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On September 15th, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry." The plan proposes to consolidate the advantages of the energy electronics industry. It will continue to promote the coordinated development of energy electronics technologies such as photovoltaics, energy storage, terminals, and communications. It will further promote the iterative upgrading of high-efficiency crystalline silicon photovoltaic cell technology, develop next-generation high-efficiency photovoltaic cell technologies and supporting equipment and materials such as perovskite tandem cells, research and promote highly reliable and intelligent photovoltaic modules and intelligent operation and maintenance technologies for photovoltaic systems, and expand "photovoltaic+" application scenarios. It will enhance the innovation capabilities of the entire new battery industry chain, consolidate the competitive advantage of lithium batteries, continue to promote the industrialization of solid-state batteries, sodium batteries, flow batteries, fuel cells, etc., promote the intelligent, green, and integrated development of new batteries, and support the application of new batteries in scenarios such as smart terminals, new energy vehicles, ships, aviation, intelligent robots, construction machinery, and agricultural equipment. It will accelerate the research and development and supply of key power electronics technologies, improve the supply capacity of key core devices and components, and enhance the efficient integration and precise control level of energy storage systems.On September 15th, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry." The plan proposes to promote the research and industrialization of the fifth-generation Reduced Instruction Set Computing (RISC-V) chip and support its application in fields such as artificial intelligence and embedded systems. It also emphasizes deepening collaborative innovation between chips and modules, and strengthening the collaborative design and optimization of algorithms and hardware architecture. The plan aims to consolidate the competitive advantage of communication equipment and accelerate breakthroughs in technologies and products such as high-end data communication, optical communication, mobile communication, satellite communication, and next-generation short-range wireless communication. Furthermore, it promotes the intelligent upgrading of industrial control equipment and constructs an integrated industrial computing system encompassing computing, control, sensing, and transmission. The plan also promotes the high-end development and application of laser equipment, achieving breakthroughs in technologies such as high-performance lasers, ultra-precision laser processing, and precision optomechanical systems. Finally, it guides the digital, integrated, and intelligent development of radar equipment and accelerates its application in emerging fields such as intelligent driving and the low-altitude economy. Finally, it accelerates technological breakthroughs in transfer equipment, improves its flexibility and intelligence, and expands its application to meet the needs of next-generation intelligent manufacturing.Polish Armed Forces: Military air operations have been launched in Polish airspace as Russia launches drone attacks against Ukraine.On September 15th, Judge Thaler of the U.S. District Court for the Northern District of Boston ruled on September 14th to block the U.S. federal government from implementing a new rule that would limit the length of time foreign students and journalists can stay in the United States without applying for an extension. This new rule was originally scheduled to take effect today (September 15th). Thaler pointed out that the Department of Homeland Securitys rationale for issuing this policy was "extremely weak." The agency had previously cited national security needs and the need to prevent fraud in the visa program as justification. However, Thaler noted that the Department of Homeland Security failed to fulfill its legal obligations in formulating the policy—neither responding to concerns that the policy change might raise nor considering other less burdensome alternatives.The yield on Japans 30-year government bonds rose 3.0 basis points to 4.095%.

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.