EUR/USD 1.15441
-0.074%
Gold 4263.05
0.384%
Oil 74.484
0.236%
USD/JPY 157.754
-0.003%
GBP/USD 1.34597
-0.054%
GBP/JPY 212.336
-0.054%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 6th, the "15th Five-Year Plan for the Development of the China (Guangdong) Pilot Free Trade Zone (Draft for Public Comment)" was released for public comment. The draft proposes to expand financial opening-up in an orderly manner. It encourages international financial institutions to establish headquarters within the zone, promoting the development of cross-border finance, innovative finance, venture capital, wealth management, futures trading, asset management, specialized finance, and offshore services. It also aims to accelerate the implementation of projects such as the Greater Bay Area International Commercial Bank and the Guangdong-Hong Kong-Macao Greater Bay Area Insurance Service Center. Support will be given to expanding the scale of commodity trading, promoting the linkage between futures and spot markets for key commodities such as iron ore, crude oil, and rubber, and enhancing the pricing power of commodities. The plan also promotes the upgrading of financial technology regulatory pilot programs and expands the application scenarios of the digital RMB. Support will be given to developing cross-border financial innovation businesses such as offshore finance and green finance, and the expansion of pilot programs such as cross-border wealth management and digital RMB cross-border payments will be promoted. Support will be given to financial institutions within the zone to develop specialized products such as cross-border supply chain finance and intellectual property pledge financing, guiding market entities to develop composite financial products. The plan also aims to deepen pilot programs for cross-border credit asset transfer and multi-currency unified accounts, promoting wider mutual recognition and interoperability of cross-border financial products.Court documents show that OpenAI has applied to a U.S. judge to dismiss Apples lawsuit alleging that it violated trade secrets.Germanys manufacturing orders, adjusted for working days, rose 6.5% year-on-year in June, compared with 6.20% in the previous month.Germanys seasonally adjusted manufacturing orders rose 3.1% month-on-month in June, below the expected 0.3% and the previous reading of 1.90%.JPMorgan Chase raised its price target for eBay (EBAY.O) from $100 to $107.

Oil prices fall as rising COVID cases in China reignite fuel demand concerns

Skylar Williams

Jul 18, 2022 11:00

86.png


Oil prices fell $1 in early trade in Asia on Monday, erasing Friday's gains, as attention reverted to rising COVID-19 cases in China and the likelihood of gasoline consumption restrictions in the world's top oil importer.


Futures for August delivery of U.S. West Texas Intermediate (WTI) oil declined $1.54, or 1.6%, to $96.05 a barrel at 00:55 GMT on Saturday, after gaining $1.91 on Friday.


Brent oil futures for September delivery fell $1.47, or 1.5 percent, to $99.69 a barrel, paring Friday's gain of 2.1%.


China, the second-largest oil consumer in the world, reported 691 new COVID cases on Saturday, up from 547 the previous day, and the highest number of locally transmitted cases since May 23.


"Oil opens the week lower as the market digests the demand impact of the increase in new COVID cases in China and as the market cautiously awaits the monumental event risk of whether Nord Stream 1 gas flow from Russia to Europe will resume later this week," said Stephen Innes, chief executive officer of SPI Asset Management.


The largest system carrying Russian natural gas to Germany, the Nord Stream 1 pipeline, commenced 10 days of annual maintenance on July 11. Due to the war in Ukraine, governments, markets, and companies are afraid that the shutdown might be prolonged.


This gas loss would have a devastating impact on Germany, the fourth-largest economy in the world, and raise the possibility of a recession.


As predicted, Vice President Joe Biden's trip to Saudi Arabia generated no pledge to raise oil output from the biggest OPEC producer. Prior to Biden's meeting with Saudi Crown Prince Mohammed bin Salman, this belief in an impending oil scarcity led to last Friday's price increase.


Biden wants Gulf oil firms to raise output in an effort to lower oil prices and inflation.


Amos Hochstein, a senior counselor for energy security at the U.S. State Department, indicated on CBS' Face the Nation on Sunday that the trip will result in oil producers taking "a few more steps" in terms of supply, but he did not identify which nation(s) will raise output.


As their current output agreement expires in September, the August 3 meeting of the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, known collectively as OPEC+ will be closely watched.

Suggestion