Issue 197 - 22.07.2021
22.07.2021

Belt & Road Initiative (BRI) means building a shared vision

The Belt & Road Initiative (BRI) is considered China’s most ambitious plan in the modem era. The first public announcement was made by President Xi Jinping in September 2013 in his official visit to Kazakhstan and he raised the initiative of jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road. The “Belt” includes countries situated on the original Silk Road through Central Asia, West Asia, the Middle East, and Europe will consist of six economic corridors connecting China to the far reaches of Eurasia by road and rail. The “Road” is a complementary initiative aimed at investing and fostering collaboration in Southeast Asia, Oceania, and North Africa, through several contiguous bodies of water – the South China Sea, the South Pacific Ocean, and the wider Indian Ocean area. Currently, there are more than 150 countries and international organizations signed agreements on BRI cooperation with China.

The Belt and Road Initiative aims to promote the connectivity of Asian, European and African continents and their adjacent seas, establish and strengthen partnerships among the countries along the Belt and Road. Policy coordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bonds are the five major cooperation priorities of BRI. The BRI focus on connectivity as a vital part to advance cooperation, since the infrastructure is considered the bedrock of connectivity, the lack of infrastructure has held up the development of many countries.

OECD Business and Finance Outlook 2018 reports says that based on sources, annual global investment needs range between USD 2.9 trillion and USD 6.3 trillion and BRI investment projects are estimated to add over USD 1 trillion of outward funding for foreign infrastructure over the 10-year period from 2017. According to Asian Development Bank (ADB), Asian region alone needs USD 26 trillion in infrastructure investment to 2030. The African Development Bank estimates that Africa’s infrastructure needs are between $130 and $170 billion per year; however, financing for African infrastructure currently falls short by between $68 billion and $108 billion per year.

Hence BRI is supported by some newly created financial institutions such as the Asian Infrastructure Investment Bank (AIIB), the New Silk Roads Fund (NSRF), the Chinese government’s foreign exchange reserves and several of its largest state-owned banks, the $100 billion of AIIB, $40 billion of Silk Road Fund and others would serve as financial support for physical infrastructure improvement and human resources development lacking in many Belt and Road partner countries.

The BRI is generally popular in the developing world, where most of the countries face infrastructure deficiencies. Some of the notable projects include the Addis Ababa-Djibouti Railway – Ethiopia, Entebbe-Kampala Expressway – Uganda, Nairobi-Mombasa rail line – Kenya,  Abuja-Masaka light rail – Nigeria,  Jakarta-Bandung High Speed Rail – Indonesia, Colombo Port City and Hambantota port – Sri Lanka, Piraeus Port – Greece, Temburong Bridge – Brunei, Padma Bridge – Bangladesh,  Punta Sierra Wind Farm – Chile, Yamal LNG Project – Russia, China-Belarus Great Stone Industrial Park – Belarus, Djibouti International Free Trade Zone – Djibouti,  Budapest-Belgrade High-Speed Railway – Hungary/ Serbia, China-Maldives Friendship Bridge – Maldives, China-Myanmar Oil Pipeline – Myanmar, Dhaka Elevated Expressway – Bangladesh, East Coast Rail Link Project – Malaysia, Gwadar Port – Pakistan.

In the recent keynote speech delivered at the opening ceremony of the Boao Forum for Asia Annual Conference 2021, Chinese President Xi Jinping outlined a new vision for the joint building of the Belt and Road Initiative, saying that China will endeavor to build a closer partnership for health cooperation, connectivity, green development, openness and inclusiveness. Further Xi reiterated China’s commitment to make the BRI “a public road open to all” instead of a “private path owned by one single party”. “All interested countries are welcome aboard to take part in the cooperation and share in its benefits. Belt and Road cooperation pursues development, aims at mutual benefits and conveys a message of hope,” he said.

Speaking at a Communist Party study meeting held on 1st June 2021, Xi said it was crucial for China to improve its ability to spread its messages globally in order to present a “true, three-dimensional and comprehensive China”. Further Xi said China needed to develop an “international voice” to match its national strength and global status. It also needed to strengthen publicity efforts to help foreigners understand the Communist Party of China and the way it “strives for the happiness of the Chinese people”. The country needed to create a team of professionals and adopt “precise communication methods” for different regions, Xi said.

