole Annual Meeting will be released one after another; (2) Technology company performance verification, Nvidias financial report is an important indicator for observing the continued expectation of global AI capital expenditure; (3) The disclosure of A-share interim reports is about to end, which may become an important window for the concentrated release of individual stock alpha. The industrial enterprise profit data to be released next week will provide a total scale for profit recovery; (4) At the industry level, pay attention to the 2026 Wenchang International Aviation and Aerospace Forum, etc.

Oil Prices Stabilize After Sliding on Rate Rise Concerns, While Russian Crude Flows

Haiden Holmes

Jan 31, 2023 11:30

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Oil prices stabilized in early Asian trade on Tuesday, after plunging more than 2% in the previous session due to the possibility of additional interest rate hikes and ongoing Russian oil exports.


By 01:55 GMT, Brent crude prices rose 28 cents to $85.18 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $77.99 per barrel.


Investors anticipate that the U.S. Federal Reserve will boost interest rates by 25 basis points on Wednesday, followed by a half-point hike by the Bank of England and European Central Bank on Thursday. Increasing interest rates could slow the global economy and reduce oil demand.


The market also focused on a planned virtual conference of the ministers of the Organization of the Petroleum Exporting Countries (OPEC) and others, including Russia, on February 1 at 1100 GMT. This group is known as OPEC+.


Five OPEC+ members told Reuters on Monday that the panel is anticipated to propose maintaining the oil producing group's existing output policy intact when it meets this week.


In October, OPEC+ agreed to reduce its production target by 2 million barrels per day (bpd), or around 2% of global demand, from November through the end of 2023.


Russia continues to provide oil to the global market despite a European Union boycott and G7 price ceiling imposed in response to its invasion of Ukraine, which pushed up prices.


Providing some support for oil prices, the U.S. dollar index has declined 1.3% thus far in January. A weakening dollar reduces the price of crude oil for foreign buyers.