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Coreweave (CRWV.O) signed a third-quarter contract worth approximately $40 million per megawatt annualized.ECB Governing Council member Rehn: It could be said that we were in a good position in terms of inflation, given the latest shocks, but the signals are not the same now.On September 17th, the Bank of England cancelled its plan to sell long-term government bonds as part of a major overhaul of its quantitative easing program. Under the plan, its £488 billion portfolio would be gradually liquidated by September 2034. According to the still-unfinalized proposal, the bank would hold £120 billion of UK government bonds maturing in 2049 or later, matching them with future paper money issuance. Another £222 billion of bonds maturing before 2035 would be gradually liquidated, and the remaining £146 billion maturing between 2035 and 2049 would be sold at a rate of £20 billion per year, possibly directly to the government through the Debt Management Office. In a letter to the Chancellor of the Exchequer, Bank of England Governor Bailey stated that the arrangement "maintains the independence of monetary policy" and will "maximize the effectiveness of funds by minimizing costs and risks during the programs implementation." All planned quantitative easing auctions will be suspended until April next year while consultations with the Debt Management Office (DMO) are underway regarding the terms of the sales. This postponement, by avoiding competition with government bond issuance, is expected to alleviate short-term pressure on government bond yields.On September 17, Liang Nan, Deputy Director of the Civil Aviation Administration of China, met with Yousef Hashim Aziz, Assistant Director General of the Civil Aviation Authority of the United Arab Emirates, in Beijing. The two sides exchanged in-depth views on further strengthening cooperation in various fields of civil aviation, promoting air connectivity between the two countries, and facilitating personnel and trade exchanges between China and the UAE.ECB Governing Council member Rehn: We can reduce red tape in the European banking and financial sector, but a strong capital buffer remains crucial.

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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