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On May 26th, Guangzhou held a press conference to announce a series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, introduced that to support residents in improving their housing conditions and facilitate the exchange of new and used housing, Anju Group will immediately launch a pilot program to support residents in "selling old homes and buying new ones." The pilot program will run until December 31, 2026, and will acquire second-hand residential properties through market-oriented methods, adhering to the principles of "government guidance, market operation, and voluntary participation." The pilot program targets second-hand residential properties with a total price of less than 3 million RMB, a building area of less than 70 square meters, located within the Guangzhou Ring Expressway, with no age limit on the buildings. The acquired properties will be prioritized for use in affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and residents relocating from urban renewal projects.On May 26, it was reported that on May 25, the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting and a collective study session of the Party Committees theoretical learning center group. The meeting emphasized that state-owned enterprises should continue to improve the institutional mechanisms for carrying out statistical work in a standardized manner, further tighten and implement the responsibility for preventing and combating statistical fraud, and hold those responsible for statistical fraud accountable. It stressed the need to firmly safeguard the lifeline of statistical data quality, effectively prevent and rectify the problem of false financial and accounting information, and strictly prevent and crack down on financial fraud. It also emphasized the need to establish and improve a comprehensive, full-process, and all-element penetrating supervision mechanism to achieve real-time monitoring and dynamic early warning of data from central enterprises.Japanese Finance Minister Satsuki Katayama: Fluctuations in the oil market are affecting foreign exchange and financial markets.On May 26th, Guangzhou held a press conference for a series of supporting documents related to the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Mayor of Huadu District, Guangzhou, introduced that after the implementation of the "Guangzhou Eight Measures," Huadu District took the lead in the city by issuing its own "Huadu Eight Measures." Following the implementation of the new policy, the real estate market in Huadu District has seen a continuous rebound in activity and a surge in transaction activity. Project visits, subscriptions, policy inquiries, and secondary market transactions have all increased significantly. Policy inquiries focused on core aspects such as pre-sale school placement, online contract signing for school enrollment, and subsidies for trade-ins, resulting in an overall positive trend of "increased volume, stable prices, and active transactions."On May 26, the State Council Information Office held a press conference on the 2026 Qingdao Summit for Multinational Corporation Leaders. Vice Minister of Commerce Yan Dong stated that efforts will be strengthened to provide full-cycle services and create a "new benchmark" for the business environment. We will implement a series of policies to encourage reinvestment by foreign-invested enterprises in China, fully implement national treatment for foreign-invested enterprises, and support their participation in activities such as boosting consumption, government procurement, and bidding on an equal footing. We will continue to hold roundtables for foreign-invested enterprises, continuously update the list of key foreign investment projects, and carry out "service and support for foreign-invested enterprises" activities to ensure that foreign-invested enterprises are "willing to come, able to stay, and thrive."

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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