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On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.On May 30, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Canadian Foreign Minister Anand in Ottawa on May 29. Wang Yi stated that China is willing to work with Canada to maintain the correct direction of bilateral relations. He emphasized deepening cooperation in areas such as energy, finance, and law enforcement, and welcomed Canadas participation as the guest of honor at the China International Import Expo. He also stressed the importance of vigorously promoting cultural and local exchanges to solidify the public opinion foundation of bilateral relations. Finally, he called for strengthening multilateral communication and coordination to jointly reform and improve global governance.The Central Bank of the Philippines predicts that the annual inflation rate in May is likely to be between 7.1% and 7.9%.U.S. Defense Secretary Hergsays said the bold move was out of strategic necessity.

WTI prices fall to eight-month lows, falling below $80 per barrel

Alina Haynes

Sep 26, 2022 11:27

截屏2022-09-22 下午4.35.20_1024x576.png 

 

The benchmark for US crude oil, generally known as WTI, falls below $80.00 per barrel on Friday due to a strengthening US Dollar, with the US Dollar Index surging to levels not seen since May 2002, a headwind for commodities priced in US dollars. After reaching a day high of $83.90, WTI is currently trading at $78.80, over 6% less than its opening price.

 

WTI is already down 8% this week, extending its drop to a fourth straight week. Wednesday's decision by the US Federal Reserve to raise interest rates and underline the need for additional hikes is dragging on the price of black gold. This, coupled with a flurry of other central banks raising rates, heightened global recession concerns. Consequently, oil demand would decline.

 

According to sources cited by Reuters, "The crude market is under intense selling pressure as the U.S. dollar maintains a solid upward trajectory and risk appetite decreases."

 

In the interim, mood deteriorated, which strengthened the dollar. US stocks are down between 2.13 percent and 3.44 percent, extending their weekly losses. In contrast, the US Dollar Index, a measure of the dollar's value relative to a basket of peers, is increasing 1.39 percent to 112.808, marking a return to 20-year highs.

 

A slew of S&P Global PMIs that were released during the day added to recessionary fears. The PMIs for the United Kingdom and the euro area were below expectations and poised to enter a recession, with the majority of indices residing in contractionary zone. In contrast, the US PMIs were mixed, but all three components increased, maintaining optimism that the US economy will avoid a recession.

 

Moreover, according to a US official, the Iran nuclear deal has stalled due to Tehran's insistence on the conclusion of UN nuclear watchdog investigations.

 

On the daily WTI chart, the oil price has fallen below the bottom trendline of a falling wedge, which is typically a bullish sign. Consequently, US crude oil may be set for a retest of the January 1 and YTD low of $65.94. Although the Relative Strength Index (RSI) is in negative area at 33.25, it is not in oversold territory. A decline below $75.00 might therefore pave the road to $70 per barrel and $65.94.


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