Real-time News

South Korean President Lee Jae-myung: South Korea and Japan will expand supply chain cooperation. South Korea and Japan have reached an agreement to strengthen cooperation in liquefied natural gas and crude oil, including information sharing on reserves.

Futures News, May 19th: Data on Dalian Commodity Exchange (DCE) chemical product warehouse receipts and changes on May 19th: 1. Polyethylene futures warehouse receipts: 13,750 lots, a decrease of 359 lots compared to the previous trading day; 2. Polyvinyl chloride (PVC) futures warehouse receipts: 103,456 lots, an increase of 469 lots compared to the previous trading day; 3. Polypropylene (PP) futures warehouse receipts: 15,936 lots, unchanged compared to the previous trading day; 4. Ethylene glycol futures warehouse receipts: 13,498 lots, unchanged compared to the previous trading day; 5. Liquefied petroleum gas (LPG) futures warehouse receipts: 1,164 lots, a decrease of 25 lots compared to the previous trading day.

On May 19th, ING analyst James Smith stated in a report that weaker-than-expected UK labor market data could reinforce the Bank of England's cautious stance. The unemployment rate rose to 5.0% in the three months to March, the number of wage-earning employees fell sharply, and wage growth slowed. He noted, "The weakness is mainly concentrated in consumer-facing sectors most affected by last year's tax and minimum wage increases. The impending energy shock will only exacerbate this pressure." Smith said that against this backdrop, the economy seems less susceptible to a second round of inflationary effects from rising energy prices, casting doubt on whether the Bank of England will raise interest rates. "We still predict a rate hike in June, but this is far from certain," Smith said.

On May 19, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management continued to organize meetings with meteorological, water resources, and natural resources departments, as well as provinces including Hubei, Hunan, Guangxi, Chongqing, and Guizhou, to discuss and assess the development trend of the current round of heavy rainfall and to deploy flood control and disaster relief work in key areas. The meeting emphasized that all localities and relevant departments should adhere to the principle of prevention first, strengthen the investigation and rectification of hidden dangers, focus on the safe management of flood-prone road sections and flooded bridges, deepen the investigation of hidden dangers in key areas such as mountain torrent disaster-prone areas, geological disaster-prone areas, urban areas prone to flooding, small and medium-sized reservoirs, and river embankments, and strengthen the prevention of secondary accidents such as mine flooding, hazardous chemical leaks, and construction site foundation pit collapses that may be caused by heavy rainfall and severe convective weather.

May 19th - The cap on UK household energy bills is expected to rise by 13% this summer, the largest increase since 2023, further exacerbating inflationary pressures as the war with Iran drives up energy costs. Energy consultancy Cornwall Insight Ltd. stated that the energy price cap, which limits how much suppliers charge ordinary households, is expected to rise to £1,850 (approximately $2,479) per year from July. While these figures are estimates, they are generally very close to those published by the UK's Gas and Electricity Markets Office (Ofgem). Ofgem resets the cap every three months, and the next adjustment will take effect on July 1st; the calculation window closed on Monday. This increase reflects the significant rise in European energy prices since the outbreak of the war with Iran in late February and the closure of the Strait of Hormuz. UK next-month gas futures rose by about 50%, and electricity futures rose by about a third. The rising energy bills will make the Bank of England's fight against inflation more difficult. Previously, the market expected inflation to fall back to the 2% target, paving the way for interest rate cuts, but high energy prices could trigger a new round of cost-of-living crisis, making this prospect seem unattainable.

The World Health Organization official said the Ebola virus has caused 500 suspected cases and 130 suspected deaths.

On May 19th, news broke that Germany's recent launch of a Nazi history research tool, which has garnered millions of visits, has reignited discussions about Nazi crimes. Meanwhile, in Japan, voices denying the fairness of the trials and even attempting to overturn them are growing louder, with some Japanese citizens lamenting that they may be among the last to remember the Tokyo Trials. Foreign Ministry spokesperson Guo Jiakun, responding to questions about this at a regular press conference on the 19th, stated that distorting history and covering up crimes will not earn tolerance and trust. Japan should deeply reflect on its historical responsibilities, take concrete actions to completely sever ties with militarism, and truly embark on a path of peace.

