EUR/USD 1.16584
-0.068%
Gold 4592.46
-0.105%
Oil 59.555
-0.153%
USD/JPY 158.960
0.508%
GBP/USD 1.34642
-0.008%
GBP/JPY 214.033
0.507%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On Tuesday, January 13, the Hang Seng Index closed up 239.99 points, or 0.9%, at 26,848.47; the Hang Seng Tech Index closed up 6.59 points, or 0.11%, at 5,869.79; the H-share Index closed up 65.33 points, or 0.71%, at 9,285.41; and the Red Chip Index closed up 32.21 points, or 0.78%, at 4,146.17.On January 13th, the Hang Seng Index opened more than 300 points higher and briefly broke through the 27,000 mark, but the upward momentum was unsustainable. The market continued to decline in the afternoon, with the Hang Seng Tech Index rising more than 2% in the morning before fluctuating and turning lower in the afternoon. At the close, the Hang Seng Index rose 0.9% to 26,848.47 points, and the Tech Index rose 0.11% to 5,869.79 points. The total turnover of the Hang Seng Index reached HK$315.192 billion (compared to HK$306.223 billion in the previous trading day). On the sector front, several pharmaceutical sectors, including innovative drugs, performed well, while precious metals and non-ferrous metals sectors led the gains. Automotive and tech stocks rose initially but then retreated, and AI application stocks weakened in the afternoon. Semiconductors and Apple concept stocks were among the biggest losers. In terms of individual stocks, Alibaba (09988.HK) closed up 3.63%; WuXi AppTec (02359.HK) closed up 8.3%, after the company issued a profit warning yesterday, expecting its net profit attributable to shareholders in 2025 to increase by approximately 102.65% year-on-year; Zijin Mining (02899.HK) closed up 2.39%; BYD (01211.HK) closed up 1.62%; Zhipu (02513.HK) closed down 12.76%; and Hua Hong Semiconductor (01347.HK) closed down 2.02%.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.9% and the Tech Index rising 0.11%. The innovative drug sector performed strongly throughout the day, with WuXi AppTec (02359.HK) closing up 8.3%.On January 13th, the Ministry of Industry and Information Technology (MIIT) issued the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)," which mentions promoting the construction of an industrial data labeling system centered on business scenarios, developing governance tools such as intelligent labeling, data cleaning, and quality assessment, and improving data governance levels. It encourages platform enterprises to collaborate with industrial enterprises to build specialized datasets for typical industrial scenarios, and encourages qualified enterprises to develop cross-industry and cross-scenario general datasets. It supports platform enterprises in exploring new models and new business forms such as data brokerage and data hosting, deepening the application of industrial internet identifier resolution and blockchain technology, strengthening cross-domain data management, and providing a secure and reliable environment for data circulation. It encourages platforms to open their data resources to SMEs, providing them with inclusive technical tools and data products. It also strengthens intellectual property protection throughout the entire process of industrial data resource development and utilization, safeguarding the rights and interests of all parties.On January 13th, the Ministry of Industry and Information Technology (MIIT) issued the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)," which mentions supporting platforms in expanding the use of labor, capital, knowledge, technology, and data to improve the efficiency of networked resource allocation and collaboration. It encourages platforms to deepen the integration and application of digital and intelligent technologies, enrich the supply of high-quality solutions, and promote the digital transformation of the entire manufacturing process. It guides platforms to address the transformation needs of SMEs, cultivate a batch of low-cost, easy-to-deploy, and highly versatile standardized products, and create a resource pool of "small, fast, lightweight, and accurate" digital solutions. It supports platforms in exploring diversified business models, enhancing their sustainable operational capabilities, and achieving value symbiosis between platforms, user enterprises, and partners.

Due to Russia's Production Cut, Oil Prices Rise More Than 2%

Skylar Williams

Feb 13, 2023 14:08

121.png


Oil prices increased by more than 2% on Friday and registered weekly gains of over 8%, as Russia announced plans to restrict oil production the following month in response to price caps imposed by the West on Russia's crude and fuel.


Brent crude futures increased by $1.89, or 2.2%, to settle at $86.39 per barrel. Futures on West Texas Intermediate crude rose $1.66, or 2.1%, to $79.72 a barrel.


Brent exhibited a weekly increase of 8.1%, while WTI rose 8.8%.


Deputy Prime Minister Alexander Novak stated that Russia aims to lower its crude oil production in March by 500,000 barrels per day (bpd), or around 5% of output.


In response to Russia's activities in Ukraine, Western nations have placed restrictions in an effort to suffocate its oil earnings. The output drop implies that the recent price cap and ban on Russian oil products implemented by the European Union on February 5 have had some effect.


According to Rebecca Babin, senior energy trader at CIBC Private Wealth U.S., "most analysts have already accounted for a 700,000-900,000 barrel decline in Russian production in 2023." The resurgence of Chinese demand is essential for crude to exit its present trading range.


Russia's production bucked projections of a fall last year, but additional sanctions will make oil sales more difficult.


Two OPEC+ delegates told Reuters that no action is planned in response to Russia's oil output restrictions.


"In the short-term, Russia's output decrease doesn't mean much because refinery maintenance is dampening demand," said Andrew Lipow, head of consulting firm Lipow Oil Associates. "However, as world oil demand continues to rebound, it deepens the supply shortfall," he added.


With dismal demand statistics from China and fears of a U.S. recession, economic worries continued to exert pressure on pricing. A spike in weekly U.S. jobless claims and an increase in oil inventories also limited advances. [EIA/S]


Goldman Sachs (NYSE:GS) reduced its Brent pricing projection for 2023 to $92 per barrel from $98 and for 2024 to $100 per barrel from $105.


OPEC countries officials told Reuters that oil prices could return to $100 per barrel in 2023 as Chinese demand rebounds following the repeal of COVID restrictions and supply growth is limited by a lack of investment.


Baker Hughes Co, an energy services company, reported that U.S. energy businesses reduced the number of natural gas rigs by the most in a week since October 2017 and added the most oil rigs in a week since June.


The total number of oil and gas rigs, a leading indicator of future output, increased by two to 761 in the week ending February 10.


The U.S. Commodity Futures Trading Commission (CFTC) will again postpone release of a weekly Commitments of Traders report planned on Friday after a ransomware attack on a unit of ION Markets, the agency said in a statement.

Suggestion