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ECB Loan Survey: Banks expect net increase in loan demand from businesses and households in the first quarter.The European Central Banks lending survey reported that credit standards for businesses unexpectedly tightened overall in the fourth quarter, while mortgage lending standards eased slightly.Market news: Kuwait is opening some of its oil fields to foreign investment, aiming to make the country a major investment destination in the Middle East.February 3rd - The National Development and Reform Commission (NDRC) announced today that the domestic refined oil price adjustment window will open at 24:00 on February 3rd. According to the NDRC Price Monitoring Center, international oil prices rose initially and then fell during this pricing cycle (January 20th - February 2nd). Starting at 24:00 on February 3rd, the domestic retail price limits for gasoline and diesel will increase by 205 yuan and 195 yuan per ton, respectively. On average nationwide, the price increases will be 0.16 yuan per liter for 92-octane gasoline, 0.17 yuan per liter for 95-octane gasoline, and 0.17 yuan per liter for 0# diesel. To put it simply, filling a 50-liter tank with 92-octane gasoline will cost an extra 8 yuan.February 3rd - At the opening of the Fourth Session of the 16th Shanghai Municipal Peoples Congress on the 3rd, it was announced that Shanghai will vigorously promote scientific and technological innovation in 2025, improve support policies for leading technology enterprises and high-growth enterprises, and see an average daily increase of over 320 new technology enterprises, continuously improving innovation density. In 2025, Shanghais total R&D expenditure will reach approximately 4.5% of the citys GDP; the total output value of strategic emerging industries will grow by 6.5%, and the scale of the three leading industries—integrated circuits, biomedicine, and artificial intelligence—will exceed 2 trillion yuan. The rapid development of new-quality productivity will effectively contribute to the steady progress and quality improvement of Shanghais economic and social development.

Oil Prices Fall Further Due to China-Taiwan Tensions and Growth Concerns

Haiden Holmes

Aug 05, 2022 11:00

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As China-Taiwan tensions rose and the Bank of England hiked interest rates, a grim view for crude demand emerged, culminating in a further decrease in oil prices on Friday and a prediction of significant weekly losses.


As of 11:11 EST (00:11 GMT), Crude Oil WTI Futures traded down 0.3% to $88.30 per barrel, its lowest level since early February, before Russia's invasion of Ukraine.


Brent oil prices rose by 0.5% to $93.81 per barrel. Both indices fell more than 3 percent on Thursday and were projected to fall between 12 and 17 percent for the week.


China launched missiles around Taiwan on Thursday, escalating tensions prompted by the presence of Nancy Pelosi, the speaker of the United States House of Representatives, in Taiwan.


It is anticipated that the move will have a negative impact on the value of other assets in the region, as well as on perceptions of Asia's major economies.


In addition, the Bank of England increased interest rates and proposed more anti-inflation measures, indicating that the United Kingdom may soon experience economic turbulence.


As most economies struggle with increasing inflation, the (rapid) tightening of monetary policy in the developed world is fanning worries of an oncoming recession.


The decrease in oil prices this week was caused by a cascade of bad industrial indicators, which raised worries of a demand slowdown.


The surprise weekly increase in crude oil stocks in the United States signaled a probable supply surplus in the world's largest oil consumer.


In this environment, the Organization of Petroleum Exporting Countries and its allies (OPEC+) announced the weakest production rise in their history, indicating a grim demand outlook.


Despite a drop in global demand, a rising energy crisis in Europe would sustain oil prices. As a response to Russia's invasion of Ukraine, the bloc is aiming to reduce its dependence on Russian oil and gas.


The fall in oil prices offers import-reliant economies some relief from the inflation induced by growing fuel expenses.


Focus is now on the U.S. nonfarm payrolls data, which will provide more insight into the largest economy in the world.

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