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On January 30th, Inspur Software announced that it expects to achieve a net profit attributable to owners of the parent company of approximately RMB -270 million in 2025. In 2025, affected by tight funds for clients, delayed project bidding, and delayed delivery and acceptance, the companys operating revenue declined, and gross profit decreased. During the reporting period, the company improved management efficiency through refined management and strengthened accounts receivable and collection management, resulting in a significant improvement in the net cash flow generated from operating activities compared to the same period last year. However, due to the decline in operating revenue and gross profit, the company expects to incur a loss.On January 30th, Bainaqiancheng announced that it expects a net loss of 800 million to 1.2 billion yuan in 2025. Affected by intensified competition in the content market, the companys multi-format film and television content segment faced significant pressure during the reporting period. The subject matter and content expression of some existing projects were no longer suitable for the current audiences aesthetic and demand trends in the content market. The company systematically reviewed and optimized its existing projects. For projects under development and existing projects with poor returns and significant uncertainties, measures such as closing down to stop losses, reducing scale, suspending new investment, and seeking external cooperation were taken. Simultaneously, the company retained its strong teams and concentrated resources on high-quality projects and well-performing business segments.On January 30th, the Shanghai Municipal Development and Reform Commission and the Shanghai Municipal Finance Bureau issued a notice regarding the implementation of the 2026 large-scale equipment renewal and consumer goods trade-in policy in Shanghai. The notice includes support for vehicle replacement and replacement. Individual consumers who transfer their passenger vehicles registered in their own name and purchase new energy passenger vehicles included in the "Catalogue of New Energy Vehicle Models Eligible for Vehicle Purchase Tax Reduction or Exemption" or fuel-powered passenger vehicles with an engine displacement of 2.0 liters or less will receive a vehicle replacement subsidy. The subsidy is 8% of the vehicle price for new energy passenger vehicles (maximum 15,000 yuan) and 6% of the vehicle price for fuel-powered passenger vehicles with an engine displacement of 2.0 liters or less (maximum 13,000 yuan).The Bank of Englands consumer credit figures for December were £1.524 billion, below the expected £1.7 billion and the previous figure revised from £2.077 billion to £2.143 billion.The Bank of Englands mortgage lending in December was £4.601 billion, below the expected £4.5 billion and the previous figure revised from £4.49 billion to £4.593 billion.

Oil Prices Decline As U.S. Stocks Rise And China Anxiety Rises

Haiden Holmes

Dec 30, 2022 11:24

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On Thursday, U.S. crude oil prices closed down as a result of an unexpected increase in U.S. weekly crude inventories and continued concerns about the demand outlook in the wake of intensifying cases in China.


On the New York Mercantile Exchange, oil futures settled at $78.40 per barrel, down $0.56, while Brent futures settled at $84.66 per barrel, down $0.53.


Contrary to expectations of a decrease of 1.5 million barrels, U.S. oil inventories grew by 718,000 barrels for the week ending December 23, as reported by the Energy Information Administration (EIA).


Inventories of gasoline unexpectedly declined by 3.1 million barrels, the highest decrease since September, above forecasts for a rise of 520,000 barrels, while distillate supplies grew by 282,000 barrels, below estimates for a decrease of 2.05 million barrels.


The EIA's mixed petroleum data comes at a time when numerous nations are poised to impose new travel restrictions on Chinese tourists, dimming some of the euphoria that had followed the month-long removal of COVID restrictions. Multiple nations, including the United States, Italy, and Japan, imposed testing requirements on Chinese tourists.


It is anticipated that the efforts of the Biden administration to replenish the Strategic Petroleum Reserve by acquiring crude oil in the first quarter of 2016 will increase demand.


According to Craig Erlam, a senior market analyst at OANDA, efforts to replenish strategic petroleum stocks "should be positive for the market and should have provided some support."


Goldman Sachs decreased its price forecast for Brent crude in 2023 to $90/bbl from $110/bbl before, citing the recent decline in commodity prices, but highlighted that it remained bullish on oil prices in the medium term.


Goldman Sachs commented, "For oil prices, we remain bullish on oil prices in the immediate future due to the prospect of rising China demand, decreased supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

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