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On June 19th, the Guangdong Provincial Peoples Government issued a notice titled "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan outlines the construction of an AI-enabled software information service system, the vigorous development of general-purpose and industry-specific large-scale models, and the promotion of key businesses such as AI programming, digital marketing, and gaming and entertainment. It also aims to incubate and cultivate AI+software ecosystem unicorn companies. Furthermore, the plan calls for the in-depth implementation of core software development projects, focusing on basic software and industrial software in key areas, organizing major scientific and technological research, and achieving breakthroughs in key core technologies.The Central Bank of Russia stated that it will assess the necessity of further interest rate cuts at its upcoming meeting.The Central Bank of Russia cut interest rates by 25 basis points, while the market had expected a 50 basis point cut.On June 19th, the Guangdong Provincial Peoples Government issued a notice regarding the "Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Industry in Guangdong Province." The plan includes implementing a tiered cultivation plan for internet enterprises, establishing a full-cycle cultivation system, fostering a group of backbone enterprises with a value exceeding 10 billion yuan, and striving to create world-class internet enterprises with a value exceeding one trillion yuan. It also aims to build a new highland for the digital content industry, create digital cultural IPs with national influence, accelerate the construction of smart audiovisual cloud industrial parks, support the innovative development of platforms such as internet music, live streaming, long and short videos, and online games, and cultivate new business models such as immersive experiences and virtual digital humans. Furthermore, it promotes the digital upgrade of life services, facilitates AI-enabled life service scenarios, and creates a nationwide AI-driven vertical life service platform.The Russian central bank set its interest rate at 14.25% on June 19, compared with an expected 14.00% and a previous value of 14.50%.

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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