on Monday
The transaction volume reached 52.42 trillion yuan, and the scale of my country's futures market transactions expanded steadily in July
The latest data from the China Futures Association today showed that, calculated on a unilateral basis, the national futures market transaction volume in July was 711 million lots, and the transaction value was 52.42 trillion yuan, up 23.94% and 16.43% month-on-month, respectively. Experts pointed out that in July, the transaction volume of non-ferrous metals, precious metals, ferrous metals and new energy metal futures rebounded significantly, among which the transaction volume of lead and lithium carbonate futures used in battery production increased by double digits. The transaction volume of lithium carbonate futures was 3.969 million lots, and the transaction value was 355.95 billion yuan, up 13.34% and 5.17% month-on-month, respectively. This shows that my country's new energy battery companies have strengthened price risk management and hedging efforts. As of the end of July 2024, there were 133 futures and options products listed in my country.
The service industry is booming in July, while the manufacturing industry is relatively under pressure
The Caixin China General Services Business Activity Index (Service PMI) for July, released on August 5, recorded 52.1, up 0.9 percentage points from June, indicating that the expansion of the service industry has accelerated. Wang Zhe, senior economist at Caixin Think Tank, said that the service industry was in a good mood in July, while the manufacturing industry was relatively under pressure. The price level was still relatively low, especially the sales price was at a low level, and the profit space of enterprises was further squeezed. The market optimism was slightly restored, but it was still at a low level. The lack of effective domestic demand and the weak market optimism are still the most prominent problems at present. Stabilizing growth, promoting employment, and protecting people's livelihood, increasing policy stimulus, promoting the implementation of previous policies, and stimulating market vitality and endogenous motivation with greater efforts should be the focus of recent policy work.
The Shanghai headquarters of the People's Bank of China: Maintaining the safe and stable operation of the real estate market
The Shanghai headquarters of the People's Bank of China held a work meeting for the second half of 2024. The meeting pointed out that in the first half of 2024, in cooperation with the Shanghai Municipal Government to introduce new real estate policies, the down payment ratio and loan interest rate of personal housing loans will be reduced. Promote the implementation of the 16 policies of financial support for real estate. Promote commercial banks to play the role of operating property loans to help high-quality real estate companies to revitalize existing assets; make good use of the policy funds of the People's Bank of China's mortgage supplementary loan (PSL) to support the construction of the "three major projects". Continue to provide good financial services for guaranteed delivery of buildings. Increase financial support for housing leasing.
The Shanghai headquarters of the People's Bank of China: Guide banks to reasonably adjust deposit interest rates to promote the reduction of comprehensive financing costs for small and micro enterprises
The Shanghai headquarters of the People's Bank of China held a work meeting for the second half of 2024. The meeting required that financial institutions under its jurisdiction be guided to maintain a reasonable growth and balanced credit supply. Better play the role of structural monetary policy tools and promote the tilt of financial resources to key areas and weak links. Guide banks to reasonably adjust deposit interest rates. Promote the reduction of comprehensive financing costs for small and micro enterprises. Do a good job in the "five major articles" of finance and continue to release policy dividends. Give full play to the role of the Shanghai Science and Technology Innovation Financial Alliance platform to promote diversified financing for technology-based enterprises. Accelerate the development of green finance and transitional finance in Shanghai, and strengthen the construction of green financial standards and exchanges and cooperation. Deepen the construction of a long-term mechanism for the "four loans", guide financial institutions to increase the issuance of first loans, credit loans, and medium- and long-term loans, and promote inclusive small and micro loans to maintain a good trend of "increase in volume, reduction in price, expansion in scope, and optimization of structure".
