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Petronas, the Malaysian national oil company, has set the official selling price for Malaysian crude oil (MCO) in December at US$69.53 per barrel.On January 2nd, Ministry of National Defense spokesperson Zhang Xiaogang, in response to a reporters question regarding overseas hype surrounding the "Justice Mission-2025" exercise, stated that Taiwan is an inseparable part of Chinas territory, and the Taiwan issue is purely Chinas internal affair, brooking no external interference. The Peoples Liberation Armys (PLA) anti-separatist and anti-interference operations around Taiwan are entirely legitimate, necessary, and beyond reproach. The biggest reality in the Taiwan Strait is that both sides belong to one China, and the greatest threat to peace and stability in the Taiwan Strait is "Taiwan independence" separatist activities and the connivance and support of external forces. We urge relevant countries and institutions to strictly adhere to the one-China principle, cease their connivance and support for "Taiwan independence" forces, and stop stirring up trouble on the Taiwan Strait issue. We hope that the vast majority of Taiwan compatriots will truly recognize the extreme danger and harmfulness of Lai Ching-tes "Taiwan independence" provocations, prevent being deceived and coerced by "Taiwan independence" forces, and earnestly safeguard their own security and well-being and the fundamental interests of the Chinese nation. The Chinese Peoples Liberation Army will continue to strengthen its training and preparedness, be ready at any time to counter provocative acts seeking "independence," resolutely thwart all attempts at external interference, and defend national sovereignty, unity, and territorial integrity.January 2nd - With US stocks closed for a holiday, Hong Kong stocks opened today, the first trading day of 2026. Driven by tech stocks, the market continued its upward trend, with gains exceeding 500 points. The Hang Seng Index opened 86 points higher at 25717, and subsequently, with strong buying pressure, broke through the 26000 mark, reaching a high of 26217, a gain of 586 points, and surpassing the 100-day moving average. At the close, the Hang Seng Index rose 2.18% in the morning session, while the Tech Index rose 3.38%. The total turnover of the Hang Seng Index market was HK$76.87 billion. On the sector front, tech stocks led the gains, semiconductor stocks rose for the first time in a week, and retail, power equipment, and gaming software stocks strengthened again. Biopharmaceuticals and cosmetics stocks continued their weakness, while film, heavy machinery, and food stocks experienced a pullback. In terms of individual stocks, Biren Technology (06082.HK) surged over 72% on its first day of trading, Hua Hong Semiconductor (01347.HK) rose nearly 10%, Baidu (09888.HK) rose 7.5%, Kingdee International (00268.HK) rose over 6%, and CK Infrastructure Holdings (01038.HK) fell 1.1%.New York silver futures broke through $73 per ounce, up 3.40% on the day.New York silver futures extended gains to 3.00% on the day, currently trading at $72.74 per ounce.

0.8450 is being reached by EUR/GBP as the prospect of a UK recession looms

Daniel Rogers

Aug 05, 2022 14:46

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Following a huge upward rise from 0.8360 on Thursday, the EUR/GBP pair has subsequently turned sideways around 0.8430 in the Tokyo session. After the Bank of England (BOE) hiked interest rates by 50 basis points, the cross displayed a significant upward rise (bps) (bps). The BOE lifted interest rates by 50 basis points in succession, bringing them to 1.75 percent.

 

The investing community is aware that UK household earnings have been unsteady during the preceding few months. In addition, the economy's inflation rate is fast expanding. The inflation rate was 9.4 percent prior. The recent statement by BOE Governor Andrew Bailey that price increases might exceed 13 percent has sent shockwaves across the market.

 

The runaway inflation is now escalating, leaving the BOE with very little flexibility to tighten its monetary policy. The BOE is in poor shape as a result of the dismal economic data and the continuing political upheaval following the departure of UK Prime Minister Boris Johnson. A recession in the UK economy is extremely probable in the case that the inflation rate is close to 13 percent.

 

German manufacturing order numbers for the Eurozone have decreased by 0.4 percent against an anticipated 0.8 percent decline and a prior monthly contraction of 0.2 percent. Falling orders from factories indicate sluggish demand in Germany as a whole. It is vital to remember that Germany is a key element of the European Union (EU), and that economic data from Germany has a huge effect on people who favor the common currency.


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