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Frances INSEE manufacturing confidence index for July was 101, in line with expectations and unchanged from the previous months reading of 100.Frances INSEE business confidence index for July was 97, below the expected 95 and the previous reading revised from 94 to 95.The European Automobile Manufacturers Association (EADA) reported that electric vehicles accounted for 67.8% of all new car registrations in the EU, UK, and EFTA countries in June.July 23 - According to Alibaba Cloud, the Alibaba Zhenwu M890 supernode has been successfully adapted to Qwen3.8 and launched on the Alibaba Cloud Bailian platform to provide model inference services, becoming the first supernode in China to successfully run a large model with over 2 trillion parameters.On July 23, the General Office of the Sichuan Provincial Peoples Government recently issued the "Work Plan for Sichuan Province to Vigorously Promote the Large-Scale Development and Application of New Energy Freight Vehicles." The plan proposes to strive for policy support for large-scale equipment replacement. It aims to make good use of large-scale equipment replacement policies, actively seek national ultra-long-term special treasury bond funds, and support the scrapping and replacement of old operating freight vehicles that meet the scope of national large-scale equipment replacement policy support with new energy freight vehicles. It also supports the purchase of new energy urban cold chain delivery freight vehicles, striving to have more than 40,000 new energy freight vehicles by the end of 2027.

Following a two-day increase, oil prices were subdued and were on course for a weeklong decline

Haiden Holmes

Aug 19, 2022 11:17

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After a two-day jump on indications of increased U.S. demand, oil prices traded flat on Friday, but were still poised for weekly losses due to concerns about a Chinese slowdown and a probable Iranian-led supply glut.


At 20:19 ET (00:19 GMT), West Texas Intermediate Futures jumped 0.1% to $90.62 per barrel, while London-traded Brent oil futures increased 0.1% to $96.62 per barrel. In response to a string of positive demand indicators from the United States, both contracts have risen between $2 and $3 during the past two days.


Nonetheless, they were anticipated to lose over 2% each for the week, as negative economic news from China, a major importer, drastically lowered prices at the beginning of the week. According to data released on Monday, Chinese industrial output dropped in July, while the People's Bank of China unexpectedly slashed interest rates in reaction to lackluster development.


Speculation regarding the possible revival of the Iran nuclear deal, which might result in the lifting of numerous Western sanctions against the country, further reduced oil prices. It is predicted that this action will enhance daily supply by more than one million barrels.


Concerns over slowing global economic growth have drastically lowered oil prices in recent months, with prices recently reaching their lowest levels since February, wiping out all gains made due to supply bottlenecks caused by the Russia-Ukraine conflict.


Nonetheless, this week's second half showed minimal price support. Two days ago, oil prices increased as a result of a larger-than-anticipated fall in U.S. crude inventories and signs that gasoline consumption in the country was rising steadily.


Traders also hypothesized that the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) could restrict output to stabilize prices.


Despite the cartel's recent return to pre-COVID production levels, OPEC Secretary-General Al Ghais has recently hinted at a supply cut if prices continue to fall.


Ghais also reassured entrepreneurs that forecasts of an economic collapse in China were exaggerated.

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