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Domestic News: 1. One Chinese citizen trapped in the Nepal mudslide disaster has been rescued. 2. Xiaomi releases its structured data big data model, Xiaomi-TabLDM. 3. Chinas logistics demand continued to expand in August, with the business climate further improving. 4. Two departments raised the national natural disaster relief emergency response level to Level III for Fujian. 5. The National Development and Reform Commission urgently allocated 20 million yuan to support emergency recovery efforts after the rainstorm and flood disaster in Jiangxi. International News: 1. Frances national gold reserves have been entirely consolidated domestically. 2. US media: US Republicans confidence in the economy has plummeted. 3. South Koreas exports have reached a record $709.4 billion so far in 2026. 4. A temporary ceasefire has been implemented around the Zaporizhia nuclear power plant to repair external power lines. 5. Sources: The White House has vetted candidates to replace the US Deputy Secretary of Defense. 6. US representatives arrived in Moscow for negotiations; both Putin and Zelensky stated that attacks on the two capitals would be suspended for the next three days. 7. Middle East Situation—① According to Iranian media Fars News: An explosion was heard near Kharg Island, Iran; the specific cause is still unclear. ② According to Irans SNN news agency: An Iranian oil tanker near Kharg Island was attacked by a missile; there are no reports of casualties so far. ③ US Central Command: The US military sank three Iranian Revolutionary Guard oil tankers.The U.S. National Hurricane Center: Hurricane Karina is expected to weaken rapidly early next week.Ukrainian President Zelensky: From the start of the call, we are prepared to abide by the agreement to cease airstrikes on the cities involved in the negotiations. From now until the end of Saturday, and on Sunday and Monday, Ukraine is prepared to cease airstrikes on Moscow, and we also hope that Russia will take the same measures against Kyiv.Ukrainian President Zelensky: I just spoke with the special envoy of the US President, and they have begun cooperating (talks) with the Russian side today.On September 5th, the European Border and Coast Guard Agency (EBR) announced on the 4th that it had deployed a patrol vessel to the English Channel for the first time to support French search and rescue operations against overloaded migrant boats at sea. More vessels will be deployed in the coming months. According to EBR, the patrol vessel, from the Spanish Civil Guard, began operations off the French coast this week, working in conjunction with reconnaissance aircraft deployed over the English Channel since 2021. The agency emphasized that its mission is limited to supporting French search and rescue operations and does not include intercepting migrants at sea. The patrol vessel will help France gain a more comprehensive understanding of maritime dynamics, detecting, identifying, and tracking small vessels, and transmitting precise information to French authorities in real time. EBR stated that more vessels from other EU member states will join the operation in the coming months.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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