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July 9th - On the afternoon of July 7th, 2026, Liao Min, Vice Minister of Finance, met with a delegation from the American Chamber of Commerce in China in Beijing to exchange views on issues such as China-US economic and trade relations and concerns of American companies operating in China.On July 9th, Sinopharm Holdings (01099.HK) and Merck (MRK.N) held in-depth discussions in Shanghai regarding the import and launch of the innovative drug Xinruilai® and subsequent cooperation. Building on years of successful collaboration, the two parties reached a new round of strategic synergy focusing on the accessibility and commercialization efficiency of drugs for rare diseases.On July 9th, Zijin Mining International (02259.HK) announced that it expects to achieve a profit attributable to owners of the parent company of approximately US$1.4 billion for the six months ended June 30, 2026, an increase of approximately US$880 million compared to approximately US$520 million in the same period last year, representing a year-on-year increase of approximately 169%. During the reporting period, the sales price of mined gold increased year-on-year, and the two producing gold mine projects, the Akim Gold Mine in Ghana and the Rigodo Gold Mine in Kazakhstan, which were completed in April and October 2025 respectively, achieved profitability during the reporting period, which had a positive impact on the Groups performance.On July 9th, BP CEO Meg ONeill, on her 100th day at the helm of the British energy giant, stated that BPs goal is to achieve safe, reliable, and cost-effective operations every day. "Safety is always our top priority." The company was found to have committed serious negligence in the 2010 Deepwater Horizon oil spill, and a fire at one of its Ohio refineries in 2022 killed two workers. She added that BP aims to deliver consistently strong results every quarter. "I want us to be the most predictable company in the industry." Her other two priorities are clearer accountability and strict cost and capital discipline.On July 9th, Iranian sources reported that the Iranian Foreign Ministry summoned the British ambassador to Iran to protest against the British governments inappropriate actions, citing repeated false and baseless accusations against Iran by British officials. It is understood that Ali Reza, Assistant Foreign Minister and Director of the Western European Department, delivered a written protest to the British ambassador, opposing the baseless and false accusations made by British officials, including claims that "Iran attempted to carry out security-threatening actions in Britain." He stated that such accusations were merely a diversionary tactic by the British side to evade responsibility and cover up its own destructive behavior and violations of international law.

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.