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On August 17th, at Geely Automobiles (00175.HK) interim results press conference, Geely Holding Group CEO An Conghui stated that for Geely Automobiles overseas development, Geely Holding Group will coordinate the resources of its internal brands and external strategic partners to achieve joint investment, joint development, shared production capacity, shared local supply chain systems and talent resources, and shared channels and service networks. According to An Conghui, the Volvo European plant will become an important base for Geelys European strategy, undertaking the production of high-end luxury vehicles within the Geely Automobile Group, and is expected to begin production in 2028. Proton, which Geely previously acquired in Malaysia, is currently undergoing technological upgrades and will be transformed into a Southeast Asian production base with a capacity of 500,000 vehicles. The Spanish plant, a joint venture between Geely and Ford, will also produce related models within the Geely system, with a capacity of 500,000 vehicles, and is expected to begin production in 2028. At this results press conference, Geely Automobile Group announced that its 2026 export target has been raised from 640,000 vehicles to 920,000 vehicles, and it will challenge a sales target of one million vehicles.On August 17th, at Geely Automobiles (00175.HK) interim results press conference, Geely Holding Group CEO An Conghui stated that in the second half of the year, the company will continue to optimize its business and strategic configuration, improve system synergy efficiency, reduce unnecessary internal transactions and construction, and close down or merge redundant companies and projects. Simultaneously, it will promote the integration of more valuable projects, both established and under development, into the Geely Automobile Group.Honda Motor Co., Ltd. (HMC.N): Will resume automobile production at its Saitama, Suzuka and Yokkaichi plants starting August 20.ArcelorMittal SA: Major energy production facilities were damaged.ArcelorMittal SA: The companys factories were operating normally at the time of the attack.

U.S. Confidence Boosts Oil Prices, While China's COVID Boosts Gains

Aria Thomas

Nov 11, 2022 15:46

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Oil prices rose on Friday as fears of a U.S. recession lessened, but were headed for weekly declines of more than 4% as a rise in COVID-19 cases in China, the world's biggest oil importer, raised the threat of decreased gasoline usage.


Brent oil futures increased 23 cents, or 0.3%, to $93.80 per barrel at 0101 GMT, extending the 1.1% advance from the previous session.


Futures for U.S. West Texas Intermediate (WTI) oil gained by 28 cents, or 0.3%, to $86.75 per barrel, after a 0.8% advance in the previous session.


WTI has declined by almost 6% this week, while Brent has declined by around 5%.


Analysts said that oil prices increased on Friday as the U.S. dollar sank after the publication of data on Thursday indicating that inflation was less than expected, decreasing expectations of rate hikes and increasing the likelihood of a soft landing for the biggest economy in the world.


A decrease in the value of the U.S. dollar enhances the demand for oil since it makes the commodity more inexpensive for customers using other currencies.


According to specialists, China continues to pose a threat on the demand side, with COVID-19 cases on the rise in the industrial hub of Guangzhou, where authorities on Thursday encouraged citizens to work from home.


"As traders are very sensitive to lockdowns in the world's largest oil importer, this might temporarily curb the oil market's bullish ambitions. Nevertheless, we are in a far better position than we were yesterday, "said SPI Asset Management managing partner Stephen Innes.


ANZ Research analysts said in a report that, in addition to work-from-home orders reducing mobility and fuel usage, people's fear of being quarantined slowed travel throughout China.


Last week, the oil market was encouraged by predictions that China may loosen its zero COVID policy, but this week, health officials made it clear that they will continue to strictly monitor any outbreaks.


"With additional lockdowns and restrictions still being enforced and President Xi Jinping's support for the program at the Party Congress in late October, it's difficult to see authorities deviating from the strategy in the near future," said commodities analyst Vivek Dhar of Commonwealth Bank in a note.

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