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On June 4th, Shi Xiaolin, Deputy Secretary of the Sichuan Provincial Party Committee and Governor of Sichuan Province, met with Shi Dai, General Manager of China Merchants Group, and his delegation in Chengdu. Both sides discussed implementing the "15th Five-Year Plan" development requirements, seizing major opportunities such as the construction of the Chengdu-Chongqing economic circle, leveraging the advantages of China Merchants Group as an international, comprehensive central enterprise, and actively planning a new round of strategic cooperation in areas such as technological innovation, industrial upgrading, open hub development, and peoples livelihood. They exchanged views and discussed key areas of cooperation, including promoting the transformation of scientific and technological achievements, the integration of transportation, logistics, and digital networks, urban renewal and the construction of "good houses," and the development of science and technology services. They also discussed jointly addressing five key areas of financial development, enhancing the ability to serve the real economy, helping Sichuan enterprises to "go global," and achieving more practical cooperation results. The goal is to jointly serve national strategies and promote high-quality development in Sichuan.On June 4, Ministry of Commerce spokesperson He Yong, in response to a question about the USs proposed tariffs on economies accused of forced labor, stated at a regular press conference that Chinas position on the Section 301 investigation is consistent. China opposes all forms of unilateral restrictive measures, including a series of trade restrictions imposed on China under the pretext of "forced labor," and has repeatedly expressed its firm stance on this matter. We urge the US to work with China to jointly safeguard the stability of China-US economic and trade relations.On June 4, at a regular press conference held by the Ministry of Commerce, spokesperson He Yongqian, in response to a question regarding the U.S. Department of Commerces efforts to close so-called "regulatory loopholes" in the semiconductor industry, stated that in recent years, the U.S. has repeatedly abused export controls under the pretext of national security, severely damaging the legitimate rights and interests of Chinese enterprises, seriously disrupting international trade and economic order, and severely impacting the stability of the global semiconductor industry chain and supply chain. China has consistently opposed this. China urges the U.S. to correct its erroneous practices as soon as possible, cease discriminatory measures against China, and safeguard the stability of the global industry chain and supply chain.Futures News, June 4th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on June 4th: 1. Pulp futures warehouse receipts: 232,741 tons, an increase of 5,623 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,520 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 36,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 96,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, a decrease of 2,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.Spains unadjusted industrial production rose 4.2% year-on-year in April, up from 2.10% in the previous month.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.