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On August 24, local time, British Prime Minister Burnham arrived in Kyiv, the capital of Ukraine, for his first foreign trip since taking office. He will meet with Ukrainian President Zelensky later that day and announce a new round of aid to Ukraine, including providing key technical information to support Ukraines independent development of long-range missiles. According to British sources, Burnham will announce that the British government has approved defense companies to disclose classified information about components of the British-made Storm Shadow long-range missile to Ukraine, enabling Ukraine to assemble it independently.Ukrainian President Zelensky: Ukraine desires peace, but will not compromise easily.On August 24th, Alibaba (09988.HK) announced the completion of its HK$80 billion (approximately US$10.2 billion) new share placement. The net proceeds will be used entirely to invest in its full-stack AI capabilities and strengthen its AI infrastructure. According to sources close to the transaction, the placement was nearly three times oversubscribed, exceeding HK$200 billion. Sovereign wealth funds ultimately subscribed for over 40% of the shares, demonstrating strong demand and high-quality orders. Alibabas clearly visible return on its AI investment has garnered confidence from global long-term capital. Major sovereign wealth funds from the Middle East, Europe, and Asia actively participated in the subscription.According to Al Jazeera: The Israeli Defense Minister stated that Israel has issued an order to adopt a zero-tolerance policy towards the flying of kites and balloons from Gaza.On August 24th, at the Xiaomi Xuanjie Technology Communication Conference, Zhu Dan, Vice President of Xiaomi Group and President of New Business, delivered a speech. At the conference, Xiaomis new generation flagship SoC, Xuanjie O3, was unveiled. Its CPU features a deca-core design with all large cores, achieving a multi-core score exceeding 15,000 points for the first time, representing a 60% performance improvement. The GPU debuts the G2-UltraNX graphics processor, an unprecedented generational upgrade with a significant 85% performance increase and a 64% reduction in power consumption. Xuanjie O3 is also the worlds first mobile processor to support LPDDR6, boasting a bandwidth of up to 113.8GB/s, a 48% improvement over Xuanjie O1. The NPU architecture has been completely redesigned, specifically designed for Xiaomi MiMos large-scale edge models, possessing an impressive 200 TOPS tensor computing power and 3.13 TFLOPS vector computing power, resulting in a 45% improvement in edge AI performance.

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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