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On May 11, it was announced at a press conference held by the General Administration of Customs that, in order to uphold the bottom line of safety for imported and exported cosmetics and effectively protect the safety of cosmetics used by the general public, the General Administration of Customs recently released the newly revised "Measures of the Customs of the Peoples Republic of China for the Supervision and Administration of Inspection and Quarantine of Imported and Exported Cosmetics." These measures will take effect on December 1 this year. Li Jinsong, Director of the Import and Export Food Safety Bureau of the General Administration of Customs, stated that this revision widely solicited opinions from the public, relevant enterprises, industry associations, and the National Medical Products Administration, and also followed international rules by notifying the World Trade Organization (WTO). Overall, the revision presents three main characteristics: first, strengthening collaborative supervision across the entire supply chain to solidify the national border defense line; second, deepening institutional reform and innovation to improve the level of cross-border trade facilitation; and third, supporting the development of new business models to continuously accumulate momentum for reform.White House National Economic Council Director Hassett: The system is currently functioning well, and artificial intelligence products are being rolled out.White House National Economic Council Director Hassett: Its too early to talk about government action on artificial intelligence rules.S&P 500 and Nasdaq 100 futures extended their losses, currently down about 0.15%, following reports that Iran had deployed submarines.White House National Economic Council Director Hassett: High energy prices are highly unlikely to cause a U.S. economic recession.

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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