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January 31st - To effectively curb the sources of cybercrime, rectify the cybercrime ecosystem, and enhance the publics sense of security and satisfaction with cybersecurity, the Ministry of Public Security, after thorough research and demonstration, has drafted the "Cybercrime Prevention and Control Law (Draft for Public Comment)," and is now soliciting public opinions. The deadline for feedback is March 2nd, 2026.January 31st - According to Lighthouse Pro, as of 9 PM on January 31st, the total box office for January 2026 reached 1.961 billion yuan, with "Zootopia 2" holding the top spot for the third consecutive month.On January 31, the "Implementation Plan of Beijing Economic-Technological Development Area on Further Accelerating the Construction of a City of Artificial Intelligence (2026-2027)" was released. The Implementation Plan systematically outlines the development goals for the Beijing Economic-Technological Development Areas city of artificial intelligence over the next two years, proposing to accelerate the construction of a city-level engineering experimental platform driven by data and scenarios, and to promote the application of artificial intelligence in various industries and households. The Implementation Plan specifies that by the end of 2027, the focus will be on building no fewer than 10 benchmark intelligent scenario complexes, promoting the application of 100 vertical models, constructing a number of high-quality industry datasets, gathering 1,000 core enterprises in the artificial intelligence industry chain, attracting 10,000 super individuals and independent developers, and significantly enhancing the scale and level of the core industries of the intelligent economy.On January 31st, Seth R. Freeman, Senior Managing Director of GlassRatner Consulting & Capital Group, pointed out that one of the primary tasks of Warsh, the newly nominated Federal Reserve Chair, will be rebuilding credibility in global markets. This is particularly important against the backdrop of strained relations between Trump and Powell over the past few months. Freeman also stated that Warsh is the best candidate, given his long experience in government. However, the best news is that we no longer have to deal with the uncertainty and market turmoil caused by Trumps constant pressure on the Fed Chair, which is good for everyone. Furthermore, he noted that the sharp drop in gold and the even more dramatic decline in silver indicate that the market is facing a stronger dollar and a different environment, especially for silver. Given this nomination, it would be unsurprising if metal prices do not rebound significantly. And given Warshs hawkish leanings, traders heavily invested in precious metals may face losses, especially those with unhedged or short positions. Some traders may find themselves in serious trouble next Monday, at least those who did not take a neutral stance or short precious metals.The U.S. Geological Survey reports a 5.3-magnitude earthquake 110 kilometers south of Akureyri, Iceland.

WTI crude oil prices remain subdued in the mid-$79.00 range with fresh recession concerns

Daniel Rogers

Jan 19, 2023 15:00

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WTI crude oil maintains losses near $79.50 on Thursday morning, following a steep decline from the 1.5-month high the previous day. In doing so, the black gold struggles to justify expectations of increased energy demand from China amidst fresh US economic downturn concerns. The stronger U.S. dollar and recent hawkish statements from Federal Reserve (Fed) officials could also be placing downward pressure on the energy benchmark.

 

The previous day, declining US data rekindled fears of an economic slowdown and weighed on Oil prices. In spite of this, US Retail Sales posted a 1.1% MoM decline in December, compared to a -0.8% market projection and a -1.0% prior reading (revised). On the same note, the Producer Price Index plummeted to its lowest level in six months with a -0.5% MoM figure, compared to a -0.1% MoM figure that was anticipated and a 0.2% MoM result from the previous month (revised).

 

In spite of this, Fed members remained hawkish as St. Louis Federal Reserve President James Bullard stated that US interest rates must rise higher in order to reduce inflationary pressures. On the same line, Loretta Mester, president of the Federal Reserve Bank of Cleveland, and Esther George, president of the Federal Reserve Bank of Kansas City, stated that the central bank must restore price stability, "which includes returning to 2% inflation." Recently, Lorie Logan, president of the Federal Reserve Bank of Dallas, advocated for a slower rate of rate hikes but also acknowledged the possibility of a higher rate ceiling.

 

Aside from China, experts at Goldman Sachs anticipated a stronger global economy and preferred more energy consumption from the dragon nation. In recent times, though, worries about the US-China friction have outweighed optimism. US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He met in Germany on Wednesday, which initially bolstered risk appetite with the BOJ's inactivity. However, the diplomats' mention of the disagreements sparked market fears of a new round of friction between the United States and China. Previously, the South China Morning Post (SCMP) stated that Beijing'should be cautious' as the United States and Taiwan pursue tighter economic ties.

 

The American Petroleum Institute's (API) Weekly Crude Oil Stock was 7.615 million compared 14.865 million the week prior.

 

As a result of these bets, Wall Street closed in the red, and yields also declined, but the US Dollar rebounded after falling to its lowest level since late May. However, the US Dollar Index (DXY) also rebounded from levels that were the lowest since May 31.

 

In the future, risk triggers will be more significant than the weekly oil inventory data from the US Energy Information Administration, which is predicted to be -1.75M compared to 18.962M previously.


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