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The Hang Seng Tech Index fell by more than 2%.On June 11, it was reported that from June 9 to 10, Zhao Long, Governor of Fujian Province, conducted a special investigation on the development of the service industry in Fuzhou and chaired a symposium with service industry enterprises to solicit their opinions and suggestions. He emphasized the need to deepen digital empowerment, expand application scenarios, cultivate and develop new business forms and models such as "artificial intelligence + services," and promote the extension of productive service industries towards specialization and the high end of the value chain. He also stressed the importance of increasing high-quality supply, strengthening brand cultivation, improving the standard system, and promoting the high-quality, diversified, and convenient development of consumer service industries, focusing on key areas such as resident services, elderly care and childcare, health services, and cultural, tourism, and sports services.Hong Kong-listed tech stocks saw some gains, with Kuaishou (01024.HK) rising over 3%, Bilibili (09626.HK) and Tencent Holdings (00700.HK) both rising over 2%, and NetEase-S (09999.HK), Tencent Music (01698.HK), Meituan (03690.HK), Baidu (09888.HK) and other stocks following suit.N Jinge opened 450%.June 11th – Today (June 11th), the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism jointly launched the 2026 National Tour of Famous Consumer Products, taking multiple measures to enhance the matching of supply and demand for consumer goods and promote the upgrading of consumption quality. It is understood that the 2026 National Tour of Famous Consumer Products will host a series of activities, including debut shows and exhibitions of trendy fashion products, continuously soliciting famous Chinese consumer products, focusing on areas such as experiential manufacturing, fashion consumption, and the silver economy, and exploring innovative products, key technologies, and application scenarios. The event will include a cultural and creative market, revitalizing old factory buildings to create "time workshops" and other popular tourist attractions, promoting the integrated development of the consumer market; simultaneously, pop-up stores will be set up in urban business districts and transportation hubs, improving the rural logistics network, and building high-quality consumption spaces in rural areas. This event will also include more than 20 key activities such as a consumer products conference, an industry innovation competition, and an arts and crafts expo, covering multiple provinces and cities throughout the year, providing strong support for stabilizing growth, expanding consumption, and benefiting peoples livelihoods.

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

Skylar Williams

Feb 13, 2023 14:08

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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.

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