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New York gold futures fell below $4,450 per ounce, down 0.43% on the day.Japanese Foreign Minister Toshimitsu Motegi: Strongly protests Russian President Vladimir Putins visit to the disputed islands.Abu Dhabi National Energy Company (TAQA): Oil and gas production declined in the first half of the year due to the planned decommissioning of its North Sea assets in the UK.On August 13th, Meituan (03690.HK) launched the first official version of its "stop meter at red lights" feature for delivery riders in Beijing, with road testing already underway in pilot areas. It is understood that in the first half of this year, Meituans delivery safety technology team conducted internal testing of the product on some roads in Beijing and built a prototype, providing a model for pilot implementation across the country. Currently, pilot road testing is being conducted on some roads in Chaoyang District, Tongzhou District, and the Economic and Technological Development Area of Beijing, which have already integrated traffic data. The time spent by Beijing delivery riders waiting at red lights will be gradually calculated separately and added to the delivery time. Meituan revealed that more than 20 other cities are also under evaluation, and the feature will be launched in cities that meet the requirements.On August 13th, it was reported that Zhenbao Technology, a listed company in Chinas semiconductor component sector, has invested in and will construct a semiconductor component R&D and production base in Optics Valley. The project has a total investment of 520 million yuan and a construction period of three years. The base will focus on three core product categories: silicon carbide components, high-purity silicon precision components, and aluminum nitride ceramic materials and related components. These are essential consumables for front-end manufacturing processes such as chip etching and thin-film deposition. Once operational, the base will rapidly expand the companys existing production capacity, providing convenient services to wafer manufacturing companies in Central China and shortening delivery cycles.

On concerns of demand destruction, oil prices plummet, with benchmarks down 4% for the week

Haiden Holmes

Sep 09, 2022 10:39

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Oil prices dropped in early trade on Friday, following a slight recovery in the previous session, leaving them on track to fall for a second consecutive week on concerns that aggressive rate hikes by central banks and COVID-19 limitations by China may have an impact on demand.


Brent crude futures slipped 12 cents, or 0.1%, to $89.03 per barrel at 00:51 GMT on Friday, after rising 1.3% on Thursday.


Futures for U.S. West Texas Intermediate (WTI) crude fell 19 cents, or 0.2%, to $83.35 a barrel after a 2% increase in the previous session.


The market reached its lowest position since January at one point during the week, with both indexes down nearly 4%.


The decline has occurred despite a modest output cut by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, Russia's threat to cut oil flows to any country that supports a price cap on its crude, and a weaker outlook for the growth of U.S. oil production.


The U.S. Energy Information Administration forecast on Thursday that U.S. crude output will increase by 540,000 barrels per day to 11.79 million barrels per day in 2022, a reduction from a previous estimate of 610,000 bpd.


Amid the week, the 50-day moving average went below the 200-day moving average in what is known as a 'death cross,' leading analysts to assume that the sell-off may have been overblown, as demand in China, the world's largest oil importer, may recover swiftly.


"China's demand is harder to predict, but historically, a post-COVID reopening has been accompanied by a recovery rather than a gradual increase. The fundamentals appear to be at odds with the most recent technical indications in this context "National Australia Bank (OTC:NABZY) stock is cheap, according to a letter from analysts.


China is expanding its limitations today. On Thursday, the majority of Chengdu's more than 21 million residents were cautioned not to travel over upcoming holidays, while millions more were given the same advice in other regions of China.

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