UBS: Now expects the Fed to cut interest rates by 100 basis points this year
UBS currently expects the Federal Reserve to cut interest rates by 100 basis points this year, higher than the previous forecast of 50 basis points. UBS said in the report that unless the August employment report is strong, UBS believes that the Federal Reserve will start an easing cycle at the September meeting and cut interest rates by 50 basis points. "Our basic judgment remains that the US economy will avoid a recession and the growth rate will remain close to the trend level of 2%. With interest rates at a 23-year high, the Federal Reserve has sufficient flexibility to support the economy and the market." UBS emphasized that the overall financial situation of households is good, real income is growing, the average debt repayment cost is still low compared with the historical average, and total net wealth has increased by 37% since the beginning of the epidemic.
Source: Libya's largest oil field has completely stopped production
Libya's largest oil field, Sharara, shut down production on Monday after being forced to gradually reduce output over the weekend, according to two people familiar with operations. The field received an order to cut production on Saturday, and it is not clear why the reduction was made. The Libyan government said on Sunday that the closure of the project was "political blackmail," but did not elaborate. Some local media cited a letter from the oil field operator Akakus Oil as saying that the Sharara oil field was shut down because of protests over improving socio-economic conditions. Other news outlets blamed Saddam Haftar, the son of military strongman Khalifa Haftar, whose Libyan National Army controls much of the east and south and has imposed a blockade on the region in recent years.
Tuesday
BHP asks Chilean government to mediate with Escondida union
According to foreign media reports, Australian mining company BHP Billiton (BHP) said that the company has asked the Chilean government to mediate with the union representing workers at the Escondida mine, a move aimed at avoiding a possible strike at the world's largest copper mining project. BHP Billiton pointed out in a statement that the mine is currently operating normally and the purpose of the mediation is to reach a contract agreement with the mine workers. BHP Billiton owns more than half of the shares of Escondida, while Rio Tinto and JECO Corp hold minority shares. The statement said that once the mediation is confirmed, the two sides will have five working days to continue negotiations. The union said that workers at Escondida rejected a new collective bargaining agreement last week. The union demanded that 1% of the dividend be distributed equally to the workers, but declined to comment on the company's mediation request on Monday.
Agencies raise soybean acreage estimates for Brazil's Mato Grosso state
According to foreign media reports, the results of a survey released by the Mato Grosso State Agricultural Economics Institute (Imea) in Brazil show that the soybean planting area in the state is expected to increase to 12.66 million hectares in 2024/25, an increase of 0.8% from the previous month's estimate. The latest estimate means that the state's soybean production is expected to set a record. After adjusting the planting area estimate, Imea updated its estimate of Mato Grosso's soybean production in 2024/25 to about 44 million tons, with the planting area expected to expand by 1.47% from the previous year and the yield expected to increase by 11%. Last year's soybean crop suffered from drought. Imea said in the report that "as soybean futures prices rise in the second quarter of 2024 due to fluctuations in the US dollar exchange rate, growers in the state will expand soybean planting areas. In addition, some areas of the state are willing to convert pastures into farms, especially in the north." Last year's soybean crop suffered from insufficient rainfall and high temperatures. The latest production estimate is 12.78% higher than last year's production. But the latest estimate is still lower than the record high of 45.3 million tons recorded in 2022/23. Although the 2022/23 planting area is lower than expected, the yield per unit area has reached a record high. The LMEA estimate is still a preliminary forecast, and planting will not begin until mid-September.
By the end of July, the total sales of sugar in China reached 8.2514 million tons, an increase of 866,800 tons year-on-year.
As of the end of July, the country's cumulative sales of sugar reached 8.2514 million tons, an increase of 866,800 tons year-on-year, an increase of 11.74%; the cumulative sugar sales rate was 82.82%, an increase of 0.53 percentage points year-on-year. The sugar industry inventory was 1.7118 million tons, an increase of 122,700 tons year-on-year. As of the end of July, the cumulative average sales price of finished white sugar of sugar industry enterprises across the country during this sugar-making period was 6,544 yuan/ton, a year-on-year increase of 415 yuan/ton. In July 2024, the average sales price of finished white sugar was 6,392 yuan/ton, a year-on-year decrease of 450 yuan/ton and a month-on-month decrease of 63 yuan/ton. (China Sugar Association)
China Iron and Steel Association: In late July, the daily crude steel output of key steel enterprises was 1.9735 million tons, a month-on-month decrease of 8.14%.
