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On September 2, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "It is understood that at the second G20 Finance Ministers and Central Bank Governors Meeting held from August 31 to September 1, no communiqué was issued because China held differing views on the issue of global imbalances. What is Chinas comment on this?" Guo Jiakun stated, "We have noted that the parties held differing views on relevant issues at the just-concluded G20 Finance Ministers and Central Bank Governors Meeting. China deeply regrets that the meeting failed to issue a communiqué. As the main platform for international economic cooperation, the G20 should coordinate important global economic issues objectively, fairly, and in a balanced manner based on the principles of consensus and equal participation. China expects the United States, as the chair country, and all members to adhere to this principle, fully respect the legitimate concerns of all parties, and promote positive outcomes at the 2026 Miami Summit."On September 2nd, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Bloomberg reporter asked, "It has been reported that Russian President Vladimir Putin discussed the possibility of a trilateral meeting between China, Russia, and the United States during their talks with Chinese leaders at this years APEC summit hosted by China. What is the Foreign Ministrys comment on this?" Guo Jiakun replied, "Regarding your question, I currently have no information to provide." He added, "As the host of this years APEC summit, China is willing to work with all parties to ensure the success of the APEC China Year and make new contributions to promoting economic growth in the Asia-Pacific region and the world."German Foreign Minister Waldfol: I see strong support and unity within the EU; Europe is united.On September 2, the Iranian Islamic Revolutionary Guard Corps (IRGC) announced that, in retaliation for previous US attacks, it conducted a joint missile and drone strike against the US Ali Salim Air Base in Kuwait in the early hours of the day. Targets included US commanders command and accommodation areas, drone hangars, and the tarmac. The announcement stated that the attack resulted in the deaths of several US personnel, the destruction of multiple drones involved in the attacks on Iran, and fires at the hangars and tarmac. The IRGC stated that this operation was conducted concurrently with attacks on US bases in Jordan, Bahrain, and Erbil, Iraq.According to Irans Mehr News Agency, a US airstrike on Ravan Island in Iran has killed three members of the Bass Benchmark military organization.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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