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The EU says the latest funding for Ukraine will be used for drones, missiles, air defense systems and fighter jets.On July 30th, according to the China Automotive Standardization Institute, on July 29th, 2026, the National Automotive Standardization Technical Committees Intelligent Connected Vehicle Subcommittee (SAC/TC114/SC34) and the German Association of the Automotive Industry (VDA) organized the "First Meeting of the Sino-German Working Group on Intelligent Connected Vehicle Standards and Specifications in Beijing." Against the backdrop of Sino-German cooperation in intelligent connected vehicles, delegations from both sides exchanged and discussed the progress of research and implementation experience in Sino-German intelligent connected vehicle standards and regulations, and launched a joint Sino-German research project. Experts from the China Automotive Technology and Research Center (CATARC), Equipment Center, BMW, TÜV Rheinland, and Bosch exchanged information on various topics, including the progress of Chinas intelligent connected vehicle access pilot programs, the European DCAS framework, the application guidelines for combined driving assistance safety requirements, the implementation of EU automotive data regulations, parking-related standard planning and progress, and global regulatory adaptation and best practices. They also launched a joint Sino-German research project on the standardization needs of cross-border automotive data circulation.On July 30th, China Securities Index Co., Ltd. announced that it will officially launch the CSI Hong Kong Stock Connect Semiconductor Industry Index, CSI Hong Kong Semiconductor Industry Index, CSI Hong Kong Stock Connect New Energy Index, and CSI Hong Kong New Energy Index on July 31, 2026, providing the market with a wider range of investment targets. The CSI Hong Kong Stock Connect Semiconductor Industry Index and the CSI Hong Kong Semiconductor Industry Index will each select 30 listed companies with businesses related to the semiconductor industry from the Hong Kong Stock Connect and Hong Kong stock markets, respectively, to reflect the overall performance of these listed companies. Similarly, the CSI Hong Kong Stock Connect New Energy Index and the CSI Hong Kong New Energy Index will each select 30 listed companies with businesses related to upstream resources, production, storage, and applications of new energy from the Hong Kong Stock Connect and Hong Kong stock markets, respectively, to reflect the overall performance of these listed companies.Market news: Sources say shipping data shows that an oil tanker that was originally scheduled to load cargo at CPC terminal is now sailing away from the Black Sea.July 30th - Preliminary data released by Italy on Thursday showed that the economy grew by 0.2% in the second quarter compared to the first three months, slightly exceeding market expectations and providing support for the economic outlook for this year. The Italian National Institute of Statistics (ISTAT) stated that Italys GDP grew by 1.0% year-on-year in the April-June period, also significantly higher than market expectations. Economists had previously predicted GDP growth of 0.1% quarter-on-quarter and 0.7% year-on-year. The data indicates that despite a sharp rise in energy costs due to the conflict with Iran, the Italian economy performed better than market expectations. ISTAT stated that the second-quarter quarter-on-quarter growth was mainly due to a positive contribution from domestic demand, the increase of which was sufficient to offset the drag on economic growth caused by trade. The ISTAT did not release specific data for each component in the preliminary figures, but indicated that the service sector grew, while industry and agriculture both contracted.

Oil Prices Drop As Industry Data Shows Rising U.S. Crude Stocks

Haiden Holmes

Feb 15, 2023 11:35

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As industry statistics pointed to a far larger-than-anticipated increase in U.S. crude stocks, oil prices declined in early Asian trade on Wednesday, after plunging by more than $1 per barrel in the prior session.


By 01:11 GMT, Brent crude prices fell 20 cents to $85.38 per barrel, whilst U.S. West Texas Intermediate (WTI) crude futures fell 19 cents to $78.87 per barrel.


Approximately 10.5 million barrels were added to U.S. oil stocks for the week ending February 10, according to market sources quoting American Petroleum Institute data released on Tuesday.


The increase was far greater than the 1.2 million-barrel increase that nine analysts surveyed by Reuters had predicted, which may indicate a decline in gasoline consumption.


According to anonymous sources, gasoline inventories increased by around 846,000 barrels, while distillate inventories increased by approximately 1.7 million barrels.


Wednesday at 10:30 a.m. EST (0330 GMT) the government's official inventory estimates are due.


The U.S. Department of Energy's (DOE) decision this week that it will sell 26 million barrels of oil from the nation's strategic reserve, which is already at its lowest level in about four decades, also weighed on crude prices.


The Organization of the Petroleum Exporting Countries (OPEC) upped its 2023 global oil demand growth prediction for the first time in months in response to China's reopening, bolstering prices, and lowered supply expectations for key non-OPEC producers, signaling a tighter market.


OPEC forecasts that global oil consumption will increase by 2,32 million barrels per day (bpd) or 2.3% this year, an increase of 100,000 bpd since February.

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