• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article points out that it is necessary to adhere to the bottom line and actively and steadily resolve risks in key areas. Strengthen the coordination between risk prevention and development promotion policies to further enhance development resilience. Focus on stabilizing the real estate market, implementing city-specific policies to control new supply, reduce inventory, and optimize supply, encouraging the acquisition of existing commercial housing for the purpose of affordable housing, etc. Deepen the reform of the housing provident fund system, orderly promote the construction of "good houses," and accelerate the construction of a new model for real estate development. Actively and orderly resolve local government debt risks, urging local governments to proactively resolve their debts. Optimize debt restructuring and replacement methods, and take multiple measures to resolve the operational debt risks of local government financing platforms.February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article points out that it is necessary to persist in reform and strengthen the driving force and vitality of high-quality development. This includes formulating regulations for the construction of a unified national market, thoroughly addressing "involutionary" competition, and creating a sound market ecosystem. It also includes formulating and implementing a plan to further deepen the reform of state-owned assets and enterprises, and improving supporting regulations and policies for the Law on Promoting the Private Economy. Furthermore, it calls for accelerating the clearing of overdue payments to enterprises, promoting win-win development for platform enterprises and their operators and workers, expanding pilot projects for market-oriented reforms of factors of production, optimizing the structure of fiscal transfer payments, and improving the local tax system. Finally, it emphasizes further promoting the reduction and improvement of small and medium-sized financial institutions and continuously deepening the comprehensive reform of investment and financing in the capital market.February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article points out that it is necessary to adhere to innovation-driven development and accelerate the cultivation and expansion of new growth drivers. It emphasizes adhering to the principle of using scientific and technological innovation to lead industrial upgrading and continuously generate new quality productivity. It calls for formulating an integrated plan to promote the development of education, science and technology talent. It also emphasizes building international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei region), Shanghai (Yangtze River Delta region), and the Guangdong-Hong Kong-Macao Greater Bay Area, creating world-class sources of scientific and technological innovation. Furthermore, it stresses strengthening the leading role of enterprises in innovation, supporting the expansion of application demonstrations of new technologies, new products, and new scenarios, improving the intellectual property protection system in emerging fields, and accelerating the transformation of scientific and technological achievements. The article also calls for formulating an action plan to expand and improve the service industry, implementing a new round of high-quality development action for key industrial chains, deepening and expanding "artificial intelligence +", improving artificial intelligence governance, and innovating science and technology financial services.February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article emphasizes that there are many tasks to be done in the economic work of 2026, and it is crucial to grasp the key points and focus on the essentials. It stresses adhering to domestic demand as the main driver and building a strong domestic market. It calls for coordinating efforts to promote consumption and expand investment, making good use of my countrys super-large market advantage. It emphasizes the need to further implement special actions to boost consumption, formulate and implement plans to increase the income of urban and rural residents, expand the supply of high-quality goods and services, optimize the implementation of policies related to new infrastructure and new urbanization, eliminate unreasonable restrictions on consumption, and unleash the potential of service consumption such as culture and tourism. Focusing on improving peoples livelihoods and enhancing future growth potential, it calls for stabilizing investment, appropriately increasing the scale of central government budgetary investment, optimizing the implementation of key projects, optimizing the management of local government special bonds, continuing to leverage new policy-based financial instruments, promoting high-quality urban renewal, and effectively stimulating private investment.On February 15th, the Equipment Industry Department of the Ministry of Industry and Information Technology organized the National Automotive Standardization Technical Committee to revise the mandatory national standard "Marking of Automotive Control Components, Indicators and Signaling Devices." A draft for public comment has been completed and will be released soon. The document explicitly requires that turn signal lights, window operation, and activation of combined driver assistance systems should be equipped with physical control components. This document replaces GB 4094—2016 "Marking of Automotive Control Components, Indicators and Signaling Devices." This revision adds new types and technical requirements for physical control components, aiming to improve driving safety, ensure that key control components are accessible, usable, and largely blind-operable during driving, allowing drivers to perceive the triggering results of control components without overly relying on visual cues, reducing distractions caused by display screens, and further ensuring the reliability and effectiveness of control components. Other modifications and additions include: changing the scope of application of the standard, deleting descriptions inapplicable to electric vehicles, adding requirements for the display level and visibility of signs, and adding a power battery fault signal device sign, etc.

WTI crude oil climbs above $80.00 as NFP and recession fears contend with an OPEC+ surprise

Daniel Rogers

Apr 07, 2023 11:36

 截屏2022-11-24 下午3.13.23.png

 

As energy markets celebrate the Good Friday holiday, WTI crude oil prices remain stable around $80.50, poised for a three-week uptrend. In doing so, black gold defends the week-beginning gains provided by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, headed by Russia, known as OPEC+, who announced a surprise output cut. However, concerns of a recession and a cautious disposition ahead of the March US employment report have recently posed a challenge to the energy benchmark.

 

The OPEC+ group startled the market with a voluntary output decline of nearly 1.66 million barrels per day. The International Energy Agency (IEA) stated, in response to the OPEC+ announcements, that the OPEC+ decision to reduce oil output risks aggravating a stressed market by driving up oil prices in response to inflationary pressures.

 

On the other hand, the US Dollar's weakness, bolstered by disappointing US data, supported the recovery of the black gold.

 

In spite of this, the US Dollar Index (DXY) has a four-day losing streak and is currently trading around 102.000.

 

Initial Jobless Claims for the week ending March 31 increased to 228K from 200K expected and an upwardly revised 246K the previous week. Notable is that the Challenger Job Cuts for the given month increased from 77,77K to 89,703K. Previously, US JOLTS Job Openings fell to a 19-month low in February, and March's ADP Employment Change figures of 145K also disappointed markets. In addition, the US ISM Services PMI for March decreased to 51.2 compared to 54.5 anticipated and 55.1 previously.

 

China's optimism for economic development and optimistic activity data from the dragon nation could also support the oil price. Pan Gongsheng, the director of China's State Administration of Foreign Exchange (SAFE), stated on Friday that Beijing "will defend itself against external financial market shocks and risks."

 

It should be noted, however, that recent calls for a recession pose a challenge to WTI crude oil purchasers, and more signs of economic decline should be monitored for direction, particularly when commodity prices trade near the key short-term resistance line.

 

In addition to the news about the recession, the March US employment report will be crucial to monitor for direction. Analysts anticipate a decline in headline Nonfarm Payrolls (NFP) to 240K from 311K previously, with the unemployment rate remaining unchanged at 3.6%. However, the contradictory forecasts for Average Hourly Wages make the outcome even more intriguing.