Issue 82 - 09.12.2019
09.12.2019

China’s New Silk Road marks next phase of globalisation

A strong anti-globalisation wave in the form of trade protectionism and populism has swept parts of the developed world, calling the future of economic globalisation into question. In this context, the Belt and Road Forum for International Cooperation in Beijing came at a most critical and opportune time. It inaugurates the next phase of globalisation that promises a new foundation for shared global growth.

There are three key points to grasp in understanding the historical significance of this Chinese initiative.

First, the problems of economic globalization do not portend the end of globalisation or throw it into reverse gear. Rather, these problems signal that the current round of economic globalization, after four decades of development, is ready for a major historical turning point.

Over the 40 years since the present round of economic globalisation started in 1970s, we have enjoyed both great economic achievements and, at the same time, witnessed a lot of problems piling up. That is the “dual nature” of economic globalisation. The door was thrown wide open for financial speculation that damages the real economy. The hollowing out of domestic manufacturing industries has exacerbated unemployment in the developed world. This has led to increased social polarisation and caused a sharp rise of populism. All these problems have now come to a boil in some developed countries, further affecting the rest of the world.

There are two alternatives before us in facing these challenges. One is to resort to trade protectionism and the other is to guide globalisation into a new phase in the spirit of a “community of common destiny for all mankind” through a more balanced distribution of existing and innovative forces of wealth production. That can be done by establishing a new balance between financial capital and the real economy, by the optimisation of global governance and the systemic reform of world economic and political order.

Protectionism will only lead the world backwards to where it was before economic globalisation started and therefore is clearly not a desirable option. Embracing the challenges of globalisation and fixing them is the right choice because it will enhance the prospect of shared prosperity instead of falling back into a fragmented world. 

Embracing the challenges of globalsiation and fixing them will enhance the prospect of shared prosperity instead of falling back into a fragmented world.

Bloomberg via Getty Images Zheng Bijian, the chairman of the China Institute for Innovation and Development Strategy

Second, the shift of world economic gravity to the emerging nations made possible through the last few decades of economic development has laid the historical foundation for the vision of the Belt and Road Initiative to take hold. Infrastructure and other investments will help the developing world to further thrive.

Given the advances in the developing world, it is not surprising that in the nearly four years since the Belt and Road Initiative was first proposed, it has received a positive response and support from more than 100 countries and international organisations. While economic globalisation has brought problems in the developed economies to a head on the one hand, it has also paved the way for developing economies to rise as a whole on the other.

According to the latest , the world economy was expected to grow at 3.6 percent from 2017 to 2018, higher than the 3.2 percent in the past two years, which is obviously good news. A closer look at the data shows that developing economies are expected to grow faster at 4.6 percent, more than double that of the developed economies at 2 percent. And if we put it in historical perspective, it is even more revealing. In terms of purchasing power parity, the size of developed economies as a whole versus that of the developing economies as a whole was at a ratio of 64:36 in 1980 and 50:50 in 2007. In 2018, this ratio is expected to reverse to 41:59, tipping the scales toward the developing world.

If this trend can be sustained, it means that the global economy as a whole, driven by the developing world, will continue to gather new momentum for growth in the second, third and fourth decades of this century. The more rapid growth in the developing economies will in turn stimulate renewed growth in the developed world by becoming an even larger market for its goods and services. The new phase of globalisation will thus be a reverse from the past in which the developed world was the growth engine.

Seen in this light, the Belt and Road Initiative is really a response to the historical demand to shift economic globalisation to a new level by leveraging the benefits of the first phase of globalization to generate new momentums over the decades ahead. 

The new phase of globalization will be a reverse of the past in which the developed world was the growth engine.

Third, the Belt and Road Initiative will go down in history as the turning point from marine-based globalisation to comprehensive globalisation, integrating the inland and marine economies.