In late July 2024, key steel enterprises produced a total of 21.7084 million tons of crude steel, 19.6851 million tons of pig iron, and 21.7684 million tons of steel products. Among them, crude steel output was 1.9735 million tons per day, down 8.14% from the previous month, down 7.59% from the same period last year, and up 4.41% from the same period last year; pig iron output was 1.7896 million tons per day, down 7.07% from the previous month, down 6.97% from the same period last year, and up 1.98% from the same period last year; steel output was 1.9789 million tons per day, down 2.83% from the previous month.
EU palm oil imports at 230,000 tonnes in 2024/25, compared with 340,000 tonnes last year
According to the European Commission, as of August 4, EU soft wheat exports in 2024/25 were 2.18 million tons, compared with 3.57 million tons last year. EU barley exports in 2024/25 were 0.87 million tons, compared with 1.26 million tons last year. EU corn imports in 2024/25 were 2.11 million tons, compared with 1.62 million tons last year. EU soybean imports in 2024/25 were 1.12 million tons, compared with 1.35 million tons last year. EU rapeseed imports in 2024/25 were 0.35 million tons, compared with 0.23 million tons last year. EU soybean meal imports in 2024/25 were 1.77 million tons, compared with 1.64 million tons last year. EU palm oil imports in 2024/25 were 0.23 million tons, compared with 0.34 million tons last year.
Argentine soy crushers strike over wage dispute
According to Bloomberg, workers at soybean crushing plants across Argentina began a strike on Tuesday, according to a joint statement signed by two major unions. The workers went on strike after failing to reach an agreement on a new pay package with crushing plants/trading companies on Monday. The strike was supported by the Argentine Oilseed Crusher Workers Union (SOEA), which represents factory workers in the San Lorenzo region, a port area on the Paraná River that accounts for about 70% of Argentina's soybean shipments.
Wednesday
General Administration of Customs: Imports of major commodities such as iron ore, coal and natural gas increased in the first seven months of this year
In the first seven months of this year, my country imported 714 million tons of iron ore, an increase of 6.7%, with an average import price of 826.1 yuan per ton (the same below), up 5.4%; 318 million tons of crude oil, a decrease of 2.4%, at 4,322.3 yuan per ton, up 8.1%; 296 million tons of coal, an increase of 13.3%, at 713.9 yuan per ton, down 14.9%; 75.442 million tons of natural gas, an increase of 12.9%, at 3,477.7 yuan per ton, down 9%; 58.333 million tons of soybeans, a decrease of 1.3%, at 3,658.2 yuan per ton, down 15.4%; 28.32 million tons of refined oil, an increase of 4.6%, at 4,387.3 yuan per ton, up 10.3%. In addition, 16.77 million tons of primary-shaped plastics were imported, up 1.6%, at 10,800 yuan per ton, down 1.1%; 3.201 million tons of unwrought copper and copper products were imported, up 5.4%, at 66,800 yuan per ton, up 9.9%.
General Administration of Customs: my country's import and export of goods increased by 6.2% in the first seven months
In the first seven months of 2024, the total value of my country's import and export of goods was 24.83 trillion yuan, a year-on-year increase of 6.2%. Among them, exports were 14.26 trillion yuan, an increase of 6.7%; imports were 10.57 trillion yuan, an increase of 5.4%; and the trade surplus was 3.69 trillion yuan, an increase of 10.6%. In terms of US dollars, in the first seven months, the total value of my country's imports and exports was 3.5 trillion US dollars, an increase of 3.5%. Among them, exports were 2.01 trillion US dollars, an increase of 4%; imports were 1.49 trillion US dollars, an increase of 2.8%; and the trade surplus was 518 billion US dollars, an increase of 7.9%.
