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On July 27, the General Office of the Ministry of Housing and Urban-Rural Development issued a notice on further strengthening the safety management of urban bridges. The notice emphasizes strengthening bridge safety management during the flood season. Currently, the entire country has entered the flood season. Urban bridge management departments should strengthen coordination with meteorological, water resources, and natural resources departments to effectively carry out risk warnings and prevention and response work for extreme weather, water-related, and geological disasters. The focus should be on bridge foundation erosion, slope stability, and unobstructed drainage facilities, conducting a comprehensive investigation of flood control safety risks and hidden dangers. Active coordination with river management departments is required to promptly clear accumulated debris and large floating objects that may affect bridge safety from river channels, ensuring unobstructed flood passage.The Swiss National Bank declined to comment on media reports that it expects to keep interest rates at zero until the end of 2027.July 27 - US airline stocks rose, with Alaska Airlines and United Airlines up about 4%, Delta Air Lines up 3.5%, JetBlue Airways up 6.5%, and Southwest Airlines up 2.4%; the S&P 1500 Passenger Airline Index rose 3.5%.The Dow Jones Industrial Average opened 587.76 points higher, or 1.13%, at 52,535.01 on Monday, July 27; the S&P 500 opened 59.15 points higher, or 0.80%, at 7,471.11; and the Nasdaq Composite opened 255.55 points higher, or 1.02%, at 25,231.37.July 27th - US stocks opened higher, with the Dow Jones Industrial Average up 0.9%, the S&P 500 up 0.7%, and the Nasdaq Composite up 1%. Storage-related stocks rose, with SK Hynix (SKHY.O) up over 2% and SanDisk (SNDK.O) up 1%.

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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