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On the morning of the 9th, General Secretary Xi Jinping visited the National Information Technology Innovation Park in Yizhuang, Beijing, to learn about the application innovation of information technology and Beijings efforts to accelerate the construction of an international science and technology innovation center. He also viewed a display of representative scientific and technological innovation achievements and had a cordial exchange with representatives of researchers and technology companies.February 9th - Following strong performances in all three major US stock indices last Friday, Hong Kong stocks opened higher and continued to rise throughout the day. The Hang Seng Index opened 422 points higher at 26,982, before narrowing its gains to 319 points, reaching a low of 26,879. It then rallied again, rising 514 points to a high of 27,074, once again breaching the 27,000 mark. At the close, the Hang Seng Index was up 1.17% in the morning session, while the Hang Seng Tech Index was up 1.02%. The total turnover of the Hang Seng Index market was HK$136.25 billion. On the sector front, optical communications, photovoltaic equipment, and wind power stocks led the gains, while mainland property stocks saw a surge, and semiconductor stocks continued their strong performance. New consumption concepts, telecommunications, home appliances, and oil stocks were weak. In terms of individual stocks, Innovent Biologics (01801.HK) rose nearly 6%, Pop Mart (09992.HK) rose over 5.7%, China Life (02628.HK), Longfor Group (00960.HK), Zijin Mining (02899.HK), and Hua Hong Semiconductor (01347.HK) rose over 5%, Kuaishou (01024.HK) fell over 4.2%, and China Telecom (00728.HK) and China Mobile (00941.HK) both fell over 1.5%.On February 9th, a new PR (Public Retrieval Request) for Qwen 3.5 to merge into Transformers appeared on the open-source project page of HuggingFace, the worlds largest AI open-source community. Industry insiders speculate that the release of Alibabas next-generation foundational model, Qwen 3.5, is imminent, sparking heated discussions in the global AI open-source community. Some commentators have described a "crazy February" led by large-scale Chinese models as imminent. Related information reveals that Qwen 3.5 adopts a new hybrid attention mechanism and is highly likely to be a natively capable VLM-like model for visual understanding. Developers have further discovered that Qwen 3.5 may open-source at least a 2B dense model and a 35B-A3B MoE model.Japanese Prime Minister Sanae Takaichi: The US-Japan alliance and friendship are built on deep trust and close, solid cooperation.Japanese Prime Minister Sanae Takaichi: The potential of our alliance is limitless.

Oil Prices Climb As The EU Bans Most Russian Oil Imports

Charlie Brooks

May 31, 2022 11:42

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Oil prices increased on Tuesday as the European Union (EU) agreed to reduce its oil imports from Russia by the end of 2022, fueling fears of a tightening market already stressed for supply due to rising demand ahead of the peak summer driving season in the United States and Europe.


At 00:54 GMT, Brent crude futures for July, whose contract expires on Tuesday, rose 33 cents to $122.50 a barrel. The more popular August contract increased 33 cents to $117.93.


Futures contracts for U.S. West Texas Intermediate (WTI) crude were trading at $117.31 a barrel, an increase of $2.24 from Friday's closing. Due to a U.S. holiday, there was no settlement on Monday.


European Union leaders agreed in principle to reduce oil imports from Russia by 90 percent by the end of 2022, breaking a stalemate with Hungary over the bloc's heaviest sanction against Moscow since the invasion of Ukraine three months ago.


Due to the fact that the market has already factored in the supply limits, according to some analysts, oil price improvements may be modest.


SPI Asset Management Managing Partner Stephen Innes told Reuters that the market had "already factored in EU self-sanction and much less Russian oil moving to Europe this year"


Innes continued, "I believe the market is pricing in some more Asia demand via China; nevertheless, the glaring issues are the soaring gasoline prices at the pump, which could lead to some demand destruction over the driving season."


Following the removal of COVID-19 restrictions, China's demand is anticipated to increase. Shanghai has announced the end of its two-month lockdown and will permit the vast majority of residents in China's largest metropolis to leave their homes and drive cars beginning Wednesday.


On the production side, OPEC+ is expected to adhere to its agreement from last year at its meeting on Thursday, with a moderate July output rise of 432,000 barrels per day, according to six sources from OPEC+. This is in response to Western calls for a more rapid increase to curb skyrocketing prices.


The Organization of the Petroleum Exporting Countries and its allies, led by Russia, argue that the oil market is in equilibrium and that recent price increases are unrelated to underlying fundamentals.


In 2022, oil prices on both sides of the Atlantic reached their highest level in more than a decade and are up more than 55 percent so far in 2022.

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