State Administration of Foreign Exchange: my country's economy continues to recover and improve, which is conducive to the continued basic stability of foreign exchange reserves
According to the statistics of the State Administration of Foreign Exchange, as of the end of July 2024, the scale of my country's foreign exchange reserves was US$3,256.4 billion, an increase of US$34 billion or 1.06% from the end of June. In July 2024, affected by the macroeconomic data, monetary policies and expectations of major economies, the US dollar index fell and the prices of global financial assets generally rose. Due to the combined effects of factors such as exchange rate conversion and changes in asset prices, the scale of foreign exchange reserves increased that month. my country's economic operation is generally stable and steady, and the upward trend continues, which is conducive to the continued basic stability of the scale of foreign exchange reserves.
China's central bank halts gold purchases for third month
China's central bank: Gold reserves at the end of July were 72.8 million ounces (about 2,264.33 tons), the same as last month.
EPA to investigate biofuel producers' supply of waste cooking oil
According to foreign media reports, the U.S. Environmental Protection Agency has launched an investigation into the supply chains of at least two renewable fuel producers, and the industry is concerned that some producers may use false raw materials to obtain lucrative government subsidies. EPA spokesman Jeffrey Landis said the agency launched an audit in the past year but declined to disclose the identity of the target company because the investigation is still ongoing. Producing biodiesel from sustainable raw materials such as waste cooking oil can win refineries a series of state and federal environmental and climate subsidies. But there are growing concerns that some supplies labeled as waste cooking oil are actually cheaper and less sustainable virgin palm oil, which may lead to deforestation and other environmental damage.
Argentina strike disrupts grain shipments at key soybean processing port
According to foreign media reports, Argentina's Chamber of Ports and Maritime Activities said on Wednesday that food shipments at local soybean processing ports have been halted due to a strike launched by soybean crushing workers in Argentina. The strike was launched on Tuesday by two industry unions over workers' wages.
Indonesia begins testing "B50", raising concerns about palm oil export supply
Indonesia is conducting tests ahead of its incoming government's plan to increase the blending ratio of palm oil-based biodiesel to 50% from the current 35%, a government official said, raising concerns in the industry about export supplies. Prabowo Subianto, who is set to succeed Widodo as Indonesia's new president in October, has promised to authorize a further increase in the blending ratio to 50% to reduce palm oil exports, but he did not give a timeline. APROBI, the Indonesian biodiesel producers' association, said the B35 plan will use 11 million tons of crude palm oil this year, rising to 14 million tons under the B40 plan. Martono said the B50 plan will consume about 18 million tons of crude palm oil, which could hurt domestic edible oil prices and exports, as well as the government's export revenue.
Thursday
MPOA: Malaysia's palm oil production is expected to increase by 11.93% from July 1 to 31
According to data released by the Malaysian Palm Oil Association (MPOA), Malaysia's palm oil production from July 1 to 31 is estimated to increase by 11.93%, with an increase of 14.54% in the Malay Peninsula, 7.24% in East Malaysia, 5.40% in Sabah, and 10.75% in Sarawak.
Real estate: Prices of newly built commercial housing in 70 large and medium-sized cities have fallen back to the level of October 2019
Analysts said that in 2024, the decline in second-hand housing prices in 70 large and medium-sized cities will be significantly greater than that of new housing. As of June 2024, the prices of newly built commercial housing in 70 large and medium-sized cities have fallen back to the level of October 2019, and the prices of second-hand housing have fallen back to the level of March 2018. In terms of the decline from the high point, new housing prices have fallen 7.5% from the historical high, and second-hand housing prices have fallen 15%; in terms of duration, new housing prices have continued to decline for 148 weeks, and second-hand housing prices have fallen for 152 weeks. Except for first-tier cities and a few hot second-tier cities, second-hand housing prices in most second- and third-tier cities have fallen sharply.
