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July 10th - The Times of Israel, citing a US official on the 9th, reported that Israeli troops will withdraw from one of two "pilot areas" in southern Lebanon in the coming days, paving the way for the next phase of negotiations between Israel and Lebanon. The report stated that, according to a framework agreement reached between Israel and Lebanon in Washington, D.C., Israel agreed to withdraw its troops from two small areas in southern Lebanon where Hezbollah military facilities have been cleared, handing them over to the Lebanese Armed Forces. The report also quoted an Arab official as saying that Lebanon has informed the United States that it will not participate in the new round of Lebanon-Israel talks scheduled for next week in Rome, Italy, until Israel completes its agreed withdrawal. Currently, a timetable for the withdrawal from the second "pilot area" has not been announced.On July 10th, the "Guangdong Provincial Information and Communication Industry 15th Five-Year Plan (Draft for Public Comment)" was released for public comment. The plan includes actively organizing enterprises to participate in national commercial trials of satellite IoT services, planning the construction of an integrated low-Earth orbit constellation for communication, navigation, and remote sensing in the Guangdong-Hong Kong-Macao Greater Bay Area, and actively promoting the deployment of key infrastructure such as satellite-to-ground interconnection centers and gateway stations. It also aims to promote the integrated development of satellite communication and terrestrial mobile communication infrastructure, explore network coverage in low-altitude airspace above 300 meters and remote areas, develop applications such as direct mobile phone connection to satellite and satellite IoT, and accelerate the realization of a million satellite communication users. The plan also includes implementing the "Broadband Guangdong Maritime" special action to gradually build a marine "5G/5G-A + submarine optical cable + satellite" communication and sensing network.The Hang Seng Tech Index rose more than 2%, with SenseTime (00020.HK) and Kuaishou (01024.HK) rising more than 4% among its constituent stocks.A spokesperson for the Government Pension Investment Fund of Japan (GPIF) said they were aware of Finance Minister Satsuki Katayamas remarks but declined to comment.On July 10th, the "Guangdong Provincial Information and Communication Industry 15th Five-Year Plan (Draft for Public Comment)" was released for public comment. The draft includes support for Shaoguans application to become a computing network hub interconnection center, promoting the upgrading and innovative development of the Guangzhou Internet Exchange Center of the Ministry of Industry and Information Technology and the National (Shenzhen-Qianhai) New Internet Exchange Center, accelerating the construction of the Shenzhen-Guangzhou-Shaoguan data corridor, and building a computing power network foundation radiating the Guangdong-Hong Kong-Macao Greater Bay Area. It also integrates into the national computing power interconnection system of "1+M+N," creating regional nodes for national computing power interconnection and multiple distinctive industry nodes. The plan continues to advance the "Millisecond-level Computing" special action in urban areas, actively building a benchmark city for computing networks. Furthermore, it promotes efficient collaboration between data computing, green power grids, and storage, facilitating the coordinated construction of computing centers with new energy sites and power grids, and strengthening computing power interconnection, collaboration, and intelligent scheduling.

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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