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Xtep International (01368.HK): Full-year revenue for 2025 is RMB 14.15 billion, with an estimated RMB 14.38 billion; full-year net profit is RMB 1.37 billion, with an estimated RMB 1.38 billion.On March 26, Liu Haixing, Minister of the International Department of the Central Committee of the Communist Party of China, met with Tan Sen, President of the US-China Business Council, in Beijing. Liu Haixing stated that the current international situation is turbulent and uncertain, with increasing instability and uncertainty. China and the US should demonstrate their responsibility as major powers and jointly address global challenges. The business community is an important link and driving force in China-US relations. China appreciates the US-China Business Councils long-standing advocacy for cooperation with China and looks forward to the Council building more bridges for friendly exchanges between China and the US. This year marks the beginning of the 15th Five-Year Plan, and China will unswervingly expand high-level opening-up, welcoming American companies to share in Chinas development opportunities and achieve mutual benefit and win-win results. Tan Sen stated that the US business community pays close attention to Chinas development and is willing to continue to deepen its presence in the Chinese market. The US-China Business Council is committed to promoting US-China economic and trade cooperation and is also willing to make efforts to promote cultural exchanges and enhance mutual understanding between the two countries.The yield on Japans 40-year government bonds fell 5 basis points to 3.67%.March 26 – The CEO of Philippine oil refining company Petron Corp. stated that the company had received a shipment of Russian oil. Earlier this month, the United States issued a sanctions waiver allowing countries to purchase Russian oil already loaded on tankers. This measure aims to alleviate oil shortages caused by the de facto closure of the Strait of Hormuz since the outbreak of the Middle East conflict in late February. Asia, reliant on imports, has been hit hardest, as most of its crude oil comes from oil-producing countries in the region. Philippine Ambassador to the United States, Romualdez, stated that the Philippines is also striving for a general waiver from Washington to purchase oil directly from Russian producers. “We are one of many countries seeking the same treatment,” he said.Warner Bros. Discovery Inc. (WBD.O): HBO Max expands to 12 Asia Pacific regions.

Oil Prices Remain Stable As Investors Anticipate Fed Reserve Remarks

Charlie Brooks

Feb 22, 2023 14:06

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Oil prices remained unchanged on Wednesday as investors awaited remarks from the U.S. Federal Reserve in response to recent data indicating the prospect of more interest rate rises, which may slow economic growth and reduce global fuel consumption.


Brent oil futures for April delivery rose 2 cents to $83.07 a barrel at 02:42 GMT on Wednesday, following a 1.2% decline on Tuesday. April West Texas Intermediate (WTI) oil futures decreased one cent to $76.35 a barrel. On Tuesday, the March WTI contract expired 18 cents lower.


The U.S. Federal Reserve will release the minutes of its most recent meeting on Wednesday, giving traders a view of how high policymakers expect interest rates to rise in the wake of recent job and inflation figures that exceeded expectations.


But, other economic statistics from the United States, the world's largest oil consumer, revealed some concerning trends. In January, existing home sales reached their lowest level since October 2010, marking the twelfth consecutive monthly decline, the worst since 1999.


"Oil prices came under pressure... as dismal economic data prompted worries about demand in advanced nations," ANZ Bank senior commodity analyst Daniel Hynes wrote in a report. Further rate increases might reduce oil consumption.


Rising interest rates tend to increase the value of the dollar, making oil priced in dollars more costly for holders of other currencies. 


Recently, oil prices have been bolstered by expectations of tighter global supply and growing Chinese demand. Experts anticipate that China's oil imports will reach a record high in 2023 due to rising demand for transportation fuel and the introduction of new refineries.


ANZ's Hynes remarked that PetroChina and Unipec, the trading arm of Sinopec (OTC:SHIIY), Asia's largest oil refiner, had reserved 10 supertankers to import oil from the U.S. next month, equivalent to around 20 million barrels of crude.

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