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S&P: Frances final composite PMI rose slightly to 47.6 in January, marking another mild decline in private sector economic activity in France, marking the fifth consecutive month of contraction in output.S&P: Frances final service PMI for January fell further below 50.0, with overall data showing a slightly faster decline in business activity across the French service economy. Weak customer demand and political uncertainty were factors that affected output in January.Frances final services PMI for January was 48.2, in line with expectations of 48.9 and the previous value of 48.9.Frances final composite PMI for January was 47.6, in line with expectations of 48.3 and previous value of 48.3.February 5th, Italys January services PMI, released on Wednesday, fell slightly to 50.4 from 50.7 in December, showing that Italys services sector grew slightly in January, but the underlying demand conditions remained weak and employment levels fell. New business fell for the third consecutive month, from 49.1 to 49.0, while the employment index fell from 51.3 in December to 49.0, falling back to negative values for the first time since October last year. HCOB economist Jonas Feldhusen said: "Activity in Italys services sector remains in the growth range, but the magnitude is not large. Potential demand remains weak and has deteriorated again." Overall, Italys private sector activity continued to shrink slightly, with the composite PMI at 49.7, the same as in December last year, and below the 50 mark for the third consecutive month.

WTI stays in positive zone despite a dip in Asia

Jan 10, 2023 14:43

截屏2022-12-29 下午4.54.13_1024x576.png 

 

West Texas Intermediate, or WTI, is down during the Asian session, losing about 0.4% at the time of writing amid optimism that China's demand will increase after the government set new import limitations. However, overnight and at the start of the week, the news provided economic support for its faltering economy, while the US Dollar sank, allowing investors to enter the black gold rise at a lower cost.

 

China has reopened its borders to international visitors for the first time since March 2020, when it implemented travel restrictions. Elsewhere, China has continued to demolish a large portion of its draconian zero-COVID movement regulations. According to the BBC, incoming travelers will no longer be required to be quarantined, marking a dramatic change in the country's Covid policy as it fights an outbreak. They will continue to require documentation of a negative PCR test conducted within 48 hours after flight.

 

As a result, oil prices increased early on Monday in anticipation of an uptick in demand from China, as the nation set new import curbs and offered economic support to its faltering economy. Last observed, spot West Texas Intermediate crude was priced at $ 74.57 per barrel.

 

ANZ Bank analysts explained: "China announced a new batch of import limits, an indication that the world's largest importer is gearing up to meet increased demand."

 

"The relaxation of COVID-19 regulations has already increased travel. According to the Ministry of Transport, approximately 34.7 million domestic journeys were made on the first day of the Spring Festival travel rush. This is around 40% higher than comparable days in 2022. Approximately 2.1 billion trips are anticipated during the next 40 days. This comes amid tightened supply,'' the analysts added.

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