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According to the Financial Times, the EU is demanding that the "Farachy clause" be included in negotiations with the UK to "reopen" Brexit.January 11th - According to the Xian-Kunming High-Speed Railway Company, on the morning of January 10th, after more than 1,500 days of arduous work by the construction team, the Huashansong Tunnel, a key control project of the Chongqing-Kunming High-Speed Railway undertaken by China Railway 12th Bureau Group, was safely completed. With this, only the last of the 53 tunnels in Yunnan Province remains, laying a solid foundation for the completion and opening of the entire line and marking the final sprint stage of the Chongqing-Kunming High-Speed Railway construction.January 11 - According to the Japan Meteorological Agency, a 5.1-magnitude earthquake struck the northern Pacific coast of Iwate Prefecture, Japan, at approximately 1:15 p.m. local time on January 11. The maximum intensity of the tremor was 4, and the focal depth was 60 kilometers.January 11 - Recently, the Hainan Provincial Department of Natural Resources and Planning and the Hainan Provincial Forestry Bureau jointly issued the "Implementation Opinions (Trial, Revised) on Promoting the Joint Approval System for Land Use, Forestry Use and Sea Use in the Province". The reform will promote the joint approval system for land use, forestry use and sea use throughout the province, deepen the integration of the departments business, further improve the efficiency of land use, forestry use and sea use factor guarantee for major projects, and reduce the cost of doing business for enterprises.On January 11th, US President Trump claimed on the 9th that the US needs Greenland, and if a deal cannot be reached "easily" on Greenland, he will have to take "difficult measures." These remarks have sparked concern among some NATO member states and European countries. According to reports from British media outlets such as the Daily Telegraph, military leaders from several European countries are drafting a possible NATO mission plan to counter Trumps threats. However, the reports also mention that the EU is drafting sanctions against US companies in case Trump rejects NATO deployment proposals. Tech giants like Meta, Google, Microsoft, and X, as well as US banks and financial companies, could be restricted from operating in Europe. Furthermore, a more extreme option could be expelling US troops from their bases in Europe, depriving them of key transit points for operations in the Middle East and elsewhere.

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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