Each previous round of economic globalization was marine–based, spreading from the Atlantic to the Pacific. This time it is different. The vast inland economies once left behind will now become part of economic globalization. By connecting container cargo transportation, expressways, high speed trains,sair transportation, the internet, modern online financial products and other instruments old and new, the Belt and Road plan will fully integrate marine and inland economies. Connecting these two spheres will induce the overall economic rise of the eastern, central and western regions of China. It will spur economic cooperation and development across the Eurasian continent, further reaching Africa. Even the Americas will be touched. This is the most prominent new feature of the new phase of economic globalisation.

When the Belt and Road Initiative was first proposed, it was met with skepticism, regarded as China’s way to transfer its excess production capacity abroad or as China’s Marshall Plan to bring others into its sphere of influence. Some claimed it was merely a new form of neocolonialism or a contrivance aimed against the Western countries. Such attitudes stem from the narrow mindset of a zero-sum game that fails to understand that the Belt and Road Initiative is, in essence, about cooperation. It is about building upon converging interests and fostering communities of interests ― and ultimately, a global community of common destiny. In short, it is a strategic vision of “cooperative development” consonant with the imperative that economic globalisation move into a new stage.

Xinhua China’s One Belt, One Road initiative links up land and maritime trade routes.

Needless to say, China is fully aware that the Belt and Road Initiative, as a collaborative effort by many countries, is not an easy task that can be accomplished overnight. We need to make long-term commitments. To make it work for all, the countries involved must work together and be prepared to work together for the long term.

In sum, international cooperation under the Belt and Road Initiative will become a strong driver and important symbol of the new phase of economic globalisation. It promises to transform the world over coming decades no less than the first phase transformed the world over previous decades.

By Robert Smith on December 6 2019 for Valliant News.

EURASIA

09.12.2019

Russia starts gas deliveries to China with new link across Mongolia in the making

In a move to cement energy cooperation with the fast-growing economies in Asia, Russia officially launched delivery of natural gas supplies to China, via the Power of Siberia pipeline, on Monday.

Russian President Vladimir Putin and China's Xi Jinping gave the green light at an official ceremony via teleconference.

Russia, the world’s...

In a move to cement energy cooperation with the fast-growing economies in Asia, Russia officially launched delivery of natural gas supplies to China, via the Power of Siberia pipeline, on Monday.

Russian President Vladimir Putin and China's Xi Jinping gave the green light at an official ceremony via teleconference.

Russia, the world’s...

09.12.2019

Azerbaijan boosts digital connection between Europe and Asia with 2nd subsea fiber-optic cable

Azerbaijan and Turkmenistan are taking a major step towards digital connectivity within the Caspian region, thanks to a new subsea fiber optic backbone cable line that will be laid across the world’s largest lake and better connect Europe and Asia.

Last week the Turkmentel International Exhibition for Telecom and IT held...

Azerbaijan and Turkmenistan are taking a major step towards digital connectivity within the Caspian region, thanks to a new subsea fiber optic backbone cable line that will be laid across the world’s largest lake and better connect Europe and Asia.

Last week the Turkmentel International Exhibition for Telecom and IT held...

Europe

09.12.2019

Portugal latest country refusing US demand to bar Huawei from 5G network

Despite Washington's attempts to turn its allies away from working with Chinese telecom giant Huawei, Portugal is not going to exclude the company from the rollout of 5G networks on its territory.

Senior Portuguese officials told US Secretary of State Mike Pompeo the country’s stance on Huawei’s participation in the ultra-fast...

Despite Washington's attempts to turn its allies away from working with Chinese telecom giant Huawei, Portugal is not going to exclude the company from the rollout of 5G networks on its territory.

Senior Portuguese officials told US Secretary of State Mike Pompeo the country’s stance on Huawei’s participation in the ultra-fast...

09.12.2019

Bosch's Wuxi hydrogen fuel cell plant set to enhance local R&D

Bosch, a Germany-based leading global supplier of technology and services, has kicked off construction on its first hydrogen fuel cell plant in China, which is expected to facilitate the technology's application in both commercial and passenger vehicles.

