• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to local Iranian media reports, an explosion occurred in Piroozi, eastern Tehran, and the cause is still unclear.Market news: U.S. House Speaker Johnson said the newly passed super bill is a major boost to the economy. Two other bills are planned to be introduced next year.On July 7, U.S. Treasury Secretary Bessant believed that Musk should stay away from politics and focus on managing the companies he controls. Musk previously posted on social media that he would create a new party called the American Party to avoid bankruptcy in the United States after the U.S. Congress passed a "big and beautiful" bill that included tax cuts and spending. Bessant said that the boards of directors of companies managed by Musk, including Tesla and SpaceX, may want Musk to focus on managing the company, or may not like his announcement of forming a party. He also believes that if Musk really forms a party, he may win some votes because some voters may like the work of the Department of Government Efficiency (DOGE) led by Musk, rather than Musk himself.July 7 news: On July 6, local time, Russian President Vladimir Putin attended the 17th BRICS Summit via video. In his speech, he proposed a number of initiatives, including building an independent settlement and custody system on the BRICS platform and vigorously promoting the expansion of local currency settlement. Putin said that in 2024, the ruble and the currencies of "friendly countries" accounted for 90% of Russias settlements with other BRICS countries; at the same time, he proposed to increase the scale of two-way investment between member countries and proposed to create a new BRICS investment platform.Governor of Texas, USA: Floods in Texas have caused 69 deaths, 41 missing, and others may be missing.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

244.png 

 

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.