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On February 8th, Fujian Province issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to systematically advance the construction of "good houses." This includes accelerating the construction of a new real estate development model and improving the "market + guarantee" housing supply system. The document also calls for implementing a housing quality improvement project to enhance the entire housing chain, from design and construction to maintenance and services, and vigorously promoting the construction of safe, comfortable, green, and smart "good houses." Furthermore, it aims to build a modern industrial system for residential construction. The document also emphasizes steadily advancing the renovation of urban villages and dilapidated housing, supporting the independent renewal and reconstruction of old housing, continuously promoting the renovation of old urban residential communities, and implementing an action plan to improve the quality of property services.February 8th - Japanese voters will head to polling stations on Sunday (January 22nd) to cast their votes for Prime Minister Sanae Takaichis government. Takaichi hopes to consolidate her power and secure clear authorization for her spending and investment plans, which have unsettled some investors. Takaichi has stated she will stake her job on the election results and will resign if the ruling coalition fails to win a majority in the more powerful House of Representatives. Takaichi currently holds a slim majority of 233 of the 465 seats in the House of Representatives. Polls suggest she is poised for a landslide victory. The Nikkei reports that the Liberal Democratic Party (LDP) and its smaller ruling coalition partner, the Japan Restoration Party, could win over 300 seats. The Mainichi Shimbun states that the LDP alone could win 300 seats, meaning the ruling coalition could secure two-thirds of the House of Representatives. Despite this, the Middle Way Reform Coalition appears to be struggling to win over voters. Some polls suggest the party may ultimately lose half of its seats. In a rare winter election, snowfall in the north could also reduce voter turnout and weaken support for Kaohsiung, especially given that she relies on personal popularity rather than organized voting to increase the Liberal Democratic Partys seats.February 8th - The "Implementation Opinions on Promoting High-Quality Urban Development" was recently issued, proposing to promote the coordinated development of large, medium, and small cities. It supports Fuzhou in accelerating its construction as a modern international city; Xiamen in building a leading demonstration zone for high-quality development; Zhangzhou in building a green intelligent manufacturing base on the southeast coast, and a modern, livable, ecological garden city; Quanzhou innovating and developing the "Jinjiang Experience," building a 21st-century "Maritime Silk Road City" and a strong intelligent manufacturing city; Sanming and Longyan in building high-quality development demonstration zones in the old revolutionary base area of western Fujian; Putian in implementing the Mulan River governance concept, building a pioneering city for green and high-quality development; Nanping in building the core area of the Greater Wuyi Cultural Tourism Circle; Ningde in building the core area of the new energy and new materials industry; and the Pingtan Comprehensive Experimental Zone in a new round of opening-up and development. It supports various localities in exploring urban development positioning that suits their local conditions. It also accelerates the extension of the functions of central cities, driving the development of small and medium-sized cities through industrial transfer and "enclave economy."On February 8th, Fujian Province issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to improve urban infrastructure. This includes accelerating the construction of the Fuzhou and Xiamen subway projects; optimizing the hierarchical structure of the urban road network, removing bottlenecks and congestion, and optimizing the urban freight network; strengthening the construction of parking and charging facilities; continuously enhancing the deep coverage of 5G, 5G-A, and gigabit optical networks; coordinating the construction of computing infrastructure and IoT sensing facilities; and encouraging qualified cities to pilot data infrastructure construction. The document also promotes the upgrading and digital transformation of traditional infrastructure and the construction of underground integrated pipe corridors according to local conditions. Furthermore, it accelerates the construction of a modern water network to enhance flood disaster prevention, water resource allocation, and urban and rural water supply security capabilities. Finally, it promotes the high-quality development of the urban power distribution network.On February 8th, the Fujian Provincial Committee of the Communist Party of China and the Fujian Provincial Peoples Government issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to enhance urban development momentum through city-specific policies. The document calls for promoting the expansion and upgrading of urban industrial parks, adhering to intelligent, green, and integrated development. It emphasizes consolidating and enhancing the pillar industry of manufacturing, and cultivating strategic emerging industry clusters such as optoelectronic information, integrated circuits, and new energy. It also calls for planning and constructing future industries, developing new productive forces according to local conditions. Furthermore, it promotes intelligent construction, cultivates a modern construction industry chain, and accelerates the transformation and upgrading of the construction industry. The document also encourages the active development of first-of-its-kind, silver-haired, low-altitude, cultural tourism, and marine economies, fostering new consumption scenarios and new business models. It supports Xiamen in carrying out pilot work for the construction of an internationalized consumption environment and accelerates the creation of distinctive cultural blocks, nighttime cultural and tourism consumption clusters, tourism and leisure blocks, and intangible cultural heritage characteristic blocks.

Crude Oil Tests $95 as Recession Fears and a Surging Dollar Shake the Oil Rally's Foundation

Charlie Brooks

Jul 08, 2022 11:23


On Wednesday, U.S. crude futures slid $4 to test the $95 per barrel support as recession concerns and a strengthening dollar in expectation of further rate hikes by the Federal Reserve shook the roots of this year's oil boom. After topping $97 a barrel in the previous session, the benchmark for U.S. crude oil, West Texas Intermediate, fell by more than $9.


Brent, the benchmark for international crude oil, dropped below $100 for the first time since April 25. Tuesday, Brent lost nearly $11 after a $101 examination.


Overnight, the Dollar Index, which measures the U.S. dollar to six major international currencies, surpassed 107 for the first time since December 2002. The dollar has climbed significantly since November of last year in anticipation of aggressive rate hikes by the Federal Reserve, which have just now begun to materialize.


In June, a carefully watched barometer of the U.S. services sector fell to its lowest level in twenty months, but despite rising labor and other input costs, it held up better than expected.


Separately, the U.S. Department of Labor said that the labor market may be slowing. According to its monthly study, the number of job openings declined in May to 11.254 million, which is still an all-time high. The sum was around a quarter of a million more than projected, and the government revised its estimate from May to 11,681 million.


The data on job openings was issued before the more critical nonfarm payrolls report on Friday, which is anticipated to suggest a slower rate of employment growth in June compared to May. Economists anticipate that around 268,000 payrolls were added in June, compared to 390,000 in May, keeping the unemployment rate at 3.6% for the third straight month. The Federal Reserve considers a rate of unemployment of 4 percent or less to signify full employment.


In an assessment of the energy sector, Goldman Sachs analysts wrote, "While we believe that higher consumer prices are required to stabilize the oil market this summer, we recognize that significant and huge shocks continue to distort fundamentals."