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May 18th - Despite the Middle East conflict driving up energy and living costs, Thailands economy unexpectedly accelerated in the first quarter, demonstrating surprising resilience. Thailands National Economic and Social Development Council (NEDC) said on Monday that the countrys GDP grew by 2.8% year-on-year in the quarter ending March, exceeding expectations. In a statement, the council said that Thailands better-than-expected growth was driven by improved government spending, investment, and exports, while private consumption remained stable. This growth means that Thailand, a perennially lagging economy, is growing at a rate comparable to the Philippines first-quarter growth. However, its growth rate still lags behind other Southeast Asian economies such as Singapore, Vietnam, Malaysia, and Indonesia.On May 18th, at 00:21, a 5.2-magnitude earthquake struck Liunan District, Liuzhou City, Guangxi Province, with a focal depth of 8 kilometers. A second earthquake of magnitude 3.3 occurred at 07:41. As Guangxi is an important source of zinc raw materials, according to SMM, the earthquake has not affected the production of zinc smelters, and all enterprises are operating normally.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economic Bureau, stated at a press conference held by the State Council Information Office that the booming cultural tourism and sports events have become new highlights in the development of service consumption, with related service retail sales maintaining rapid growth. Data shows that from January to April, retail sales of tourism consulting and rental services, transportation services, and cultural and sports leisure services all maintained double-digit growth, significantly faster than the overall growth rate of service retail sales.May 18 - According to Lebanese sources on the 18th, between midnight on the 17th and early morning on the 18th, the Israeli Defense Forces used missiles to attack a building in the suburbs of Baalbek in eastern Lebanon, killing Wael Abdul Halim, a commander of the Palestinian Islamic Jihad, and his daughter. Search and rescue teams are currently at the scene looking for survivors.On May 18, Fu Linghui, spokesperson, chief economist, and director of the Department of National Economic Comprehensive Statistics of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that although the impact of the Middle East geopolitical conflict continues to escalate, international energy market volatility has increased, and the stability of global industrial and supply chains has been impacted, my country has maintained overall stable industrial production, continued its transformation and upgrading, and unleashed the vitality of innovative development, demonstrating strong resilience, thanks to its complete industrial system, strong supporting capabilities, and the support of domestic energy green transformation.

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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