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French industrial production fell 0.1% month-on-month in May, compared with an expected decline of 0.4% and a revised figure of 0.3% for the previous month (originally 0.10%).Japans Government Pension Investment Fund (GPIF): For the fiscal year ending in March, its investment return rate was 16.47%, significantly higher than the 0.71% of the previous fiscal year.July 3rd - The "15th Five-Year Plan for Circular Economy Development" proposes to effectively streamline the waste recycling network, strengthen the refined collection of industrial waste, promote the standardized recycling of social waste, and specifically improve the recycling capacity of key waste categories. It also calls for vigorously promoting the upgrading of the circular economy industry, optimizing the industrial layout, accelerating the upgrading of technology and equipment, cultivating and expanding the circular economy service industry, and strengthening industry supervision measures. Furthermore, it emphasizes strengthening institutional and policy guarantees for the development of the circular economy, conducting in-depth publicity and guidance, and enhancing international cooperation in the circular economy.July 3rd - The "15th Five-Year Plan for Circular Economy Development" proposes to comprehensively solidify the foundation for waste reduction, widely promote green product design, deepen clean production in industries, and actively promote green consumption throughout society. It also calls for accelerating the improvement of resource utilization levels, focusing on the efficient recycling of industrial resources, deepening the ecological circular development of agriculture and forestry, vigorously promoting green construction throughout the entire engineering process, fully releasing the potential of traditional "urban mining" resources, and accelerating the addressing of shortcomings in the recycling of solid waste such as the "new three types" (referring to new types of waste). Furthermore, it emphasizes continuously expanding the scale of reuse, promoting the import and utilization of high-quality recycled raw materials from overseas, expanding the application scale of recycled materials, promoting high-level remanufacturing, and standardizing the development of the second-hand goods circulation and trading market.On July 3rd, Karen Manna, Senior Fixed Income Portfolio Manager at Federated Hermes, pointed out in a report that the most significant change in the fixed income market in the first half of 2026 is the resurgence of "inflation expectations." She stated that historically, geopolitical conflicts have triggered risk aversion, pushing up US Treasury prices and thus depressing yields. However, following the outbreak of the conflict in Iran, inflation concerns dominated the market, pushing up yields—especially in the short end of the yield curve. Therefore, market expectations have shifted dramatically; instead of anticipating more than two rate cuts as previously expected, the market is now discussing the possibility of one or even two rate hikes.

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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