Three departments: Revise and increase the energy consumption limit standards for key industries such as steel, oil refining, and industrial caustic soda
The National Development and Reform Commission and three other departments issued the "Notice on Further Strengthening the Construction of Carbon Peak and Carbon Neutrality Standard Measurement System Action Plan (2024-2025)", which mentioned that the energy consumption standards in the industrial field should be improved. Revise and increase the energy consumption limit standards for key industries such as steel, oil refining, coal-fired power generation units, pulp and paper, industrial caustic soda, and rare earth smelting, comprehensively improve energy efficiency, and basically reach the international advanced level. Revise and improve energy measurement, monitoring, auditing and other energy-saving supporting standards. Accelerate the research, formulation and revision of carbon emission accounting standards and technical specifications for key industries such as electricity, coal, steel, nonferrous metals, textiles, transportation, building materials, petrochemicals, chemicals, and construction, formulate relevant supporting technical specifications such as greenhouse gas verification and low-carbon evaluation, support corporate carbon emission accounting work, and effectively serve the construction of the national carbon emission trading market.
India expected to maintain sugar export restrictions
According to foreign media reports, market participants said that India will maintain sugar export restrictions to ensure adequate domestic supply and increase the country's ethanol production. They said the government wants to ensure sufficient sugar for the local market at a reasonable price and use more sugarcane to produce ethanol. Due to poor production, India introduced a sugar export quota system in the year ending September 2023, limiting shipments to around 6 million tons, compared with a quota of 11 million tons a year ago. Indian Prime Minister Narendra Modi aims to increase the proportion of ethanol in blended gasoline to 20% by October 2026, which is one of the reasons for continuing the restrictions.
National Grain and Oil Information Center: It is estimated that the average monthly arrival volume of imported soybeans in my country from August to September will be around 8.5 million tons
According to monitoring, since late June, as the cost of imported soybeans has decreased, my country's purchases of Brazilian soybeans with shipment dates from July to August have increased. In addition, some soybean imports with shipment dates in June have been postponed to August. It is expected that the arrival volume of imported soybeans in my country in August and September will remain huge, with an average monthly arrival volume of about 8.5 million tons. The domestic soybean supply will remain loose in the third quarter.
Gasoline prices are going to drop tonight, filling up a tank will cost you 12 yuan less
According to the National Development and Reform Commission's Price Monitoring Center, international oil prices fell during this round of refined oil price adjustment period (July 25-August 7). The reporter learned from the National Development and Reform Commission today (8th) that from 24:00 on August 8, domestic gasoline and diesel prices were reduced by 305 and 290 yuan per ton, respectively. On average, the prices of No. 92 gasoline, No. 95 gasoline and No. 0 diesel were reduced by 0.24 yuan, 0.25 yuan and 0.25 yuan per liter, respectively. CCTV Finance reporter did the math for you. According to the estimated 50L capacity of a general household car tank, filling up a tank of No. 92 gasoline will cost 12 yuan less. (CCTV Finance)
World Gold Council: Multiple factors may lead to high uncertainty in the gold market in August
The World Gold Council said that the seasonal strength of gold in August may be affected by some specific events: the latest developments in the US election, the Jackson Hole Symposium and stock market fluctuations. These events will keep uncertainty high. The Fed's start of rate cuts is mainly based on the normalization of economic data. Although the employment report and ISM data unexpectedly declined, other data were quite hot. The type of economic landing is still unclear, and it is risky for the market to price two rate cuts at almost 100%. In terms of the US election, although the Democratic Party seems to have reversed the trend, there is still a lot of time before the vote, and things may take a sharp turn. Finally, following the sell-off of technology stocks in July, the volatility of the stock market in early August may continue until Nvidia releases its earnings report at the end of the month. For the technology industry, which has seen the largest increase in the US stock market this year, the second quarter performance was not ideal. In addition, trading volume in August is often low, which may increase market uncertainty.