Hydrogen fuel cells are a promising technology due to their light weight, long driving...

Bosch, a Germany-based leading global supplier of technology and services, has kicked off construction on its first hydrogen fuel cell plant in China, which is expected to facilitate the technology's application in both commercial and passenger vehicles.

Hydrogen fuel cells are a promising technology due to their light weight, long driving...

China, Pacific

09.12.2019

New books tell Belt and Road stories

A Bright Shared Future---Stories Along the Belt and Road, the first volume of a book series on moving stories related to the Belt and Road Initiative, was recently published in Chinese and English, and versions in French, Russian, Arabic and Spanish will be published soon.

Compiled by the Chinese Academy of...

A Bright Shared Future---Stories Along the Belt and Road, the first volume of a book series on moving stories related to the Belt and Road Initiative, was recently published in Chinese and English, and versions in French, Russian, Arabic and Spanish will be published soon.

Compiled by the Chinese Academy of...

09.12.2019

Trump fumes at World Bank after it greenlights new $1bn+ loan programme for China

US President Donald Trump has seen red over a newly-adopted plan by the World Bank to loan China up to $1.3 billion annually through 2025. Trump said Beijing “has plenty of money,” urging the bank to cancel the handout.

“Why is the World Bank loaning money to China? Can this be...

US President Donald Trump has seen red over a newly-adopted plan by the World Bank to loan China up to $1.3 billion annually through 2025. Trump said Beijing “has plenty of money,” urging the bank to cancel the handout.

“Why is the World Bank loaning money to China? Can this be...

09.12.2019

China pushing forward high-level opening-up

China has widen market access on a large scale and is further promoting high-level opening-up, visiting Chinese State Councilor and Foreign Minister Wang Yi said here Thursday.

Wang made the remarks when he attended an event joined by friendship personnel from all circles of South Korea during his two-day visit to...

China has widen market access on a large scale and is further promoting high-level opening-up, visiting Chinese State Councilor and Foreign Minister Wang Yi said here Thursday.

Wang made the remarks when he attended an event joined by friendship personnel from all circles of South Korea during his two-day visit to...

09.12.2019

China's foreign trade expands 2.4 pct in first 11 months

China's foreign trade registered steady growth in the first 11 months of 2019 by expanding 2.4 percent year on year, the General Administration of Customs (GAC) said Sunday.

During the period, the total foreign trade volume reached 28.5 trillion yuan (4.14 trillion U.S. dollars).

Exports climbed 4.5 percent year on year to...

China's foreign trade registered steady growth in the first 11 months of 2019 by expanding 2.4 percent year on year, the General Administration of Customs (GAC) said Sunday.

During the period, the total foreign trade volume reached 28.5 trillion yuan (4.14 trillion U.S. dollars).

Exports climbed 4.5 percent year on year to...

09.12.2019

China’s forex reserves remain stable for November

China's foreign exchange reserves stayed relatively stable by the end of November, reported as $3.096 trillion by the country's foreign exchange regulator on Saturday.

It slightly slipped from $3.105 trillion a month earlier, but was up by $22.9 billion, or 0.7 percent, from the beginning of the year according to data...

China's foreign exchange reserves stayed relatively stable by the end of November, reported as $3.096 trillion by the country's foreign exchange regulator on Saturday.

It slightly slipped from $3.105 trillion a month earlier, but was up by $22.9 billion, or 0.7 percent, from the beginning of the year according to data...

09.12.2019

Bright spots seen in China’s bearish investment market

China's investment market is witnessing its "coldest winter" with total funds raised falling by 10 percent on a yearly basis to 1.08 trillion yuan ($153 billion) during the first 11 months of this year, with some industry experts opining that the drought is not as bad as predicted.

According to a...

China's investment market is witnessing its "coldest winter" with total funds raised falling by 10 percent on a yearly basis to 1.08 trillion yuan ($153 billion) during the first 11 months of this year, with some industry experts opining that the drought is not as bad as predicted.

