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Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on June 5, 2026 (Friday).The German Foreign Ministry issued a statement warning its citizens against traveling to Kuwait.On June 5, Li Hongzhong, member of the Political Bureau of the CPC Central Committee and Vice Chairman of the Standing Committee of the National Peoples Congress, met with Myanmars Foreign Minister Tin Maung Swe in Beijing. Li Hongzhong stated that President Xi Jinping and His Excellency Min Aung Hlaings two meetings last year have deepened and solidified the building of a China-Myanmar community with a shared future. China will, as always, support Myanmar in pursuing a development path suited to its national conditions and is willing to deepen comprehensive strategic cooperation, strengthen friendly exchanges between legislative bodies, promote people-to-people bonds, and drive the continuous development of China-Myanmar relations. Tin Maung Swe stated that Myanmar firmly adheres to the one-China principle and is willing to uphold the fraternal friendship, jointly implement the four global initiatives, deepen pragmatic cooperation, and promote exchanges between legislative bodies.June 5th - Commerzbank stated that the European Central Bank (ECB) needs to signal that its rate hikes may exceed market expectations for a significant euro rebound. This will be very challenging, given that slightly fewer than three rate hikes are expected this year. The ECB may raise rates next Thursday and could hint at a second hike. However, a stronger signal would require new forecasts showing a significant increase in inflation risks, which seems unlikely. An end to the Iran war would provide a greater boost to the euro, while the ECB could still raise rates.Hitachi and Intel (INTC.O) announced a strategic collaboration to drive AI transformation in key industries. Hitachi will deploy the HMAX energy system at Intels factory, and Intel will supply Hitachi with high-voltage silicon chips.

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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