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Hungarian Prime Minister Majol: Hungary is considering several options for introducing a wealth tax.On June 11th, MHA economic advisor Joe Nellis stated that despite widespread concerns about sluggish economic growth, policymakers are making a wise decision to act decisively to curb inflation, given the European Central Banks (ECB) expected interest rate hike on Thursday. He pointed out that the ECB has faced criticism for its slow response in 2022-2023, leading to inflation exceeding 10%. "Although economic growth in the region remains weak, the ECB is demonstrating its readiness to act," Nellis noted. On the positive side, higher interest rates could attract foreign investment, strengthening the euro and putting downward pressure on prices, although this cannot fully offset the costs to economic growth.Tencent Holdings (00700.HK): On June 11, it spent approximately HK$500 million to repurchase shares on the Hong Kong Stock Exchange.On June 11, the State Administration for Market Regulation (National Standardization Administration) approved and released 389 important national standards, covering high-tech fields, traditional industries, ecological and environmental protection, agricultural production, and peoples livelihoods. These standards will play a significant role in promoting high-quality industrial development, improving peoples quality of life, and ensuring the safety of life and property. In the high-tech field, 33 national standards were released, including those for artificial intelligence, cybersecurity, and blockchain, clarifying technical and safety specifications. Six national standards were released, including those for the industrial internet and industrial digital twins, promoting the upgrading of intelligent manufacturing. Fifteen national standards were released, including those for spacecraft grounding requirements, manned spacecraft marking and usage requirements, and general requirements for parachute systems for civilian light-duty rotary-wing UAVs, laying a solid foundation for the large-scale application of aerospace equipment in my country.On June 11th, JD.com officially released its Agent Autonomous Payment Protocol (A2P2). This is the first protocol in China specifically designed for agent autonomous payments, aiming to allow users to spend money with AI with ease and confidence, while ensuring that every transaction is traceable and auditable. This means that your agent will no longer simply add items to your shopping cart and wait for you to pay, but will truly possess the ability to autonomously complete payments within the constraints of established rules. In the future, agent autonomous payments will play an increasingly important role in supply chain flows and daily consumption scenarios. JD.coms A2P2 protocol fills the most critical trust gap in the payment field of the intelligent economy era, providing a secure, compliant, and regulatory payment infrastructure for hundreds of millions of agent applications in the future.

Oil Prices Remain Near Weekly Lows as U.S. CPI Inflation Looms Large

Haiden Holmes

Oct 13, 2022 11:57

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Oil prices held near their weekly lows on Thursday, as markets dug in ahead of important U.S. inflation data due later in the day and a worsening demand forecast dampened sentiment.


Brent oil futures traded in London rose 0.1% to $92.65 per barrel by 21:21 ET, while U.S. West Texas Intermediate futures rose 0.1% to $87.33 per barrel (01:21 GMT). This week, both contracts are down approximately 6% due to hawkish Federal Reserve signals and profit-taking after last week's dramatic increase.


As a result of an increase in COVID infections in China, investors feared additional lockdowns in the world's largest petroleum importer, and prices fell. The Chinese trade and inflation numbers expected to be released on Friday should provide additional information on this front.


However, Thursday's CPI inflation data from the United States will dominate this week. It is predicted that the data would reflect that U.S. inflation remained stubbornly high in September, providing the Fed with further reason to continue raising interest rates.


The minutes from the Federal Reserve's September meeting revealed that the central bank has no plans to adjust its hawkish stance.


Concerns that rising inflation and interest rates will reduce economic activity and weigh on petroleum consumption have precipitated a precipitous decrease in oil prices this year, which is anticipated to continue in the near future.


The Organization of Petroleum Exporting Countries cut its oil demand forecasts for 2022 and 2023 on Wednesday, citing weak economic growth and high inflation as contributing factors. In an effort to increase petroleum prices, the cartel curtailed daily supply by 2 million barrels per day recently.


While the output cut generated an increase in oil prices, concerns about sluggish demand may swiftly wipe away these gains.


The American Petroleum Institute estimated a 7 million barrel increase in crude oil inventories in the United States last week; the government is expected to publish a 1.7 million barrel increase today.


Oil prices may rise if the United States releases extra supplies from its Strategic Petroleum Reserve, as the Biden administration vowed to do after the OPEC production cut.


However, oil prices may benefit from an increase in heating-related demand over the winter months. In addition, supply issues in Russia resulting from an escalation of the crisis in Ukraine may contribute to price increases.

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