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On March 19th, Xiaomi released its large-scale agent model, Xiaomi MiMo-V2-Pro. According to reports, Xiaomi MiMo-V2-Pro is specifically designed for high-intensity agent workloads in the real world. It boasts over 1TB of total parameters (42B of activation parameters), employs an innovative hybrid attention architecture, and supports ultra-long context lengths of up to 1MB. The MiMo-V2-Pro model is now officially available via API, supporting 1MB context lengths and offering tiered pricing based on usage: 256KB or less context: $1 input/million tokens, $3 output/million tokens; 1MB or less context: $2 input/million tokens, $6 output/million tokens. MiMo-V2-Pro is now available on multiple platforms.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.63% to 46,225.15 points, a new low for the year; the S&P 500 fell 1.36% to 6,624.7 points; and the Nasdaq Composite fell 1.46% to 22,152.42 points. McDonalds and Procter & Gamble led the decline, falling more than 3%. The Wind U.S. Tech Big Seven Index fell 1.47%, with Amazon falling more than 2%. The Nasdaq China Golden Dragon Index fell 2.06%, Weibo fell more than 10%, and Tencent Music fell more than 9%. 2. All three major European stock indexes closed lower. The German DAX fell 0.96% to 23,502.25 points; the French CAC40 fell 0.06% to 7,969.88 points; and the UK FTSE 100 fell 0.94% to 10,305.29 points. 3. The WTI crude oil futures contract closed up 3.68% at $99.05 per barrel; the Brent crude oil futures contract rose 5.7% to $105.06 per barrel. 4. International precious metals futures generally closed lower. COMEX gold futures fell 3.68% to $4823.90 per ounce, and COMEX silver futures fell 5.63% to $75.42 per ounce. 5. Most London base metals fell. LME aluminum rose 0.59% to $3419.5 per tonne, LME nickel fell 0.20% to $17160.0 per tonne, LME lead fell 0.86% to $1913.0 per tonne, LME zinc fell 2.94% to $3132.5 per tonne, LME tin fell 2.95% to $45345.0 per tonne, and LME copper fell 3.40% to $12340.5 per tonne.The Reserve Bank of New Zealands head of financial markets announced plans to adjust the way open market operations are conducted. Weekly full allocation operations will be offered to inject liquidity into the market.On March 19, just one day after resigning, former U.S. Counterterrorism Center Director Joe Kent stated in an interview on Wednesday that there was no intelligence indicating Iran would launch a "massive surprise attack" similar to 9/11 or Pearl Harbor. Kent said, "To reiterate what we know about Iran—they have always been very, very cautious when escalating confrontation." Kent also stated that he believes Israel feels emboldened to wage war and is confident the U.S. will have to respond. "Israel believes that whatever action they take, whatever the situation, they can proceed with this action, and we can only respond. This reflects both the relationship between the two sides and the existence of lobbying forces pushing us toward war." Kent announced on Tuesday that he had submitted his resignation due to disagreements with the administration regarding war with Iran. The White House has repeatedly cited Iran as an "imminent nuclear threat" as a reason for launching an attack on Iran.A Reuters survey of Japanese companies found that over 80% expect net profits to grow or remain stable in fiscal year 2026/27. Opinions among Japanese companies are divided regarding Sanae Takaichis proposal to suspend the food consumption tax. Japanese companies anticipate that oil supply disruptions and rising energy costs will be major concerns.

WTI falls further below $77.00 as China's Covid crisis stalls the rebound

Alina Haynes

Jan 04, 2023 15:01

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have experienced a straight decline after testing the previous week's high at $81, accompanied by minimal buying demand. As investors fret over China's sluggish economic recovery, the oil price has plummeted to a level close to $77.00 and is likely to continue falling.

 

The market anticipates a sluggish recovery in China's economic operations following a surge of Covid-19 cases caused by the administration's rapid reopening efforts. The Covid situation is becoming increasingly precarious as medical authorities lose control over the management of sick patients.

 

According to historical evidence, the reopening of an economy results in pent-up demand for commodities, which accelerates inflationary pressures dramatically. Analysts at Danske Bank opine, "A Chinese rebound will have a favorable influence on the global economy, but its effect on commodity prices would be inflationary."

 

In the meantime, the oil price was not supported by Caixin Manufacturing PMI data that exceeded expectations. IHS Markit provided economic statistics of 49.0, which is greater than the consensus estimate of 48.8 but less than the previous release of 49.4.

 

The US Dollar Index (DXY) is able to hold above the crucial support level of 104.00. The oil price is likely to remain on edge until the Federal Open Market Committee (FOMC) minutes are released. Despite the fact that the bulk of inflation indicators indicate lower demand and indications that inflation has peaked, the labor market is exceptionally tight and the inflation rate is still much above the objective of 2%. The FOMC minutes will provide the forecast for monetary policy in CY2023.

 

More policy tightening by the Federal Reserve (Fed) could raise the possibility of recession, which is susceptible to oil demand and could have a big impact on oil prices.