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On March 29th, it was learned from the Beijing Financial Regulatory Bureau that Beijing has taken the lead nationwide in launching the development and application of commercial insurance products for intelligent connected new energy vehicles. The new products largely follow the existing new energy commercial vehicle insurance system, adhering to the principle of "overall stability with partial optimization." They primarily provide risk protection for specific intelligent driving scenarios and software/hardware losses that are of concern to consumers and automakers, and can be uniformly adapted to all levels of intelligent connected new energy vehicles from L2 to L4. For example, existing car insurance products mainly define drivers based on the basic scenario of "human driving," which is not fully applicable to L3 and L4 level "human-machine co-driving" or "machine driving" scenarios. Furthermore, for L2 level assisted driving vehicles, some consumers upgrade their assisted driving systems at their own expense after purchasing a new car, but existing car insurance products do not cover this portion of the loss, requiring further optimization.According to Iranian state media, Iranian Parliament Speaker Qaribaf stated that the United States talks about negotiations in public but is secretly planning a ground offensive.On March 29, local time, a U.S. military KC-135R aerial refueling tanker encountered an emergency during a mission and was forced to return to Tel Aviv, Israel.The Israel Defense Forces have detected another ballistic missile launch by Iran. Alarms are expected to sound in southern Israel within the next few minutes.On March 29, South Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol stated that if international oil prices rise to $120 to $130 per barrel, the government is likely to activate a Level 3 resource security crisis alert, and the vehicle license plate number restriction measures will be expanded to include the private sector.

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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