According to a...

09.12.2019

China’s real estate construction, investment expected to slow in 2020

The new construction area of real estate developers in China is expected to see a slight decline next year, while the growth of investment in property will also slow down, due to the adjustment of land supply and housing-related policies, report showed.

In 2020, the policy will continue to balance different...

The new construction area of real estate developers in China is expected to see a slight decline next year, while the growth of investment in property will also slow down, due to the adjustment of land supply and housing-related policies, report showed.

In 2020, the policy will continue to balance different...

09.12.2019

Hard work wins over political squabbling: China’s stocks veer up over industrial results

China stocks ended higher on Monday after upbeat factory activity reports, but gains were limited by anxiety over the prospects of a proposed Sino-U.S. trade deal.

The blue-chip CSI300 index rose 0.2%, to 3,836.06, while the Shanghai Composite Index added 0.1% to 2,875.81.

China’s factory activity expanded at the quickest pace in...

China stocks ended higher on Monday after upbeat factory activity reports, but gains were limited by anxiety over the prospects of a proposed Sino-U.S. trade deal.

The blue-chip CSI300 index rose 0.2%, to 3,836.06, while the Shanghai Composite Index added 0.1% to 2,875.81.

China’s factory activity expanded at the quickest pace in...

09.12.2019

China's growth forecast at 6.1 pct for 2020

The annual growth rate of China's economy is projected at 6.1 percent, according to a report by the Bank of China (BOC).

"The overall verdict is cautiously optimistic," the BOC Research Institute said in the Report on Economic and Financial Outlook for 2020.

China is facing growing complexities with more risks and...

The annual growth rate of China's economy is projected at 6.1 percent, according to a report by the Bank of China (BOC).

"The overall verdict is cautiously optimistic," the BOC Research Institute said in the Report on Economic and Financial Outlook for 2020.

China is facing growing complexities with more risks and...

09.12.2019

Beijing offers funds to attract foreign financial institutions

The local governments in China are preparing beneficial policies to attract foreign financial institutions, a move aimed at supporting the country's further opening up in the service industry.

A set of special policies was launched recently in Beijing's Shunyi district, a district where the Beijing Capital International Airport is located. An...

The local governments in China are preparing beneficial policies to attract foreign financial institutions, a move aimed at supporting the country's further opening up in the service industry.

A set of special policies was launched recently in Beijing's Shunyi district, a district where the Beijing Capital International Airport is located. An...

09.12.2019

France’s Thales' tech, investments to bolster China

Thales Group, the French industrial conglomerate, will deepen its presence in China by supplying air traffic control solutions and digital security products.

It will increase China investments to build innovation resources over the next five years, said a senior executive.

Demand is surging from airports in China that are keen to upgrade...

Thales Group, the French industrial conglomerate, will deepen its presence in China by supplying air traffic control solutions and digital security products.

It will increase China investments to build innovation resources over the next five years, said a senior executive.

Demand is surging from airports in China that are keen to upgrade...

09.12.2019

China’s tech giant Xiaomi posts 20% profit growth in Q3

China's tech giant Xiaomi reported 20.3 percent adjusted net profit growth in the third quarter of this year.

Its adjusted net profit reached 3.5 billion yuan ($498 million) while total revenue rose 5.5 percent year-on-year to 53.7 billion yuan, the Beijing-headquartered company announced Wednesday in its quarterly financial results.

Xiaomi's overseas business...

China's tech giant Xiaomi reported 20.3 percent adjusted net profit growth in the third quarter of this year.

Its adjusted net profit reached 3.5 billion yuan ($498 million) while total revenue rose 5.5 percent year-on-year to 53.7 billion yuan, the Beijing-headquartered company announced Wednesday in its quarterly financial results.

Xiaomi's overseas business...

09.12.2019

China’s currency, stocks prove to be Trump-proof

China stocks ended higher on Friday, posting their biggest weekly advances in nearly two months, buoyed by a series of upbeat economic data and hopes of a proposed Sino-U.S. trade deal.

