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French industrial production fell 0.5% year-on-year in July, compared with a previous reading of -0.10%.French manufacturing output fell 0.8% month-on-month in July, compared with a previous reading of -1.10%.French manufacturing output fell 2% year-on-year in July, compared with a previous reading of -1.70%.French industrial production fell 0.4% month-on-month in July, below the expected 0.2% and the previous figure revised down from 0.10% to -0.1%.September 9th - Beijings "August 7th" housing policy has been in effect for a full month. Recent surveys revealed a clear trend of new suburban developments prioritizing sales volume over price, with some projects offering discounts of up to 11%, and others seeing nearly all available units already sold before even opening. The pace of secondhand home sales has accelerated, with sellers having less room for negotiation, indicating a clear overall market recovery. Data from Heshuo Real Estate Agency shows that in the month since the new policy was implemented, sales of new and secondhand homes in Beijing have increased by 8.5% and 2.3% respectively compared to the month before. Centaline Property Research Center statistics show that in August, 13,853 secondhand residential units were registered online in Beijing, a slight decrease of 1.3% month-on-month, but an increase of approximately 4.1% year-on-year, remaining above the 13,000-unit "boom-bust line" for six consecutive months. Secondhand home sales saw a significant increase at the end of August, with 852 units registered online on August 31st alone. Industry insiders interviewed believe that the policys precise stimulating effect on both first-time homebuyers and those seeking to upgrade their homes is gradually being realized. It is expected that the transaction volume of new and second-hand homes in Beijing will continue to recover during the "Golden September and Silver October" period, but the overall recovery will still continue to be characterized by differentiation.

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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