Friday
Rio Tinto: Xipo Iron Mine, a joint venture with China Baowu Iron & Steel Co., Ltd., will start production next year, but it will take several years to reach 25 million tons
Simon Trott, CEO of Rio Tinto's iron ore business, said in an interview with Yicai reporters today that the iron ore project jointly owned by Rio Tinto and China Baowu Steel Group in the Western Range in the Pilbara region of Western Australia will be officially put into production in 2025, but it will take several years to reach an annual output of 25 million tons. Rio Tinto holds a 54% stake in the Western Range iron ore project, while China Baowu Steel holds a 46% stake. Both parties will invest US$2 billion to develop the mine. Regarding future ore supply, Trott revealed that Rio Tinto hopes to reach an annual production scale of 345-360 million tons. Last year's output was about 340 million tons, so new mines need to be mined to achieve the expected output.
National Bureau of Statistics: PPI fell 0.8% year-on-year and 0.2% month-on-month in July
In July 2024, the national industrial producer prices fell by 0.8% year-on-year and 0.2% month-on-month, the same as the previous month; the industrial producer purchase prices fell by 0.1% year-on-year and month-on-month. On average from January to July, the industrial producer prices fell by 2.0% year-on-year, and the industrial producer purchase prices fell by 2.2%.
National Bureau of Statistics: CPI rose by 0.5% year-on-year and month-on-month in July
In July 2024, the national consumer price index rose by 0.5% year-on-year. Among them, the price in cities rose by 0.5%, and the price in rural areas rose by 0.7%; food prices remained unchanged, non-food prices rose by 0.7%; consumer goods prices rose by 0.5%, and service prices rose by 0.6%. On average from January to July, the national consumer price index rose by 0.2% over the same period last year. In July, the national consumer price index rose by 0.5% month-on-month. Among them, the price in cities rose by 0.6%, and the price in rural areas rose by 0.4%; food prices rose by 1.2%, non-food prices rose by 0.4%; consumer goods prices rose by 0.4%, and service prices rose by 0.6%.
Central Bank: Further improve the market-oriented interest rate formation, regulation and transmission mechanism, and moderately narrow the width of the interest rate corridor
The People's Bank of China released the China Monetary Policy Implementation Report for the second quarter of 2024. In the next step, the People's Bank of China will always maintain the prudence of monetary policy, further improve the market-oriented interest rate formation, regulation and transmission mechanism, enhance the authority of the policy interest rate, study the moderate narrowing of the interest rate corridor, and send a clearer interest rate regulation target signal to the market. At the same time, continue to reform and improve the LPR, focus on improving the quality of LPR quotations, better play the role of the interest rate self-discipline mechanism, maintain a rational and orderly competitive order, smooth the interest rate transmission channel, and create a good monetary and financial environment for economic recovery and high-quality development.
Central Bank: Gradually increase the purchase and sale of treasury bonds in the central bank's open market operations, and carry out temporary positive and reverse repurchase operations when necessary.
The People's Bank of China released the China Monetary Policy Implementation Report for the second quarter of 2024. Next, maintain a reasonable growth in financing and money supply. Enrich the monetary policy toolbox, enrich and improve the methods of base money supply, and gradually increase the purchase and sale of treasury bonds in the central bank's open market operations. Pay close attention to the changes in monetary policies of major overseas central banks, continue to strengthen the analysis and monitoring of the supply and demand of liquidity in the banking system and changes in financial markets, carry out open market operations flexibly and effectively, carry out temporary positive and reverse repurchase operations when necessary, and use a variety of monetary policy tools to maintain a reasonable abundance of liquidity in the banking system and a stable operation of money market interest rates.
