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China Biopharmaceutical (01177.HK) rose more than 6% on the news that the company has reached an exclusive licensing agreement with AstraZeneca for TQC3721.Rivian (RIVN.O) announced the pricing of its underwritten public offering of common stock, issuing 75 million shares at a price of $15.50 per share, raising a total of $1.2 billion.On Wednesday, July 8, the Hong Kong Hang Seng Index opened 44.33 points higher, or 0.19%, at 23,541.22; the Hang Seng Tech Index opened 18.73 points higher, or 0.42%, at 4,525.77; the H-share Index opened 33.19 points higher, or 0.43%, at 7,803.45; and the Red Chip Index opened 1.17 points higher, or 0.03%, at 3,806.3.The Peoples Bank of China (PBOC) announced today that it conducted 15 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 15 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.July 8th - Bank of Japan (BOJ) loan growth in June hit its fastest pace since the COVID-19 pandemic, indicating that credit channels remain open and the BOJ still has room to raise interest rates further. According to a report released by the BOJ on Wednesday, seasonally adjusted bank loans excluding trusts rose 6.3% year-on-year in June, the strongest growth since August 2020. The BOJ stated that the growth was mainly driven by loans related to mergers and acquisitions, real estate, and economic recovery. These figures reinforce the BOJs assessment that financial conditions remain accommodative even after Governor Kazuo Ueda raised the benchmark interest rate to its highest level since 1995 last month. While the latest loan data may not yet reflect the impact of the June rate hike, policymakers have repeatedly cited financial conditions as a key indicator for assessing whether further rate hikes are warranted. Strong loan demand suggests that higher borrowing costs have not dampened business investment or household activity, strengthening the argument that the economy can withstand further policy normalization. This is consistent with the BOJs latest Tankan survey, in which the corporate financial conditions index improved for the first time in a year. Large companies reported an improved environment for commercial paper issuance.

Oil Extends Gains After News of EU Proposal For Russian Oil Ban

Haiden Holmes

May 05, 2022 09:53

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Oil prices rose up at the start of Asian trade on Thursday, extending gains from the previous session, following the European Union's proposal of further sanctions against Russia, including a six-month crude oil embargo.


By 0:02 GMT, Brent crude futures were up 22 cents to $110.36 a barrel. The price of WTI crude futures increased by 15 cents to $107.96 a barrel.


On Wednesday, both benchmarks increased by more over $5 a barrel.


The plan, announced by European Commission President Ursula von der Leyen and requiring unanimous approval by the EU's 27 member states to become law, calls for the phase-out of Russian crude oil supplies in six months and refined products by the end of 2022. Additionally, it seeks to prohibit EU corporations from providing shipping, brokerage, insurance, and financing services for the shipment of Russian oil within a month.


However, the EU confronts the challenge of finding alternatives as it imports approximately 3.5 million barrels of Russian oil and petroleum products daily and is also reliant on Moscow's gas supplies.


A few eastern European countries are concerned that the stop will not provide them with the time to adapt.


Market traders expected the Organization of the Petroleum Exporting Countries and Associated Producers' meeting on Thursday, dubbed OPEC+.


The group is poised to agree to increase monthly output objectives by 432,000 barrels per day (bpd) in June, according to four OPEC+ delegates.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves. 

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