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On January 31st, China Merchants Securities, in its latest research report, also pointed out that its team recently surveyed liquor distribution channels in Henan, Anhui, Sichuan, and other regions. Overall demand is still declining (double-digit decline), but this is in line with previous expectations. Looking at different scenarios, business banquets are mainly small-scale events, mid-to-high-end dining remains sluggish, and gift-giving demand has partially rebounded. There is a clear differentiation among brands, with Moutai showing excellent sales performance due to pre-emptive stockpiling for the Spring Festival, while other brands are under pressure.On January 31st, according to a Weibo post by Lei Jun, Chairman of Xiaomi Group, he will be hosting a live stream at 8 PM on February 1st at the Xiaomi Auto factory laboratory in Beijing, giving viewers a tour of some of the labs. This will be an educational live stream to help viewers understand the development process of the new generation SU7 and to casually discuss some recent hot topics related to Xiaomi Auto, such as the GT7 and resale value.Algerias Remote Sensing Satellite-3B was successfully launched.January 31st - According to the Dongguan Statistics WeChat official account, based on the unified accounting results of Guangdong Provinces regional GDP, Dongguans GDP in 2025 reached 1,276.02 billion yuan, a year-on-year increase of 4.0% at constant prices. Specifically, the added value of the primary industry was 3.69 billion yuan, a year-on-year increase of 4.5%; the added value of the secondary industry was 716.544 billion yuan, a year-on-year increase of 4.4%; and the added value of the tertiary industry was 555.787 billion yuan, a year-on-year increase of 3.5%.On January 31st, amidst a sharp drop in gold and silver prices, the Chicago Mercantile Exchange (CME) announced on Friday that it would raise margin requirements for Comex gold and silver futures trading. According to the statement, for non-high-risk accounts, the margin for gold futures will increase from 6% to 8% of the contract value, while for high-risk accounts, the margin will increase from 6.6% to 8.8%. For silver, the margin for non-high-risk accounts will rise from 11% to 15%, and for high-risk accounts from 12.1% to 16.5%. Margin requirements for platinum and palladium futures will also be raised accordingly. These adjustments will take effect after the close of trading next Monday.

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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