Central Bank: Fully understand the new changes in the supply and demand relationship in the real estate market and promote the stable and healthy development of the real estate market
The People's Bank of China released the China Monetary Policy Implementation Report for the second quarter of 2024. The report proposes to fully recognize the new changes in the supply and demand relationship in the real estate market, conform to the people's new expectations for high-quality housing, and strive to promote the implementation of the issued financial policy measures to promote the stable and healthy development of the real estate market. Guide financial institutions to strengthen financial guarantees, increase the construction and supply of affordable housing, meet the rigid housing needs of the working class, support the diversified improvement of housing needs of urban and rural residents, increase financial support for housing rental, promote the acceleration of the establishment of a housing system that combines rental and purchase, and accelerate the construction of a new model of real estate development.
Dalian Commodity Exchange egg, corn starch and hog options will be listed on August 23
The Dalian Commodity Exchange issued a notice, which mentioned that egg, corn starch and pig options will be listed for trading from August 23, 2024 (Friday). The call auction will be held from 8:55 to 9:00 on the same day, and the market will open at 9:00. On the evening of August 23 (Friday), corn starch options will be traded in the night market. The position limit for egg options is 400 lots, the position limit for corn starch options is 15,000 lots, and the position limit for pig options is 125 lots. The transaction fee for egg options is 0.5 yuan/lot, the transaction fee for corn starch options is 0.2 yuan/lot, and the transaction fee for pig options is 1.5 yuan/lot.
Saturday
Central Bank: We must continue to give full play to the role of supporting policies in promoting the housing rental industry and improve the housing rental financial support system
The central bank issued a document today saying that in the future, as the real estate market pricing tends to be rational, rental demand is further released, the rental-to-sale ratio continues to improve and rebound, and the operational capacity of housing rental companies continues to improve, the housing rental market has a basis for achieving commercial and sustainable development. In the next stage, we must continue to play a good role in promoting the housing rental industry through supporting policies, improve the housing rental financial support system, and at the same time, fully mobilize the enthusiasm of market-oriented institutions, establish a sustainable business model through the investment of more social funds, support the destocking of existing commodity housing, and help promote the transformation and development of the real estate industry.
Shanghai Shipping Exchange: The coastal bulk cargo comprehensive index fluctuated slightly this week, and the atmosphere of transportation market negotiations recovered slightly
The Shanghai Shipping Exchange released a weekly report on the coastal (bulk) transport market on August 10. This week, the demand for terminal restocking was released in small quantities, the atmosphere of negotiation in the transport market recovered slightly, and the coastal bulk cargo comprehensive index fluctuated slightly. On August 9, the China Coastal (Bulk) Comprehensive Freight Rate Index released by the Shanghai Shipping Exchange closed at 971.34 points, up 0.1% from the previous period.
Rio Tinto's Serbia lithium project faces new challenges
Environmentalists and opposition groups will gather in the center of Serbia's capital on Saturday to demand a halt to Rio Tinto's (RIO.N) $2.4 billion plan to develop Europe's largest lithium mine. The issues highlight the challenges of building new mines in Europe even as governments work to secure supplies of key minerals such as lithium that are vital to the energy transition. The Serbian mine has become a flagship development for Rio Tinto, the world's second-largest miner, as it seeks to reduce its reliance on iron ore.
Sunday
Fed Governor Bowman: Labor market cooling is exaggerated, cautious on rate cuts
Federal Reserve Governor Bowman said there are upside risks to inflation and continued strength in the labor market, suggesting she may not be ready to support a rate cut at the next meeting of U.S. central bankers in September. She said the progress made in reducing inflation in May and June was welcome, but inflation is still above the committee's 2% target, which is disturbing, and I will remain cautious when considering adjusting the current policy stance. She also said that U.S. fiscal policy, pressure on the housing market from immigration, and geopolitical risks could put upward pressure on house prices, and the recent jump in the unemployment rate to 4.3% may exaggerate the extent of the cooling of the labor market.
