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On June 9, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A foreign journalist asked, "Taiwans Ministry of Foreign Affairs stated that on June 8, three South Korean parliamentarians from both the ruling and opposition parties met with the Director-General of Taiwans Ministry of Foreign Affairs, exchanging views on responding to geopolitical challenges, political, economic, and cultural exchanges, and the development of the semiconductor and AI industries. How does China view this exchange?" Lin Jian emphasized, "Taiwan is part of China, and there is no such thing as a Ministry of Foreign Affairs there." He stressed that China has consistently and firmly opposed any form of official exchanges between countries that have diplomatic relations with China and Taiwan. Lin Jian pointed out that since the beginning of this year, South Korea has publicly reiterated on multiple occasions that its position of respecting the one-China principle remains unchanged. China has lodged a strong protest with South Korea on this matter. We urge South Korea to proceed from the overall interests of China-South Korea relations, honor its commitments, earnestly adhere to the one-China principle, refrain from any form of official exchanges with Taiwan, avoid being exploited by "Taiwan independence" elements, and refrain from sending wrong signals to "Taiwan independence" separatist forces, and take concrete actions to safeguard the healthy and stable development of bilateral relations.June 9th - While the national rental market is consolidating, first-tier cities are showing a different trend. In May, the average rent for ordinary residential properties in first-tier cities rose 0.16% month-on-month, marking the third consecutive month of increase. Year-on-year, in the first five months of this year, the average rent in first-tier cities ended two consecutive years of adjustment, turning to a slight increase of 0.21%. Beijing, Shanghai, and Shenzhen have become the "leaders" in this round of rental market stabilization. Since the peak rental season began in March, residential rents in these three cities have continued to rise. First-tier cities, relying on high-quality industrial resources and a young working population, are leading the way in stabilizing their rental market fundamentals.On June 9th, the State Taxation Administration completed its 2026 tax payment credit evaluation of business entities. The evaluation results show that in 2026, tax authorities evaluated 54.669 million business entities, an increase of 4.903 million from the previous year. The tax payment credit of business entities in my country continues to improve. Specifically, the number of trustworthy business entities nationwide reached 47.111 million, a year-on-year increase of 8.6%. Notably, the number of business entities proactively repairing their credit increased by approximately 30% year-on-year. 18.154 million business entities proactively corrected their errors and repaired their credit, an increase of 4.178 million from the previous year, representing a year-on-year increase of 29.8%. Among them, 3.881 million business entities achieved an upgrade in their credit rating after repairing their credit.On June 9, Foreign Ministry Spokesperson Lin Jian held a regular press conference. On June 1, the China Coast Guard vessel Daishan flotilla conducted law enforcement patrols in the waters east of Taiwan. A reporter from the Japanese newspaper Asahi Shimbun asked about this at the conference. "Regarding the lawful law enforcement patrols conducted by the China Coast Guard flotilla in the waters east of Taiwan, the China Coast Guard Bureau has already released relevant information," Lin Jian reiterated. He emphasized that China possesses an exclusive economic zone and continental shelf in the waters east of Taiwan, and that Japan and the Philippines, bypassing China, have unilaterally initiated so-called "maritime boundary negotiations," which seriously violates international law, including the United Nations Convention on the Law of the Sea, and the basic norms of international relations, and severely infringes upon Chinas maritime rights and interests. China will never allow this.On June 9th, a gold merchant at the Shuibei Market in Shenzhen stated that when gold prices were rising, they could sell 2 kilograms a day, generating approximately 2 million yuan in sales. However, with the recent continuous decline in gold prices, many consumers are "just looking but not buying." Some merchants revealed that many of their peers have sold off their gold inventory and switched to other businesses.

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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