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Ukrainian Air Force: Russia launched 68 missiles and 351 drones at Ukraine overnight.On July 6th, Jeff, senior macro strategist at BNY Mellon, pointed out that weaker U.S. labor market data and improved inflation data have reduced the urgency for further tightening by the Federal Reserve, but this does not address whether the slowdown in growth is under control or whether policy expectations have been over-adjusted. He stated, "The global narrative is becoming less unified." In the U.S., the question is whether the Fed can remain patient if inflation risks do not re-emerge; while in Europe, the focus is shifting from emergency inflation management to issues such as economic growth, fiscal credibility, and defense financing.Jefferies: Lowered its price target for Newmont Mining (NEM.N) from $158 to $146.On July 6th, according to Qichacha APP, Jiangxi Beiqi Changhe Automobile Co., Ltd. was recently established. The legal representative is Zhu Youfu, and the registered capital is 100 million yuan. Its business scope includes: automobile sales, sales of new energy vehicles, marketing planning, research and development of auto parts, and manufacturing of auto parts and accessories. Qichachas equity penetration analysis shows that the company is wholly owned by Beijing Automotive Group Co., Ltd.July 6 - Analog Devices (ADI), a major analog chip manufacturer, recently issued another notice to its customers, stating that rising demand has led to tight supply, with lead times for some products reaching up to six months. If customers fail to place orders six months in advance, they may face even longer delivery times in the future.

Its Weekly Advance Is Fueled by Optimism on China's Demand For Crude Oil

Skylar Williams

Jan 13, 2023 11:32

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Oil prices declined in early trade on Friday, but were poised for weekly gains of more than 6% due to robust indicators of demand growth in China, the world's largest crude oil importer, and expectations of less aggressive interest rate hikes in the United States.


Brent crude prices fell 17 cents, or 0.2%, to $83.86 a barrel at 01:19 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.27 per barrel.


Brent is up 6.7% and WTI is up 6.2% so far this week, recouping a significant portion of the losses from the previous week.


Recent Chinese petroleum purchases and an increase in road traffic have, according to analysts, strengthened expectations for a demand recovery in the world's second-largest economy following the reopening of its borders and the easing of COVID-19 restrictions in the wake of last year's demonstrations.


RBC commodity strategist Michael Tran stated in a client note, "Given the emphasis on energy security, we anticipate Chinese imports will continue to rise, especially as refinery runs increase and crude stockpiling remains a strategic goal."


The congestion index for the 15 Chinese cities with the highest number of vehicle registrations, as assessed by ANZ analysts, increased 31% from the previous week.


Analysts from ANZ claimed in a report that "China's road traffic levels continue to rise from record low levels after COVID-19 restrictions were lifted."


The dollar's slide to a nearly nine-month low in response to news that U.S. inflation fell for the first time in more than two and a half years has strengthened speculation that the Federal Reserve may slow the rate of rate hikes.


A weaker dollar tends to increase oil demand since it makes the commodity more affordable for buyers holding foreign currencies.

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