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Futures Market Summary | Wednesday, August 26th, CCTV News Highlights: 1. Xi Jinping issued important instructions regarding the mudslide disaster in Gyirong County, Shigatse City, Tibet, emphasizing the need to make every effort to search for missing persons, strengthen the investigation and rectification of various risks and hidden dangers, and ensure the safety of peoples lives and property. Li Qiang issued instructions. 2. Xi Jinping will attend the 2026 Shanghai Cooperation Organisation Summit and pay state visits to Kyrgyzstan and Egypt. 3. Li Qiang conducted research in Heilongjiang and Jilin provinces. 4. Zhao Leji held talks with delegates attending the meeting of the Standing Committee of the National Peoples Congress. 5. The 24th meeting of the 14th National Peoples Congress Standing Committee held a joint group meeting. 6. Zhao Leji met with the Chief of Staff of the Presidential Administration of Uzbekistan. 7. The 18th meeting of the Standing Committee of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) held a plenary session, focusing on "increasing efforts to guarantee and improve peoples livelihoods and solidly promoting common prosperity for all people." Wang Huning attended. 8. The 18th meeting of the Standing Committee of the 14th CPPCC National Committee closed. Wang Huning presided over the meeting and delivered a speech. 9. Ding Xuexiang attended a symposium on pilot projects for scientific fiscal management in Hefei, Anhui. 10. A mudslide disaster caused significant casualties at the Gyirong Port in Gyirong County, Shigatse City, Tibet. All parties involved in the rescue efforts are intensifying. 11. Integration and upgrading accelerate new industrialization. 12. The penetration rate of the BeiDou system in key industries is approximately 90%. 13. The State Council Information Office held a press conference for Chinese and foreign journalists entitled "Striving Individuals on the New Journey." 14. During the 15th Five-Year Plan period, the State Grids inter-provincial power transmission capacity will reach 500 million kilowatts. 15. my country further improves its family doctor contract service. 16. The Aoqin cross-border land-air intermodal transport service officially opened today. 17. The Omani Foreign Minister visited Iran; Iran announced temporary air route arrangements in the Strait of Hormuz. US media reported that the US is not launching new attacks on Iran and is shifting its focus to economic pressure. 18. Canada announced retaliatory tariffs on over 700 US goods. The US president said he is considering renaming Lake Ontario as Lake USA. Canadian officials stated they will defend all Canadian interests. 19. The Russian presidential press secretary confirmed contact between Russian and US intelligence agencies. 20. Russias dismantling of UNRWA facilities has been condemned. 21. Spain pushes forward with immigration and asylum reforms to address the crisis. 22. Wildfires break out in Texas, USA, and spread rapidly, leading to evacuation of residents.Micron Technology (MU.O): DeBoer will be responsible for advancing the storage and memory product roadmap, accelerating innovation, and overseeing Microns research labs.Micron Technology (MU.O): Executive Vice President and Chief Business Officer Sumit Sadana will transition to the role of Senior Advisor to the CEO.Micron Technology (MU.O): Bhatia will lead global operations and various business units.Ukrainian President Zelensky: Will visit the front lines with the new Commander-in-Chief.

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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