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June 7th - According to CNBC, citing three OPEC+ sources, OPEC+ will agree on Sunday to raise its oil production targets for the fourth time in just a few months, despite the ongoing conflict between the US and Iran hindering several member countries from increasing oil production. The seven core OPEC+ members increased their production quotas by nearly 600,000 barrels per day between April and June. In fact, the organizations production has already declined significantly due to export cuts by Gulf members. According to OPEC data, average production in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February. Sources say the seven members are likely to decide on Sunday to raise their production targets by approximately 188,000 barrels per day starting in July, the same increase as in June.June 7 – From June 5 to 7, a delegation of Chinese entrepreneurs organized by the China Council for the Promotion of International Trade (CCPIT) visited Belarus to further implement the important consensus reached by the two heads of state, strengthen practical cooperation between China and Belarus, and promote the continued high-level development of the all-weather comprehensive strategic partnership between the two countries. During the visit, the CCPIT, together with the China-Belarus Industrial Park and the Belarusian National Agency for Investment and Privatization, co-hosted the China-Belarus Industrial and Investment Cooperation Forum in Minsk. Vice President Han Zheng attended and delivered a speech, along with Belarusian First Deputy Prime Minister Snopkov and Belarusian Minister of Economy Chebotali. More than 400 representatives from the political and business sectors of both countries participated in the forum. Enterprises from both sides focused on in-depth exchanges and negotiations in areas such as agriculture, high-end equipment manufacturing, pharmaceuticals and healthcare, artificial intelligence, new materials, and digital technology, achieving several results. CCPIT Chairman Ren Hongbin presided over the opening ceremony.According to NEWSIS, a private South Korean news agency, Nvidia (NVDA.O) CEO Jensen Huang and SK Group Chairman Chey Tae-won will announce a collaboration plan on Monday.The China Earthquake Networks Center officially reported that a magnitude 6.0 earthquake struck the Kuril Islands at 18:41 on June 7, with a focal depth of 30 kilometers.Invesco Great Wall Global Chip LOF (501225): This fund will be suspended from trading starting from the opening of the market on June 8, 2026, and will resume trading at 10:30 on the same day. During the suspension period, the redemption business of this fund will continue as usual.

Chinese Stock Market Rises Following A Week-long Holiday

Charlie Brooks

Jan 30, 2023 11:27

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Chinese stock markets climbed strongly on Monday as trading resumed following the Lunar New Year vacation. The government's pledge to increase spending and support economic growth further boosted investor enthusiasm.


The Shanghai Shenzhen CSI 300 index increased 1.3%, while the Shanghai Composite index rose 0.6%, with positive trading in the majority of sectors. In early trading, automobile and industrial companies performed the best, while energy equities declined.


During the holiday season, state media sources indicated that retail travel and spending rebounded substantially to reach pre-pandemic levels, which bodes well for the Chinese economy. The Lunar New Year celebrations of 2023 were the first in three years to occur without any anti-COVID restrictions, following the country's December decision to relax its rigorous zero-COVID policy.


China has reopened its international borders, solidifying a departure from the zero-COVID policy that had shook the economy since 2020.


This week, the focus shifts to important business activity figures, which are anticipated to have improved in January compared to the previous month due to the relaxation of anti-COVID measures.


The world's second-largest economy is still reeling from the repercussions of tough anti-COVID measures, which are slated to continue through 2022. Said limitations had also prompted a severe slowdown in China's economic growth, but the country's fourth-quarter performance was still better than anticipated.


The Chinese government has set out a spate of economic stimulus measures through 2022 in an effort to stimulate GDP. The country's State Council has pledged to promote local economic growth and consumption this year, according to reports from the weekend.


As the country deals with its worst-ever COVID-19 outbreak, it is anticipated that rising COVID-19 illnesses would also postpone a more robust economic recovery.


However, health officials recently reported a dramatic decline in new deaths from the virus, despite the Lunar New Year holiday increasing the likelihood of virus transmission.


Hong Kong stocks lagged behind their Chinese counterparts, with the Hang Seng index falling 0.5% due to weakness in large technology sectors, ahead of a wave of important earnings reports this week. The broad Asian stock market was likewise subdued in advance of this week's Federal Reserve meeting.

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