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According to the Islamic Republic News Agency (IRNA), Iranian Parliament Speaker Qassem Ghalibaf stated that the United States and Israel have failed to achieve any of their objectives in the war. All parties have now concluded that the military operation against Iran has failed.The State Administration for Market Regulation announced that in June 2026, a total of 7 automobile manufacturers filed recall plans with the State Administration for Market Regulation, announcing the recall of a total of 41,800 vehicles.Rengo, Japans largest labor union, said on Friday that Japanese companies have agreed to wage increases of more than 5% for the third consecutive year, indicating that continued wage growth is gradually becoming a stabilizing trend supporting the worlds fourth-largest economy. The union, which has 7 million members, said the final results of the annual labor-management negotiations showed that Japanese companies agreed to an average wage increase of 5.01% this year. The average wage increase for Japanese companies was 5.25% last year and 5.10% the year before. Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, said that the positive outcome of the labor-management negotiations, coupled with the positive turn in real wage growth in recent months, "should boost consumer spending and strengthen the case for the Bank of Japan to continue its gradual interest rate hike path." Analysts expect that robust corporate profits and a severe labor shortage will maintain the upward trend in wages, with many predicting similar wage increases next year.July 3rd - According to data from the China Passenger Car Association (CPCA), preliminary statistics show that from June 1st to 30th, the national passenger car market saw retail sales of 1.037 million new energy vehicles, a 7% decrease year-on-year but a 9% increase compared to the same period last month. The cumulative retail sales this year reached 4.734 million vehicles, a 13% decrease year-on-year. From June 1st to 30th, national passenger car manufacturers wholesaled 1.506 million new energy vehicles, a 22% increase year-on-year and an 11% increase compared to the same period last month. The cumulative wholesale sales this year reached 6.812 million vehicles, a 6% increase year-on-year.July 3rd - According to data from the China Passenger Car Association (CPCA), preliminary statistics show that from June 1st to 30th, the national passenger car market retail sales reached 1.651 million units, a 21% decrease compared to the same period last year, but a 9% increase compared to the same period last month. The cumulative retail sales this year are 8.75 million units, a 20% decrease year-on-year. From June 1st to 30th, national passenger car manufacturers wholesaled 2.376 million units, a 4% decrease compared to the same period last year, but a 7% increase compared to the same period last month. The cumulative wholesale sales this year are 12.562 million units, a 5% decrease year-on-year.

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.