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On April 17th, the Ministry of Finance and the State Administration of Taxation announced adjustments to the scope of goods eligible for VAT and consumption tax refunds in the Pingtan Comprehensive Experimental Zone. Goods sold from the mainland to Pingtan via the "second line" that are related to production are considered exports and are eligible for VAT and consumption tax refunds according to current tax policies. However, the following goods are excluded: 1. Export goods that are not eligible for VAT refunds (exemptions) or tax exemptions as stipulated by the Ministry of Finance and the State Administration of Taxation. 2. Goods purchased for commercial real estate development projects in Pingtan. Commercial real estate development projects refer to the construction (including renovation and expansion) of hotels, restaurants, office buildings, villas, apartments, residences, commercial shopping venues, entertainment venues, restaurants, and other commercial real estate projects. 3. Other goods sold from the mainland to Pingtan that are not eligible for tax refunds. See the appendix for the specific scope. 4. Goods purchased by enterprises whose tax refund or tax exemption qualifications have been revoked according to relevant regulations.On April 17, the China Securities Regulatory Commission (CSRC) publicly solicited opinions on the "Measures for the Determination of Illegal Gains in Administrative Penalty Cases of the China Securities Regulatory Commission (Draft for Comment)." The CSRC stated that when a party commits two or more similar illegal acts, with both profits and losses from different acts, whether to offset profits and losses when calculating illegal gains is a key issue in the draft, particularly evident in market manipulation cases. The draft measures stipulate that illegal gains from two or more independent illegal acts should be calculated separately, and profits and losses from different acts should not be offset against each other.April 17th - According to foreign media reports, fuel prices have recently surged across the United States, and gasoline inventories in California have fallen to record lows. Analysts warn that the full impact of supply disruptions caused by the Strait of Hormuz closure on California has not yet materialized. According to data from the American Automobile Association (AAA), as of Thursday, California drivers were paying an average of $5.86 per gallon for fuel, the highest in the nation, far exceeding the national average of $4.09 per gallon. Analysts say that because California relies on refined petroleum products from Asia, supply tightness is expected to worsen further, making California one of the first regions in the U.S. to feel the supply shock from the Strait of Hormuz closure. A spokesperson for the California Energy Commission stated, "The Commission is in close communication with all refineries in the state to ensure sufficient transportation fuel supplies during this turbulent period of supply contraction caused by the actual closure of the Strait of Hormuz."Indian government officials predict that demand for liquefied petroleum gas (LPG) in India will decline during the summer.On April 17th, the Asset Management Association of China (AMAC) released the "Guidelines for Performance Appraisal Management of Fund Management Companies." The guidelines stipulate that fund management companies should optimize their compensation structure, balance compensation standards and levels among different positions and job levels, strengthen extreme value control and differential management, promptly adjust excessively large or unreasonable compensation gaps, and increase support for frontline and grassroots employees. Fund management companies should prudently control the average compensation increase for middle and senior management personnel, which should, in principle, not exceed the companys average compensation increase.

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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