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July 10th – According to the China Academy of Information and Communications Technology (CAICT), the Satellite Communications Working Group of the Industrial Internet Industry Alliance (hereinafter referred to as the "Satellite Communications Working Group") was officially established in Beijing recently, under the guidance of the Information and Communications Administration of the Ministry of Industry and Information Technology. The Satellite Communications Working Group aims to build a platform for industry exchange and cooperation, accelerate breakthroughs in key core technologies for satellite communications, promote technological innovation and development such as non-terrestrial networks (NTN), and pool resources to jointly cultivate an open and shared satellite communications industry ecosystem, contributing to the construction of a manufacturing powerhouse, a space powerhouse, a cyber powerhouse, and a digital China.July 10th - The China Federation of Logistics and Purchasing (CFLP) released the "2026 China Highway Transport Capacity Development Report" today (July 10th). According to the report, the highway transport market will continue to adjust and optimize in 2025, with the capacity structure accelerating its upgrade towards large-scale, professional, and green development. Enterprises risk resistance and resilience in normalized operations have improved. Survey data shows that fuel-powered vehicles still dominate the current highway freight capacity structure, accounting for approximately 50%, but new energy vehicles have formed an irreversible substitution trend in specific scenarios. Among the surveyed enterprises, the penetration rate of new energy trucks is 44.4%. Of the enterprises that have already purchased new energy vehicles, 37.5% chose to "continue to expand their new energy vehicle fleet," and 37.5% chose to "maintain their existing scale."The main Shanghai silver futures contract surged 4.00% intraday, currently trading at 14,805.00 yuan/kg.On July 10, Japans Nuclear Regulation Authority (NRA) reported on July 9 that improper management of counterterrorism-related classified information at Tokyo Electric Power Companys Fukushima Daiichi and Fukushima Daini nuclear power plants allowed unauthorized personnel easy access to such information. The NRA stated that the two nuclear power plants possessed numerous classified documents related to counterterrorism measures, which should have been strictly managed and stored in designated locations for access only by authorized personnel. However, an investigation revealed that these documents were stored in shared folders on computers across multiple departments, allowing even staff without proper access to view them. According to the NRA, no leaks of classified information have been found so far, but further investigation will be conducted to determine the cause of the information management lapse.July 10th - The Times of Israel, citing a US official on the 9th, reported that Israeli troops will withdraw from one of two "pilot areas" in southern Lebanon in the coming days, paving the way for the next phase of negotiations between Israel and Lebanon. The report stated that, according to a framework agreement reached between Israel and Lebanon in Washington, D.C., Israel agreed to withdraw its troops from two small areas in southern Lebanon where Hezbollah military facilities have been cleared, handing them over to the Lebanese Armed Forces. The report also quoted an Arab official as saying that Lebanon has informed the United States that it will not participate in the new round of Lebanon-Israel talks scheduled for next week in Rome, Italy, until Israel completes its agreed withdrawal. Currently, a timetable for the withdrawal from the second "pilot area" has not been announced.

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.