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January 16th - Today, concrete pouring began on the nuclear island of Unit 1 at the Jiangsu Xuwei Nuclear Power Plant, a project of China National Nuclear Corporation (CNNC). This marks the start of the main construction phase for the worlds first integrated nuclear energy utilization project that couples the "Hualong One" pressurized water reactor with a high-temperature gas-cooled reactor, officially opening a new chapter in my countrys nuclear energy transformation from primarily power generation to diversified supply.On January 16th, Hong Kong Financial Secretary Paul Chan attended a special meeting of the Legislative Councils Finance Committee to discuss whether the government would establish a mechanism to review the stock stamp duty. Chan stated that stamp duty is an important part of government revenue, and the increase in stamp duty this fiscal year mainly came from stocks, while property stamp duty was significantly reduced due to the still unstable market conditions. He believes this must be considered from the perspective of public finance and public interest. At the same time, the government will consider Hong Kongs competitiveness compared to other regions to avoid business losses. Chan reiterated that there will be no further reduction in the stock stamp duty unless the external environment makes Hong Kong less competitive. According to previous research, the current stamp duty level is appropriate in terms of transaction volume and competitiveness. As for new areas such as real estate funds and exchange-traded funds (ETFs), the restrictions will be more lenient, but the bottom line of collecting all due taxes will be upheld, and the feelings of the general public will not be ignored.January 16th - According to the National Healthcare Security Administration, as of now, all 31 provinces (autonomous regions and municipalities) and the Xinjiang Production and Construction Corps have completed the launch of the medical insurance drug price comparison mini-program, achieving full coverage and accessibility for all citizens, allowing insured individuals across the country to enjoy convenient price comparison services. The medical insurance drug price comparison mini-program relies on data resources from designated medical institutions nationwide, ensuring timely data updates, comprehensive functions, and wide coverage, providing a one-stop solution for drug price comparison. Insured individuals can search for their local medical insurance mini-program on WeChat or Alipay, or access the medical insurance app to use the medical insurance drug price comparison mini-program. After entering the drug name, they can instantly obtain core information such as the price range, inventory status, and manufacturer of the drug at designated pharmacies in their region. The mini-program supports filtering and sorting by multiple dimensions, including price level and distance.Australian Treasurer Chalmers: Supports Reserve Bank of Australia Governor Bullocks signing of a letter supporting Federal Reserve Chairman Powells decision.January 16th - According to sources, some Bank of Japan (BOJ) policymakers believe that an earlier-than-expected interest rate hike is possible, with a high probability of an April rate increase, as the continued depreciation of the yen could exacerbate already widening inflationary pressures. BOJ policymakers face the daunting task of pushing up years of persistently low borrowing costs amid increasing global headwinds and economic pressures, just as the Japanese economy is beginning to recover from prolonged deflation. The central bank just raised interest rates to a 30-year high in December and is expected to keep rates unchanged at its January meeting. However, sources say many BOJ policymakers believe there is room for further rate hikes, with some not ruling out action in April, which would be earlier than the mainstream market expectation (i.e., a rate hike in the second half of the year). Sources indicate that if sufficient evidence emerges that Japan will continue to achieve its 2% inflation target, some within the BOJ are not ruling out the possibility of early action.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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