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August 23 (Tasnim News Agency) – Iranian Islamic Revolutionary Guard Corps spokesman Mohbi stated that Iran has developed countermeasures against various hostile actions by the United States, including measures to address economic pressure. Speaking at a press conference in Karaj, a city in northern Iran, Mohbi said that the USs recent announcement of launching its "most severe economic war" against Iran actually indicates that the US has failed to achieve its military objectives. He added that the US has imposed economic sanctions on Iran for 47 years, and the current statements regarding "economic war" are intended to exert psychological influence on the Iranian people.August 23 - According to the Japan Meteorological Agency, a 6.0-magnitude earthquake struck off the coast of Urakawa, Japan, at approximately 22:00 local time on August 23. The maximum intensity of the tremor was 4, and the focal depth was 40 kilometers.August 23 (Xinhua) -- Ukrainian President Volodymyr Zelenskyy said during a meeting with media representatives on the 23rd that Ukraine is not yet in a position to hold elections during wartime, and that holding elections under the current circumstances would pose a significant danger of national disintegration. According to media reports, former Defense Minister Andriy Fedorov, who was dismissed by Zelenskyy, recently released a video calling for wartime elections in Ukraine, stating that the country is facing a governance crisis. Zelenskyy responded that day, saying that during the ongoing conflict, various parties have been pressuring Ukraine to hold wartime elections, but the prerequisite for such elections is that partner countries can provide Ukraine with specific conditions to ensure their safe and legal conduct. This would allow frontline Ukrainian soldiers and millions of Ukrainian citizens fleeing the war to participate in the elections safely, without the threat of attack.August 23 - The bond market has recently sent a clear signal to Treasury Secretary Bessant: dont try to sweep $40 trillion in U.S. Treasury bonds under the rug and pretend everything is fine. Bessant announced plans to increase long-term Treasury repurchases this fall, pledged to use the Treasurys vast "toolbox" to support the market, and discussed upcoming measures to curb the ever-expanding U.S. debt burden. John Arnold, a former Enron energy trader, billionaire, and founder of the philanthropic venture capital firm Arnold, said the summers bond market turmoil may ultimately be just "another quickly subsided episode," but the bigger concern is that the lack of change in the U.S. fiscal situation will persist until it finally triggers a crisis. Tracy Chan, a global portfolio manager at Brandiwin, said she is very nervous because Bessant has failed to curb long-term Treasury yields. The bond markets performance suggests that bond vigilantes still dont trust him. Bessant needs to do more to convince investors that the Trump administration is serious about U.S. fiscal issues, but talking about increasing revenue through tax increases or austerity measures before the November midterm elections will be unpopular.On August 23, according to the Wall Street Journal, Russian military officers flew from St. Petersburg to the Kaliningrad exclave last month. Western intelligence officials said these officers oversaw mobilization preparations and procedures for the regions residents, including specific details on how to house, supply, and arm mobilization personnel. Intelligence officials stated that the planning exercises in Kaliningrad were just one of many nationwide drills designed to prepare for a "call to arms." Officials said the Kremlin has not yet decided whether to actually carry out such an operation, and a decision is likely to be made after the parliamentary elections at the end of September. However, despite the slow and costly progress, Putins determination to seize the entire Donbas region of eastern Ukraine may force him to take action. Kaliningrad, the location of last months mobilization test exercises, has recently received increasing attention. Western intelligence officials have warned that the exclave could play a role in Moscows military plans.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.