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On June 9, the Opinions on Further Guaranteeing and Improving Peoples Livelihood and Solving the Urgent Problems of the People focused on bringing more people into the social security coverage and achieving full coverage of the social security system, and proposed to "improve the social insurance system for flexible employment personnel, migrant workers, and new employment forms". These personnel mainly include: self-employed, part-time employees, migrant workers, online delivery personnel, online car-hailing drivers and other groups. The Opinions clearly include these people with low job stability and prone to interruption of social security payment into the social security coverage.Baird: Downgraded Tesla (TSLA.O) rating from "outperform" to "neutral" with a target price of $320.Japanese Prime Minister Shigeru Ishiba: Calls for the goal of achieving an average income growth of more than 50% to be included in the agenda.On June 9, the Opinions on Further Guaranteeing and Improving Peoples Livelihood and Solving the Urgent Problems and Anxiety of the People pointed out that the coverage of social security should be effectively expanded. The main role of social insurance in the social security system should be strengthened, and the social insurance system for flexible employment personnel, migrant workers, and new employment forms should be improved. The household registration restrictions on participating in social insurance at the place of employment should be completely abolished, and the incentive and constraint mechanism for participation in insurance should be improved. The transfer and continuation mechanism should be improved, and the proportion of urban employees participating in basic pension insurance and medical insurance for employees should be increased steadily and orderly. The payment level setting of basic pension insurance for urban and rural residents should be optimized, the payment subsidy level should be reasonably determined, the payment flexibility should be appropriately increased, and the incentive mechanism of more payment and more benefits should be improved. Social insurance subsidies should be provided to eligible college graduates, people with employment difficulties, etc.On June 9, the Opinions on Further Guaranteeing and Improving Peoples Livelihood and Focusing on Solving the Urgent Problems and Anxiety of the People proposed to promote the provision of basic public services by the permanent residence. By adopting methods such as direct provision by the permanent residence, cross-regional collaborative management, and improved transfer and continuation, basic public services will be gradually adjusted to be provided by the permanent residence. Promote the "one city, one policy" in cities with concentrated population inflow to formulate implementation measures for the provision of basic public services in the permanent residence, and promote eligible agricultural migrant population to enjoy the same rights as the registered population in the place of migration. Steadily promote the participation of flexible employment personnel in the housing provident fund system. Support local governments to coordinate funding channels, increase the supply of affordable housing, and guide and support social forces to operate long-term rental housing.

Despite Economic Uncertainty, Oil Prices Are Poised For A Robust Week

Despite Economic Uncertainty, Oil Prices

Feb 10, 2023 11:18

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On Friday, oil prices stayed stable despite mounting concerns about a U.S. economic slowdown and a sluggish rebound in China, but they were poised for substantial weekly gains as near-term supply remained curtailed as a result of outages in Turkey.


The world's top oil importer may take longer than anticipated to return to pre-pandemic levels of growth, based on Chinese inflation data that was less than anticipated.


An inversion in the yield curve, a typical indication of a slowdown, hit its deepest level since the 1980s, exerting additional pressure on the oil markets.


The likelihood of a slower-than-anticipated recovery in China, along with the possibility of a U.S. recession this year, could indicate a decline in oil consumption this year.


By 21:01 ET, Brent oil prices were unchanged at $84.25 per barrel, while West Texas Intermediate crude futures increased 0.2% to $77.84 per barrel (02:01 GMT). Both contracts were expected to gain approximately 5.5% and 6.3% per week, respectively.


Crude prices recovered strongly from recent lows this week after a disastrous earthquake in Turkey disrupted oil flows from Iraq and also suspended exports from the Ceyhan terminal, forecasting tighter supply in portions of Europe, Asia and North America.


It is unknown when shipments from the Ceyhan terminal will restart, as several operators in the region have declared force majeure.


Saudi Arabia increased its official crude sales price to Asia, indicating that the world's top oil producer anticipates a revival in Chinese demand, which boosted oil markets.


Additionally, crude markets profited from the dollar's depreciation in the context of rising uncertainty on the future course of U.S. interest rates. While a number of Federal Reserve officials said that interest rates are likely to rise in the coming months, higher-than-anticipated weekly unemployment claims data bolstered optimism that a weakening labor market could prevent the Fed from raising rates.


Next week's U.S. inflation figures for January will provide additional information on the possible direction of U.S. monetary policy. While it is anticipated that inflation will have decreased from the previous month, it is still anticipated to be substantially above the Fed's yearly objective.


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