Agency: Malaysian palm oil exports from August 1 to 10 fell month-on-month
According to AmSpec, an independent inspection agency in Malaysia, Malaysia's palm oil exports from August 1 to 10 were 435,413 tons, a decrease of 17.7% from 528,843 tons exported in the same period last month. Data from shipping survey agency ITS showed that Malaysia's palm oil exports from August 1 to 10 were 470,706 tons, a decrease of 12.2% from 536,193 tons exported in the same period last month.
The CPC Central Committee and the State Council: Promote green and low-carbon transformation and upgrading of traditional industries
The opinions of the CPC Central Committee and the State Council on accelerating the comprehensive green transformation of economic and social development mentioned that we should promote the green and low-carbon transformation and upgrading of traditional industries. We should vigorously promote the green and low-carbon transformation of industries such as steel, nonferrous metals, petrochemicals, chemicals, building materials, papermaking, printing and dyeing, promote energy-saving, low-carbon and clean production technology and equipment, and promote the updating and upgrading of process flow.
The CPC Central Committee and the State Council: Strengthen the clean and efficient use of fossil energy
The opinions of the CPC Central Committee and the State Council on accelerating the comprehensive green transformation of economic and social development mentioned that we should strengthen the construction of the energy production, supply, storage and marketing system, adhere to the principle of building before breaking, promote the safe, reliable and orderly replacement of fossil energy with non-fossil energy, continuously optimize the energy structure, and accelerate the planning and construction of a new energy system. Resolutely control fossil energy consumption, deeply promote the clean and efficient use of coal, strictly and reasonably control the growth of coal consumption during the "14th Five-Year Plan" period, and gradually reduce it in the next five years. On the premise of ensuring the safe supply of energy, key areas will continue to implement total coal consumption control and actively and orderly promote the replacement of scattered coal. Accelerate the "three-in-one" transformation of energy-saving and carbon-reduction transformation, flexibility transformation, and heating transformation of existing coal-fired power units, and reasonably plan and build regulatory and supporting coal-fired power necessary to ensure the safety of the power system. Increase the exploration and development of oil and gas resources and increase reserves and production, and accelerate the integrated development of oil and gas exploration and development with new energy. Promote the construction of carbon dioxide capture, utilization and storage projects. (Xinhua News Agency)
Israeli airstrikes in Gaza Strip have left many people dead and injured
On the morning of August 11, local time, the Israeli army launched artillery attacks on the Nusayrat refugee camp and the Breji refugee camp in the central Gaza Strip. Israeli drones also attacked the Deir al-Balah area in central Gaza, injuring a girl. On the afternoon of the 11th, the Israeli army launched an airstrike on a house in the Nusayrat refugee camp, killing a woman and injuring many people. In addition, in the southern Gaza city of Khan Yunis, the Israeli army sent fighter jets on the morning of the 11th to launch an airstrike on two buildings in the Hamad residential area, injuring five people. The Israeli army launched an airstrike in Khan Yunis on the afternoon of the 11th, killing two Palestinians and injuring many others. Medical staff of the Palestinian Red Crescent Society have sent the dead and injured to the nearby Nasser Hospital.
National Development and Reform Commission: Establish a new mechanism for the comprehensive transformation from dual control of energy consumption to dual control of carbon emissions
The head of the National Development and Reform Commission answered questions from reporters on the "Opinions on Accelerating the Comprehensive Green Transformation of Economic and Social Development". The head of the National Development and Reform Commission said that the opinions are the top-level design document for accelerating the comprehensive green transformation of economic and social development. The National Development and Reform Commission will strengthen overall coordination and work with relevant departments to establish a new mechanism for the comprehensive transformation from dual control of energy consumption to dual control of carbon emissions, formulate and implement a comprehensive evaluation and assessment system for carbon peak and carbon neutrality, conduct scientific assessments, and strengthen the application of evaluation and assessment results.
The article is forwarded from: Jinshi Data
