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U.S. Defense Secretary Hergsays: Iran launched missiles from schools and hospitals.On March 10th, Shanghai announced the taxable housing price threshold for its new annual personal housing property tax. According to data released by the Shanghai Municipal Bureau of Statistics, the average sales price of newly built residential properties in Shanghai in 2025 was 46,268 yuan per square meter. Based on this, the tax threshold for personal housing property tax in 2026 is calculated to be 92,536 yuan per square meter. This is the first time since 2018 that this threshold (the price line of 92,536 yuan per square meter) has declined. Yan Yuejin, Vice President of the Shanghai E-House Real Estate Research Institute, pointed out that the taxable housing price threshold is a key factor determining whether a new home purchase is subject to the preferential tax rate of 0.4% or the standard tax rate of 0.6%. It is calculated as twice the average price of newly built commercial residential properties in the previous year. This years decrease directly reflects the trend of the average price of newly built commercial residential properties in Shanghai in 2025.March 10th - The delegations to the Fourth Session of the 14th National Peoples Congress held plenary meetings on the morning of March 11th to deliberate on the work reports of the Standing Committee of the National Peoples Congress, the Supreme Peoples Court, and the Supreme Peoples Procuratorate. In the afternoon, the delegations held group meetings to deliberate on four draft resolutions concerning the Government Work Report, the Outline of the 15th Five-Year Plan, the annual plan, and the annual budget; and convened the third meeting of the Presidium. On the morning of March 11th, the Fourth Session of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) held its closing meeting at the Great Hall of the People.March 10th - According to foreign media reports, sources familiar with the matter revealed that Indian refiners have purchased approximately 30 million barrels of Russian crude oil since the US granted the waiver. Since the US approved the waiver last weekend, Indian refiners, including Indian Oil Corporation and Reliance Industries, have bought all unsold Russian crude oil cargoes on the spot market. This crude oil has been loaded onto ships but buyers have not yet been secured, and a significant portion is already in Asian waters. Sources said that Russian crude oil, including various grades such as Urals, ESPO, and Varandey, is currently being sold at a premium of $2 to $8 per barrel over the London spot Brent benchmark. Traders indicated that approximately 10 million barrels of Russian crude oil were purchased by Indian Oil Corporation, while Reliance Industries purchased at least the same amount.March 10: Building materials transaction volume was 84,000 tons, a decrease of 27.71% compared to the previous trading day. March 9: Building materials transaction volume was 116,200 tons, an increase of 60.06% compared to the previous trading day. March 6: Building materials transaction volume was 72,600 tons, an increase of 18.43% compared to the previous trading day. March 5: Building materials transaction volume was 61,300 tons, an increase of 14.58% compared to the previous trading day. March 4: Building materials transaction volume was 53,500 tons, an increase of 3.88% compared to the previous trading day. Last weeks average: Building materials transaction volume was 60,000 tons.

WTI crude oil drifts above $80.00 amidst a US Dollar rebound and supply shortage concerns

Alina Haynes

Apr 10, 2023 14:16

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In the early hours of Monday, purchasers of WTI crude oil struggled to maintain the price above $80.70 as risk aversion and hawkish Fed forecasts bolstered the US Dollar. However, threats to Oil supplies, primarily emanating from China and OPEC+, appear to keep purchasers of black gold optimistic.

 

US Dollar Index (DXY) reverses a four-day downtrend near 102.25 despite the inability of US Treasury bond yields to recover due to recession concerns. However, US 10-year and 2-year Treasury bond yields remain under pressure near 3.37 percent and 3.95 percent, respectively. In doing so, the benchmark bond coupons extend the previous day's losses and illustrate the market's flight to protection in response to concerns of an economic decline.

 

In spite of this, the recent disappointing US data reignite concerns of a recession in the world's largest economy and challenge the optimists in the energy sector. However, the positive US Nonfarm Payrolls (NFP) data enabled Fed hawks to return to the table and renew demands for a 0.25 percentage point rate hike in May. The same constrains the value of the US dollar and stimulates demand for WTI crude oil.

 

On the other hand, geopolitical concerns surrounding China, particularly after the dragon nation's military exercises near Taiwan, combine with last week's unexpected OPEC+ production cut to keep Oil purchasers optimistic.

 

China's willingness to defend the global economy through robust monetary and fiscal easing at home also enables Oil purchasers to maintain optimism in the face of optimism among the world's largest Oil consumers.

 

The Easter Monday holiday in spot markets may limit Oil price movements, but the investors appear to be out of steam, so US inflation and Fed Minutes will be closely monitored for signs of a pullback.


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