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Approaching midday, the Hang Seng Tech Index turned negative after rising more than 1.6% earlier in the session. Tech stocks retreated, with Meituan (03690.HK) down 1.7%, NetEase-S (09999.HK) down 1.8%, and Alibaba (09988.HK) down 1.2%.On March 5th, at the first "Ministerial Corridor" press conference of the Fourth Session of the 14th National Peoples Congress, Minister of Industry and Information Technology Li Lecheng stated that in 2026, the Ministry of Industry and Information Technology will, in accordance with the requirements of the Government Work Report, vigorously promote the two-way development of artificial intelligence (AI) and manufacturing. my country boasts a complete range of industries, a large pool of innovative talent, and a continuously improving innovation ecosystem. We are confident and firmly believe that more world-class intelligent products will be produced on this fertile land. We will strive to promote AI computers, AI mobile phones, and smart homes to better meet the peoples needs for a better life. We will fully promote the research and development and iterative updates of next-generation artificial intelligence products, including brain-computer interfaces, autonomous vehicles, and robots, driving technological breakthroughs and iterations. We will vigorously support the development of intelligent agricultural machinery and intelligent medical devices, enabling more intelligent products to meet the needs of various industries and fields.March 5th - At the first "Ministerial Corridor" press conference of the Fourth Session of the 14th National Peoples Congress on March 5th, Zhang Yuzhuo, Director of the State-owned Assets Supervision and Administration Commission of the State Council, stated that during the "14th Five-Year Plan" period, the total assets of central enterprises successively reached 70 trillion, 80 trillion, and 90 trillion yuan. Profit levels over these five years increased by 56.2% compared to the previous five years, and overall labor productivity grew at an average annual rate of 7%.According to the Wall Street Journal, Canadian Prime Minister Mark Carney stated that the possibility of Canadian military involvement in the escalating conflict in the Middle East cannot be ruled out. "We have not participated in those US-Israeli operations. But we will always protect Canadians."March 5th - Li Lecheng, Minister of Industry and Information Technology: Regarding the next stage of artificial intelligence development, we will continue to do relevant work in 2026. Here, I would like to emphasize that in the development of the artificial intelligence industry, we must coordinate development and security, adhere to the principle that artificial intelligence is for human use, for human service, and for human control, and uphold international cooperation, openness, and sharing in artificial intelligence. We must unite with friends from all over the world to jointly explore and reach a broader consensus on the governance framework and rules for artificial intelligence, so that artificial intelligence can better benefit mankind and become a global public good.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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