The blue-chip CSI300 index rose 0.6%, to 3,902.39, while the Shanghai Composite Index added 0.4% to 2,912.01.

For the week, CSI300...

China stocks ended higher on Friday, posting their biggest weekly advances in nearly two months, buoyed by a series of upbeat economic data and hopes of a proposed Sino-U.S. trade deal.

The blue-chip CSI300 index rose 0.6%, to 3,902.39, while the Shanghai Composite Index added 0.4% to 2,912.01.

For the week, CSI300...

09.12.2019

China’s foreign reserves decline through November

China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.

Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.

Despite...

China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.

Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.

Despite...

09.12.2019

China, Trinidad and Tobago vow to promote ties

A senior Chinese political adviser and Prime Minister of Trinidad and Tobago Keith Rowley have pledged to deepen cooperation and further promote development in the ties between their two countries.

Bilateral relations have continuously strengthened and developed since the two countries established diplomatic ties 45 years ago, said Liu Qibao, vice...

A senior Chinese political adviser and Prime Minister of Trinidad and Tobago Keith Rowley have pledged to deepen cooperation and further promote development in the ties between their two countries.

Bilateral relations have continuously strengthened and developed since the two countries established diplomatic ties 45 years ago, said Liu Qibao, vice...

South Asia, Middle East

09.12.2019

China, Myanmar pledge to boost ties to new high

Myanmar President U Win Myint met here Saturday with visiting Chinese State Councilor and Foreign Minister Wang Yi with both sides pledging to strengthen high-level exchanges to push bilateral ties to a new high.

The Myanmar president expressed gratitude to China for its long-term support for Myanmar's sovereignty, dignity and socio-economic...

Myanmar President U Win Myint met here Saturday with visiting Chinese State Councilor and Foreign Minister Wang Yi with both sides pledging to strengthen high-level exchanges to push bilateral ties to a new high.

The Myanmar president expressed gratitude to China for its long-term support for Myanmar's sovereignty, dignity and socio-economic...

09.12.2019

Xiaomi follows Alibaba and Tencent with internet finance services in India

Xiaomi Corp has launched a personal loan service in India aimed at young professionals and millennials, as the Chinese smartphone vendor looks to consolidate its presence in the country's fast-growing internet finance market.

Xiaomi's move comes after Chinese tech peers like Alibaba Group Holding Ltd and Tencent Holdings Ltd have already...

Xiaomi Corp has launched a personal loan service in India aimed at young professionals and millennials, as the Chinese smartphone vendor looks to consolidate its presence in the country's fast-growing internet finance market.

Xiaomi's move comes after Chinese tech peers like Alibaba Group Holding Ltd and Tencent Holdings Ltd have already...

Africa, Americas

09.12.2019

Chinese firm to set up hospital in Zimbabwe

A group of doctors here intend to build a hospital in Zimbabwe specialising in Chinese medicine and a feasibility study for the project will be done at the beginning of next year, renowned Chinese medical practitioner Dr Pan Guanghua revealed yesterday. The cost of the project could not be immediately...

A group of doctors here intend to build a hospital in Zimbabwe specialising in Chinese medicine and a feasibility study for the project will be done at the beginning of next year, renowned Chinese medical practitioner Dr Pan Guanghua revealed yesterday. The cost of the project could not be immediately...

09.12.2019

China-Latin American cooperation produces mutual benefits

The results from the state visit to China by El Salvador's president once again showed the cooperation between China and Latin American countries is by no means a "trap," but offers mutual benefits.

El Salvador's President Nayib Armando Bukele Ortez on Friday concluded his state visit to China, with a consensus...

The results from the state visit to China by El Salvador's president once again showed the cooperation between China and Latin American countries is by no means a "trap," but offers mutual benefits.

El Salvador's President Nayib Armando Bukele Ortez on Friday concluded his state visit to China, with a consensus...

