EUR/USD
1.16854
-0.023%
Gold
4461.08
-0.749%
Oil
56.385
-0.766%
USD/JPY
156.469
-0.126%
GBP/USD
1.34922
-0.068%
GBP/JPY
211.117
-0.130%
Real-time News
January 7th - Since the imposition of sanctions on Venezuela, U.S. refineries have increased their crude oil imports from Canada, Mexico, Colombia, Brazil, and the Middle East. This increased U.S. imports from Venezuela will replace some of these crude oil supplies, primarily from Canada. Canada aims to increase oil production to record levels by 2025 and export approximately 90% of its crude oil to the United States. A refining industry source stated, "At a time when Venezuela is struggling, Canadian heavy crude oil has filled the market gap. Now, different grades of crude oil will compete, which is beneficial for the U.S. refining industry but detrimental to Canada." Randy Olenburg, Managing Director of Barmos Capital Markets, stated that the long-term growth in Venezuelan oil production will put pressure on Canadian oil prices and further highlight the need to build a new Canadian export pipeline to the Pacific coast.The UKs December construction PMI came in at 40.1, below the expected 42.5 and the previous reading of 39.4.On January 7th, Futures reported that driven by the continued rise in prices of upstream polysilicon, silicon wafers, and solar cells, some leading companies raised their N-type module prices, sending a clear signal of price support. However, actual transactions did not follow suit. Currently, it is the traditional off-season at the end of the year, with most large-scale domestic projects nearing completion and overseas shipments slowing due to the Spring Festival and holidays. End-users have extremely low acceptance of price increases. Most buyers are choosing to wait and see or suppress prices to fulfill previous low-priced orders, making it difficult to implement new quotes, resulting in a "high price but no sales" market. Low-priced goods below 0.68 yuan/watt are still circulating in some channels, further suppressing the potential for price increases. In the short term, while the module segment has cost support, it lacks effective demand. If end-user projects fail to start as scheduled after the Spring Festival, high prices may be unsustainable. The core contradiction in the current market remains the resolute price increases from upstream suppliers and weak downstream demand. Whether prices can truly stabilize depends on the pace of demand recovery at the end of the first quarter.On January 7th, strategists at RBC Capital Markets noted in a report that the UK Debt Authoritys scheduled auction of £4.25 billion in government bonds maturing in March 2031 at 10:00 GMT is expected to attract strong interest. They stated, "The smaller auction size, coupled with the recent rebound in valuations and the resulting relative value investing interest, should result in a reasonably well-performing auction." Tradeweb data shows that the yield on UK government bonds maturing in March 2031 fell 3.5 basis points, ultimately closing at 4.002%.January 7th - The steepening trend of the US Treasury yield curve – the widening spread between short-term and long-term Treasury yields – continues. While the yield curve has seen occasional interruptions in recent months, it has generally steepened. Analysts at First Abu Dhabi Bank noted in a report that short-term Treasury yields have remained stable amid concerns about stagflation risks, while long-term yields have fluctuated upwards. They stated that since the deep inversion in mid-2023, the spread between two-year and ten-year Treasury yields has steepened by approximately 170 basis points. According to Tradeweb data, the spread between two-year and ten-year Treasury yields is currently 70 basis points, having briefly reached a high of 71 basis points earlier this month.