The head of the World Health Organization said that in the absence of an Ebola vaccine, countries can take a number of other measures to stop the spread of the virus.

The chart shows that at 22:00 Beijing time on May 19th, there will be large foreign exchange options contracts for Euro, Japanese Yen, British Pound, etc. 10 of these contracts have a strike price of over 1 billion. Please manage your risks.

Air India stated that the additional testing was intended to "clearly confirm" the performance and integrity of the fuel switching panel involved in the Air India Boeing 787 crash.

Documents show that Indian officials will travel to Seattle in June to observe Boeing (BA.N) testing the fuel control switch panel involved in the February crash of an Air India 787 in London.

The main contract for 2-year Treasury bond futures (TS) rose 0.02%, the main contract for 5-year Treasury bond futures (TF) rose 0.06%, the main contract for 10-year Treasury bond futures (T) rose 0.15%, and the main contract for 30-year Treasury bond futures (TL) rose 0.56%.

On May 19th, Harumi Taguchi, an economist at S&P Global Market Intelligence, stated that the Bank of Japan (BOJ) may raise its policy rate from the current 0.75% to 1.0% in July, with further rate hikes in December and 2027, bringing the policy rate to 1.5%. Taguchi noted that if rising oil prices and a weaker yen exacerbate concerns about the second-round effects of inflation, the BOJ may raise rates further. Taguchi added that given the continued high oil prices driving up demand for the dollar, rising market expectations for a Federal Reserve rate hike, and concerns about Japan's fiscal expansion, the yen is unlikely to appreciate in the short term.

On May 19th, according to Iranian sources, Iranian President Pezechzian, during a meeting with officials from the Ministry of Cooperation, Labor and Social Welfare, stated that economic and social problems should be addressed at their root through structural and sustainable planning. Pezechzian stated that those who lost their jobs during the war should not rely solely on unemployment insurance, but rather on creating sustainable employment opportunities. He also emphasized the need for targeted support programs to maintain existing jobs. Pezechzian further stated that controlling consumption and avoiding waste are "necessary measures at the national level" under the current circumstances, and that government agencies should play a leading role in related areas. Regarding electronic consumption vouchers, Pezechzian stated that priority should be given to low-income and vulnerable groups, and related support policies should aim to increase household purchasing power and alleviate the living pressures on low-income groups.

Futures News, May 19th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 205,945 tons, down 1,930 tons from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,560 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 47,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 31,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 1,540 tons, a decrease of 500 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

On May 19, a spokesperson for the Ministry of Foreign Affairs announced that, at the invitation of Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, Moldovan Deputy Prime Minister and Foreign Minister Popsoui will pay an official visit to China from May 21 to 25.

UK medium- and long-term government bond yields fell in early trading, by about 3-5 basis points.

On May 19, according to reports from IRNA and Reuters, Iranian Deputy Foreign Minister Gharibabadi briefed a national conference on the current progress of negotiations with the United States and Iran's response to the draft agreement proposed by the US. Gharibabadi stated that Iran's recent proposals explicitly emphasized its right to the peaceful use of nuclear energy, demanded an end to the war on all fronts, including Lebanon, the lifting of the US naval blockade against Iran, the return and unfreezing of frozen Iranian assets, compensation from the US for losses incurred in the war and for reconstruction efforts, the termination of all unilateral sanctions, and the withdrawal of US troops from the region surrounding Iran.

On Tuesday, May 19th, the German DAX 30 index opened 116.84 points higher, or 0.48%, at 24364.42; the UK FTSE 100 index opened 30.80 points higher, or 0.30%, at 10354.55; the French CAC 40 index opened 9.46 points higher, or 0.12%, at 7996.95; the Euro Stoxx 50 index opened 8.55 points higher, or 0.15%, at 5857.55; the Spanish IBEX 35 index opened 1.13 points lower, or 0.01%, at 17753.97; and the Italian FTSE MIB index opened 22.45 points higher, or 0.05%, at 48691.50.

As of 3:00 PM Beijing time, spot platinum fell 0.76% and spot palladium fell 1.17%.