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On July 19th, according to Shanxi Release, the General Office of the Shanxi Provincial Peoples Government recently issued the "Shanxi Province Service Industry Capacity Expansion and Quality Improvement Action Plan (2026-2030)". The Action Plan proposes that by 2028, producer services will extend towards specialization and the high end of the value chain, forming a number of replicable and scalable typical models of the integration of advanced manufacturing and modern service industries; consumer services will develop in a high-quality, diversified, and convenient manner, cultivating a number of new digital and integrated service formats and scenarios. By 2030, the quality and efficiency of the service industry will significantly improve, service R&D investment and innovation achievements will grow rapidly, a number of leading enterprises in service industry sub-markets will be cultivated, a number of highly competitive service brands will be formed, high value-added service trade exports will continue to increase, and the added value of the provinces service industry will strive to exceed 1.8 trillion yuan, with a high-quality and efficient new service industry system basically formed.On July 19th, Russian Deputy Foreign Minister Rudenko stated in an interview with Russian media on July 18th that Russia is closely monitoring the cooperation between Japanese drone manufacturers and Ukrainian drone developers. He asserted that Ukrainian drones are "killing Russian civilians," and that Japan is providing assistance in this endeavor. Russia views the cooperation between Japan and Ukraine in the drone field as an open act of hostility. Rudenko added that weapons posing a threat to Russia, as well as facilities producing these weapons in Ukraine, are targets for Russian military strikes. He concluded that Japan is "pushing Russian-Japanese relations further into the abyss."Dubai officials say the UAE’s non-oil trade grew by 13.1% to AED 1.937 trillion in the first half of 2026.July 19 - According to Iranian media reports on the 19th, the Iranian Islamic Revolutionary Guard Corps shot down a US MQ-9 Reaper drone in Ahvaz, Iran.The Ukrainian military says Ukrainian troops hit two Russian oil tankers in the Black Sea.

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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