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Hong Kong stocks opened lower with the Hang Seng Tech Index down more than 1%, the Hang Seng Index down 0.42%, Kuaishou (01024.HK) down more than 12%, Pop Mart (09992.HK) down more than 8.8%, ZTO Express (02057.HK) down more than 3%, and Mengniu Dairy (02319.HK) up nearly 4%.On March 26th, it was reported that the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.5500%, and the lowest was 0.7670%; the highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.1850%, and the lowest was 1.0210%; and the highest 7-day annualized yield of Alipays "Yuebao" was 1.2000%, and the lowest was 1.0010%.On Thursday, March 26, the Hong Kong Hang Seng Index opened down 68.79 points, or 0.27%, at 25,267.16; the Hang Seng Tech Index opened down 33.39 points, or 0.68%, at 4,889.55; the H-share Index opened down 34.92 points, or 0.41%, at 8,547.82; and the Red Chip Index opened up 14.33 points, or 0.34%, at 4,226.15.The Peoples Bank of China (PBOC) announced today that it conducted 224 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 224 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.March 26 – On March 22, 2026, Minister Lan Foan met with Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, in Beijing. The two sides exchanged views on the national 15th Five-Year Plan, the global economic situation, and strengthening financial cooperation between the Mainland and Hong Kong.

Oil Prices Begin the Week Lower as Fears of a Chinese Covid Lockdown Fuel Demand Concerns

Charlie Brooks

Apr 12, 2022 09:18

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On the New York Mercantile Exchange, oil futures declined 4.04 percent to close at $94.29 a barrel, while Brent crude futures slid 4.2 percent to trade at $98.49 a barrel on the London's Intercontinental Exchange (NYSE:ICE).


China's travel ban has harmed travel activities in the world's second biggest economy, placing a squeeze on jet fuel and crude oil consumption. "Air traffic has been reduced to 10% of its normal level not just in Shanghai, but also in other parts of the nation," Commerzbank stated in a note.


According to Commerzbank, the effect of decreased transport demand is estimated to be between 1.2 million and 1.3 million barrels per day, with jet fuel consumption accounting for around half of this amount.


However, there looks to be some relief on the horizon, as Shanghai officials said Monday that they will begin relaxing lockdowns in certain neighborhoods. The announcement comes after China's financial capital recorded a record number of new Covid cases on Sunday, exceeding 25,000.


Demand is being slashed at a time when extra production is scheduled to come online, putting more downward pressure on oil prices. The International Energy Agency's member states agreed last week to release 60 million barrels over the next six months, assuaging concerns about a supply crisis.

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