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The China Earthquake Networks Center officially measured a 4.0-magnitude earthquake in Zhaosu County, Ili Prefecture, Xinjiang (43.36 degrees north latitude, 81.10 degrees east longitude) at 1:58 a.m. on June 22, with a focal depth of 20 kilometers.June 22 - According to Iranian sources on June 21, a member of the Iranian negotiating team revealed that the draft of a waiver for Iranian oil sanctions has been finalized, adding that the waiver will be issued soon. Administrative procedures for unfreezing Iranian funds are underway with the participation of a Qatari delegation.June 22 - According to foreign media reports, sources revealed that the ruling coalition led by German Chancellor Merz is preparing to support a proposal for a comprehensive reform of Germanys pension system, including the introduction of a market-based savings mechanism, tightening early retirement rules, and gradually raising the retirement age. These recommendations, drafted by a government-appointed committee, will be submitted on Tuesday. The plan proposes a gradual introduction of supplementary pension contributions equivalent to 2% of total wages, which would be managed through a public fund vehicle and invested in the capital markets. The committee also recommends gradually raising the retirement age in line with increases in life expectancy. Furthermore, the proposal would abolish a popular early retirement pathway that allows workers who have contributed for 45 years to retire early. Pension reform is one of the most divisive issues in the coalition government, which has been in power for 13 months, and continues to test the long-standing policy differences between Merzs conservative wing and Klinkes Social Democratic Party.According to Reuters, Iranian sources say that negotiations between Iran and the United States in Switzerland have been suspended, but have not ended.According to Iranian state media, a spokesperson for the Iranian Foreign Ministry said that Sundays talks focused on ending the war, lifting sanctions, and releasing frozen Iranian funds.

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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