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Market news: Japanese IT services provider NTT Data is considering investing approximately $9 billion in Japans data center sector.August 4th - According to Nikkei, the Japanese governments proposal to reduce the food consumption tax to 1% starting next April for a period of two years was approved by the ruling partys main committee on Monday, taking a step closer to fulfilling its campaign promise, although the source of funding remains uncertain. Itsunori Onodera, chairman of the Tax System Committee, stated that the Liberal Democratic Partys Tax System and Social Security Committee has passed the draft. It is expected to be submitted to the partys highest decision-making body for deliberation as early as Wednesday. Prime Minister Sanae Takaichis government hopes to obtain cabinet approval at the beginning of the month and submit the relevant bill to the extraordinary session of the Diet in the autumn. The proposal aims to lower the tax rate from 8% to 1% starting in April. Starting in June, approximately 600 billion yen (about US$3.82 billion) in cash subsidies will be distributed annually to low- and middle-income families, with the amount fluctuating according to income levels. Takaichi has not yet specified the specific source of funding to fill the consumption tax revenue gap. The government plans to utilize non-tax revenue, tax revenue growth, and funds saved from reviewing tax incentives and subsidy policies.According to Nikkei: Japans ruling party is close to lowering the food tax rate from 8% to 1%.On August 4th, the U.S. Centers for Disease Control and Prevention (CDC) confirmed on August 3rd that Michigan had reported two deaths related to cyclosporidiosis. Both victims had serious underlying health conditions. This is the first reported death related to cyclosporidiosis since its widespread outbreak in the U.S. in May of this year.Snap (SNAP.N) shares rose more than 9% in after-hours trading.

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.

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