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Australian Prime Minister Albanese: The Iranian government has instigated at least two anti-Semitic attacks against Australia.Federal Reserve Board Governor Cook: US President Trump has no right to fire me and I will continue to perform my duties.Federal Reserve Board Governor Cook: There is no reason to be fired and I will not resign.On August 26, Citigroup released a report stating that Rongchang Biopharma (09995.HK) reported revenue of RMB 1.1 billion in the first half of the year, a 48% year-on-year increase, and a net loss of RMB 450 million, compared to a net loss of RMB 780 million in the first half of 2024. As of the end of June this year, the company held approximately RMB 1.3 billion in cash and cash equivalents. Management targets a 50% reduction in losses by 2025 and a break-even target by 2026. The bank updated its 2025 forecast to include RMB 574 million in business development revenue. It also adjusted its earnings per share forecast for fiscal years 2025 to 2027 to a loss of RMB 0.68, a loss of RMB 0.75, and a profit of RMB 0.03, respectively, compared to its previous forecasts of a loss of RMB 1.54, a loss of RMB 0.80, and a loss of RMB 0.01. The target price was raised from HK$32 to HK$35. The bank believes that the companys first-half sales were in line with expectations, but the current valuation reflects overly optimistic expectations for business development partnerships, and maintains a Sell/High Risk rating.South Korean policy advisor Kim: The United States and South Korea discussed Samsung and SK Hynixs chip supply to Nvidia.

Oil Prices Are Low As Markets Assess Iran Tensions And China's Reopening

Haiden Holmes

Jan 30, 2023 11:30

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Oil prices remained in a tight range on Monday due to uncertainty around a drone strike on an Iranian plant and a Russia-led supply glut, despite optimism on a demand revival in China.


A U.S. official linked an Israeli drone strike on an Iranian defense site over the weekend, which might lead to an increase of political tensions in the Middle East and a disruption of global crude supply.


After the Lunar New Year vacation, Chinese markets resumed with a bang, with high expectations that the country's economic revival will be a main driver of oil demand this year. According to reports released over the weekend, travel in the country rebounded significantly during the weeklong holiday, and the government pledged to assist local economic growth.


By 21:33 ET, Brent oil prices increased 0.3% to $86.65 per barrel, while West Texas Intermediate crude futures increased 0.3% to $79.94 per barrel (02:33 GMT). However, both contracts suffered their first weekly loss in three weeks as data indicated a rise in January crude exports from Russia's Baltic ports.


Oil prices are expected to end the month of January roughly unchanged, as traders weigh a potential resurgence in Chinese demand against fears of a worldwide recession in 2019.


While a Chinese rebound is anticipated to finally help crude demand this year, the country is still battling its largest COVID-19 outbreak to date, which has created doubt regarding the timing of any recovery.


The Organization of Petroleum Exporting Countries and its allies (OPEC+) are scheduled to meet on February 1 to determine the cartel's monthly output goals.


In spite of considerable uncertainty regarding the near-term course of oil demand, it is anticipated that the company will essentially sustain current production levels.


Since the beginning of the year, oil prices have fluctuated wildly, with fears of a global recession also playing a role. Despite the fact that the U.S. economy fared better than anticipated in the fourth quarter of 2022, investors are concerned that this momentum may wane as the consequences of tighter monetary policy and relatively high inflation persist.


The markets await this week's Federal Reserve meeting for additional guidance on the world's largest economy. This week also brings key economic statistics from China and the Eurozone.

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