09.12.2019

Microsoft keen to tap industrial internet potential in China

Microsoft announced on Thursday that it will start to offer in China its smart manufacturing solutions, jointly provided by UK-based accounting and professional services firm Ernst& Young. This is part of the US tech giant's efforts to tap into opportunities brought by the country's industrial internet.

The product is based on...

Microsoft announced on Thursday that it will start to offer in China its smart manufacturing solutions, jointly provided by UK-based accounting and professional services firm Ernst& Young. This is part of the US tech giant's efforts to tap into opportunities brought by the country's industrial internet.

The product is based on...

09.12.2019

China to waive trade war tariffs for some US soybean & pork imports

Beijing is working to exclude some soybean and pork shipments from its retaliatory tariffs on Washington, China’s Finance Ministry has said, citing a decision by the tariff commission.

Chinese firms can file applications to get tariff waivers for US soybean and pork imports, the ministry said in a statement on Friday...

Beijing is working to exclude some soybean and pork shipments from its retaliatory tariffs on Washington, China’s Finance Ministry has said, citing a decision by the tariff commission.

Chinese firms can file applications to get tariff waivers for US soybean and pork imports, the ministry said in a statement on Friday...

Markets

09.12.2019

Bulls turn away from yen towards other pacific currencies

The U.S. dollar scaled a six-month high versus the Japanese yen and New Zealand's currency jumped to near four-month peaks on Monday after an unexpected rebound in Chinese manufacturing activity lifted hopes of a brighter outlook for world growth.

The euro was steady ahead of a testimony by the 

The U.S. dollar scaled a six-month high versus the Japanese yen and New Zealand's currency jumped to near four-month peaks on Monday after an unexpected rebound in Chinese manufacturing activity lifted hopes of a brighter outlook for world growth.

The euro was steady ahead of a testimony by the European Central Bank's...

09.12.2019

Brent price surges as China moves its little finger

Oil prices rose more than 1 per cent on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.

Brent crude futures rose 66 cents, or 1.1 per...

Oil prices rose more than 1 per cent on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.

Brent crude futures rose 66 cents, or 1.1 per...

09.12.2019

North Sea natural gas markets down on oversupplies

Prompt British wholesale gas prices fell on Monday morning as rising demand was offset by stronger supplies from liquefied natural gas (LNG) terminals and Norway.

The within-day contract was down 0.55 pence at 39.90 p/therm by 0945 GMT.

The day-ahead contract was down 0.55 pence at 39.90 p/therm.

“Consumption in the UK is...

Prompt British wholesale gas prices fell on Monday morning as rising demand was offset by stronger supplies from liquefied natural gas (LNG) terminals and Norway.

The within-day contract was down 0.55 pence at 39.90 p/therm by 0945 GMT.

The day-ahead contract was down 0.55 pence at 39.90 p/therm.

“Consumption in the UK is...

09.12.2019

Bulls turn away from bullion as China flexes muscle

Gold prices fell on Monday as investors turned to riskier assets on signs of economic growth following reports of an expanding Chinese factory sector and as a rising dollar reduced demand. Spot gold was down 0.3% at $1,459.94 per ounce, as of 0645 GMT. Prices earlier touched their highest since...

Gold prices fell on Monday as investors turned to riskier assets on signs of economic growth following reports of an expanding Chinese factory sector and as a rising dollar reduced demand. Spot gold was down 0.3% at $1,459.94 per ounce, as of 0645 GMT. Prices earlier touched their highest since...

09.12.2019

Copper lonely winner among non-ferrous base metals as markets remain stuck in confusion

Zinc sunk to lowest in nearly three months on Monday as most industrial metals slipped after investors doubted that upbeat manufacturing data in China pointed to an economic recovery.

Factory activity in top metals consumer China expanded at the fastest rate in three years, a private sector survey showed on Monday,...

Zinc sunk to lowest in nearly three months on Monday as most industrial metals slipped after investors doubted that upbeat manufacturing data in China pointed to an economic recovery.

