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Li Auto (LI.O) executives: Europe and Southeast Asia are seen as the companys next export markets.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 10:19 a.m. on April 25 in Shawan City, Tacheng Prefecture, Xinjiang (43.52 degrees north latitude, 84.93 degrees east longitude), with a focal depth of 16 kilometers.On April 25, the Swiss Foreign Ministry issued a statement on April 24, announcing that after a risk assessment and consultations with Iran and the United States, it had decided to gradually reopen the Swiss Embassy in Iran. The statement said a small team of Swiss embassy staff had returned to Tehran, the Iranian capital. On March 11, the Swiss Foreign Ministry announced the temporary closure of its embassy in Iran due to the situation in the Middle East and escalating security risks. Since the United States severed diplomatic relations with Iran in 1980, US affairs in Iran have been handled by the Swiss Embassy.April 25th - Question: On April 22nd, the U.S. House Foreign Affairs Committee passed the Multilateral Cooperation on Hardware Technology Controls Act (MATCH Act) and several other export control bills. What is Chinas comment on this? A spokesperson for the Ministry of Commerce stated: China has noted the relevant situation. China consistently opposes any overgeneralization of national security or abuse of export controls. If the relevant bills are ultimately enacted, they will seriously disrupt the international economic and trade order and severely impact the stability of the global semiconductor industry chain and supply chain. China will closely monitor the relevant legislative process, carefully assess its impact on Chinas interests, and resolutely take necessary measures to firmly safeguard the legitimate rights and interests of Chinese enterprises.On April 25th, Standard & Poors (S&P) announced on the 24th that it had downgraded Belgiums credit rating from "AA" to "AA-", with a "stable" outlook. S&P stated that the main reason for the downgrade was "Belgiums long-term imbalance in public finances." In a statement, S&P said that Belgiums budget deficit is expected to widen significantly by 2025, and its fiscal consolidation plan for 2026-2029 is progressing slowly, facing serious fiscal challenges. S&P projects that Belgiums net government debt as a percentage of GDP will rise from 103% in 2025 to 109% in 2029, with a substantial increase in interest payments. S&P also stated that Belgiums reliance on fossil fuels, coupled with already tight energy supplies, makes it vulnerable to the impact of soaring international oil prices caused by the current Middle East conflict, introducing new uncertainties into public finances.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

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WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.