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On March 26, CStone Pharmaceuticals-B (02616.HK) announced in Hong Kong that its revenue for fiscal year 2024 decreased by RMB 138 million, or 33.8%, to RMB 270 million for fiscal year 2025, from RMB 407 million. The net loss for the year increased by RMB 346 million from RMB 91.2 million in fiscal year 2024 to RMB 437 million in fiscal year 2025, primarily due to a decrease in gross profit and an increase in R&D expenses. Excluding a one-off negative impact of RMB 147 million related to channel compensation and inventory write-downs in preparation for the inclusion of prallatinib in the National Reimbursement Drug List, the net loss was RMB 290 million.March 26 – The number of Americans filing for unemployment benefits rose slightly last week, indicating a stable labor market and giving the Federal Reserve room to keep interest rates unchanged while closely monitoring inflation risks related to the Middle East conflict. The Labor Department said Thursday that initial jobless claims rose by 5,000 to a seasonally adjusted 210,000 in the week ending March 21. Initial jobless claims have remained between 201,000 and 230,000 this year, influenced by relatively few layoffs. Economists said that continued uncertainty stemming from Trumps aggressive import tariffs has led to a decline in demand for labor. Private sector nonfarm payrolls increased by an average of only 18,000 per month in the three months ending in February. They also noted that the Trump administrations hardline immigration policies have reduced the labor supply, also impacting job growth. This has led to what Federal Reserve Chairman Powell called a "zero-job growth equilibrium" this month, but this situation "has downside risks."S&P: Models show European insurance companies are well-capitalized.As of 8:30 PM Beijing time, WTI crude oil futures rose 4.15%, while U.S. natural gas futures fell 0.48%.The number of Americans filing for initial jobless claims for the week ending March 21 was 210,000, in line with expectations and the previous weeks figure of 205,000.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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