Factory activity in top metals consumer China expanded at the fastest rate in three years, a private sector survey showed on Monday,...

09.12.2019

US wheat benchmark reaches peak price setting as supply outlook remains vague

Chicago wheat futures on Monday traded near the previous session's five-month high, with the market supported by short-covering and concerns over tightening supplies. Soybeans rose for the first time in eight sessions, rebounding from Friday's more than two-month lows, though gains were capped by continuing uncertainty around a trade deal...

Chicago wheat futures on Monday traded near the previous session's five-month high, with the market supported by short-covering and concerns over tightening supplies. Soybeans rose for the first time in eight sessions, rebounding from Friday's more than two-month lows, though gains were capped by continuing uncertainty around a trade deal...

09.12.2019

Greenback regains some strength on US employment update

The dollar gained on Friday after five straight days of losses, lifted by data showing the U.S. economy created many more jobs than expected in November, backing the Federal Reserve’s stance of keeping interest rates on hold after cutting them three times this year.

Gains in the dollar were fairly modest...

The dollar gained on Friday after five straight days of losses, lifted by data showing the U.S. economy created many more jobs than expected in November, backing the Federal Reserve’s stance of keeping interest rates on hold after cutting them three times this year.

Gains in the dollar were fairly modest...

09.12.2019

New OPEC+ deal pulls Brent price up

Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and other major producers including Russia - a...

Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and other major producers including Russia - a...

09.12.2019

Mild weather causes oversupply of natural gas in North Sea region, prices down

Prompt British wholesale gas prices fell on Friday morning, as a rise in temperature curbed demand for gas, leaving the system oversupplied.

The within-day contract was down 2.50 pence at 30.50 pence per therm by 1014 GMT.

The day-ahead contract was down 1.10 pence at 30.30 p/therm.

Traders said warmer temperatures than had...

Prompt British wholesale gas prices fell on Friday morning, as a rise in temperature curbed demand for gas, leaving the system oversupplied.

The within-day contract was down 2.50 pence at 30.50 pence per therm by 1014 GMT.

The day-ahead contract was down 1.10 pence at 30.30 p/therm.

Traders said warmer temperatures than had...

09.12.2019

Bulls shift from bullion to cash, paper, stick to palladium

Gold slid 1% on Friday as strong U.S. jobs data renewed bets the Federal Reserve would stand pat on interest rates and also  boosted demand for riskier assets, while supply-squeezed palladium soared to a new record high.

U.S. job growth increased by the most in 10 months in November, confirming the...

Gold slid 1% on Friday as strong U.S. jobs data renewed bets the Federal Reserve would stand pat on interest rates and also  boosted demand for riskier assets, while supply-squeezed palladium soared to a new record high.

U.S. job growth increased by the most in 10 months in November, confirming the...

09.12.2019

Non-ferrous base metal benchmarks veer up on rising hopes of politics backing down

Benchmark London copper was on course for a third straight week of gains on Friday, as most industrial metals rose on U.S. President Donald Trump’s upbeat tone on trade talks with China.

The talks were “moving right along”, Trump said on Thursday, even as Chinese officials insisted that both sides must...

Benchmark London copper was on course for a third straight week of gains on Friday, as most industrial metals rose on U.S. President Donald Trump’s upbeat tone on trade talks with China.

The talks were “moving right along”, Trump said on Thursday, even as Chinese officials insisted that both sides must...

09.12.2019

Wheat speculation spree halts as rumours about shortages prove highly exaggerated

U.S. soybean futures rose for a fourth consecutive session on Friday as China said it would waive import tariffs for some American farm products, renewing optimism for a possible trade agreement between Washington and Beijing.

Tariff waivers will be based on applications by individual companies for U.S. soybean and pork imports,...

U.S. soybean futures rose for a fourth consecutive session on Friday as China said it would waive import tariffs for some American farm products, renewing optimism for a possible trade agreement between Washington and Beijing.

Tariff waivers will be based on applications by individual companies for U.S. soybean and pork imports,...