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On June 12, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked, "French President Macron chaired the Global Convergence for Growth Summit via video link on June 11, and Chinese Vice Premier Zhang Guoqing participated. Could the spokesperson provide further details regarding Chinas participation in this summit?" Spokesperson Lin Jian stated that on June 11, Vice Premier Zhang Guoqing attended and addressed the "Global Convergence for Growth Summit" held in France via video link. Vice Premier Zhang Guoqing pointed out that, facing the current situation, we must prioritize development and promote inclusive growth in the world economy. We must uphold and improve global governance and advance the reform of the international financial system. We must adhere to seeking truth from facts and objectively view the comparative advantages of various countries. We must uphold openness and cooperation and create a free and convenient trade environment.ECB Governing Council member Koch said the ECB will consider further interest rate hikes or keeping rates unchanged in the coming months.New York gold futures fell 1.00% on the day, currently trading at $4,191.20 per ounce.On June 12th, the Shanghai Municipal Government held a press conference. Chen Jiming, Deputy Director of the Shanghai Headquarters of the Peoples Bank of China, stated that the key to successfully implementing the "five major tasks" in finance lies in systematic planning and steady progress. The Shanghai Headquarters of the Peoples Bank of China is taking comprehensive measures focusing on optimizing institutional mechanisms, incentivizing policy tools, and building an ecosystem. Regarding policy tools, it is fully leveraging the incentive role of monetary policy tools such as relending for technological innovation and technological upgrading, carbon emission reduction support tools, relending for agriculture and small businesses, and relending for service consumption and elderly care. Simultaneously, in conjunction with relevant departments, it has launched businesses such as Shanghai Science and Technology Points Loans, Specialized and Innovative Loans, Intellectual Property Pledge Loans, Carbon Emission Rights Pledge Loans, Agricultural Facility Pledge Loans, Biodiversity Loans, Employment Stabilization and Expansion Loans, Elderly Care Service Trusts, and the "Data Element ×" pilot program. It is continuously strengthening the integration of industry and finance around key areas such as Shanghais three leading industries, future industries, expanding domestic demand, and public services, guiding financial institutions to increase credit support, and further promoting the construction of the "Technology Board" in the bond market.ECB Governing Council member Koch said: "A lot could happen in the six weeks leading up to the next interest rate meeting, at which time the decision on how to adjust interest rates will be made."

Warm Weather And Ample Supply Keep European Gas Prices Low

Charlie Brooks

Oct 25, 2022 14:18

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Due to forecasts of warmer-than-normal weather for the majority of the continent over the next week, European natural gas contracts fell further in early trading on Monday.


At 04:45 ET (08:45 GMT), the benchmark for northwest Europe, front-month Dutch TTF futures, were down more than 10% to 101.39 euros per megawatt-hour after starting at a four-month low of 100 EUR/MWh.


Meteorological forecasts indicate that continental Europe will enjoy temperatures 4 to 8 degrees Celsius above average this week, indicating decreased demand and permitting importers to continue injecting excess gas into storage.


A mild start to the winter heating season and strong purchases of liquefied natural gas on spot markets have allowed Europe to fill its storage facilities ahead of schedule, relieving the pressure generated by Russia's effective supply stop.


As of Sunday, EU storage facilities were filled to a level of 93,4 percent, with the continent's two major markets, Germany and Italy, displaying even greater levels.


As a result of the paucity of available storage, Saxo Bank analyst Ole Hansen cautioned on Twitter that a "short-term price fall" was possible.


Nevertheless, longer-term contracts indicate that the markets believe the current downturn to be temporary. The TTF price for the first quarter of the next year remains at 144.64 EUR/MWh, while the annual price for 2023 is 142.43 EUR/MWh. This reflects the risk that, if the situation in Ukraine continues, Europe will be without Russian gas for a full year in 2023, forcing it to make greater and more frequent spot market imports.


In addition, Alexander Stahel of the Swiss consultancy firm Burggraben noted, "LNG cargo owners are aware that winter is approaching." As a result, he noted, they are keeping LNG ships offshore, as opposed to routing them to other markets, as they wait for milder weather to improve demand and free up storage capacity. According to Stahel, this is substantially limiting the global market.

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