Belt & Road Initiative Sri Lanka (BRISL), a Sri Lankan organization pioneer in promoting BRI and cheering for Mutual Benefit and Win-​win Cooperation though BRI, recently contacted some of the Chinese diplomats around the world to get their opinion about BRI to show the world about China’s unified strategic vision of BRI.

Deng Xijun, Mission of People’s Republic of China to ASEAN: “The Belt and Road Initiative (BRI) is a public product proposed by China and widely welcomed by the international community. It is a process of open, inclusive and common development with the principles of extensive consultation, joint contribution, and shared benefits. Since its launch in 2013, the BRI has advanced in solid steps in terms of policy coordination, connectivity of infrastructure, unimpeded trade, financial integration and closer people-to-people ties. By January 2021, China has signed 205 documents on the BRI cooperation with 140 countries and 31 international organizations. Cooperative partners have obtained tangible benefits, and their appreciation of and participation in the BRI is increasingly growing. China will continue to step up efforts to promote high-quality development of the BRI, which has been clearly illustrated by its new 14th Five-Year Plan (2021-2025) for National Economic and Social Development.

ASEAN is one of China’s most important neighboring regions and a key partner in the high-quality development of the BRI. All ASEAN member states have signed BRI cooperation agreements with China. In November 2019, China and ASEAN signed a joint statement on synergising the BRI and the Master Plan on ASEAN Connectivity 2025. China and ASEAN have achieved fruitful results in the BRI cooperation, contributing towards regional connectivity, economic prosperity and sustainable development and the building of the China-ASEAN community with a shared future. I am glad to see that many landmark projects such as the China-Laos Railway and the Jakarta-Bandung High-Speed Railway are progressing smoothly. As particular, China and ASEAN have developed as each other’s largest trading partners. This year marks the 30th anniversary of dialogue relations between China and ASEAN. I believe the joint efforts on the BRI cooperation will further boost regional economic recovery from COVID19, create more growth opportunities for trade and investment, and jointly usher in an even more exciting next 30 years for China and ASEAN.”

Wu Peng, Director-General, Department of African Affairs, MFA, China: “The Belt and Road Initiative is basically about infrastructure which is what’s in desperate need in many countries on the African continent. And that’s why Africa has become an important participant of the Belt and Road Initiative since it was put forward in 2013. 46 African countries and AU commission have so far signed the BRI cooperation documents with China. Africa has thus become one of the most active and committed partners in the Belt and Road cooperation, adding strong impetus to the growth of China-Africa relations. We have come a long way in our cooperation with Africa in the framework of BRI, to name but a few success stories: The National Road No. 1 of Republic of Congo inaugurated in 2016. Mombasa-Nairobi Standard Gauge Railway entered into operation in 2017. Thiès-Touba Highway of Senegal and Maputo-Katembe bridge of Mozambique, the longest crossing-bridge in Africa, completed in 2018. As is obvious to all, a host of infrastructure projects have brought tangible benefits to the African people. The Belt and Road Initiative is also an important subject of FOCAC. At the 2018 FOCAC Beijing Summit, China and Africa agreed to jointly build an even stronger community with a shared future, developing synergy between the Belt and Road cooperation, the 2063 Agenda of the African Union, and the development strategies of individual African countries, which will realize win-win cooperation, mutual development and play an exemplary and leading role in building a community with a shared future for mankind.”

Liu Hongyang, Ambassador of China to Malawi: “World history is a grand book of human development through integration, of which the aim is to seek happiness and make a better life for the people. Belt and Road Initiative just serves the purpose. Back in October 2013, I was the deputy Ambassador of China to the Republic of Indonesia. I was lucky to welcome His Excellency Xi Jinping, President of the People’s Republic of China, paying an official visit to Indonesia after his attendance in the APEC Economic Leaders Meeting in Bali.  On October 3rd, President Xi was invited to deliver a speech at the Parliament of Indonesia. In that famous speech “Jointly Building a Community of China and ASEAN”, President Xi announced the initiative of building a maritime silk road together with southeast Asian countries. The initiative received wide support.

We have seen that many countries around the world have participated in Belt and Road Initiative since it was announced in 2013 and tangible results have been witnessed. One would wonder why so many countries have joined the Belt and Road Initiative. The reason is very simply. The initiative is an economic initiative in nature and participating countries can benefit from it. At present, there are 46 African countries that have joined Belt and Road. Win-win cooperation is flourishing in Africa. I am confident that with joint efforts among participating countries, Belt and Road will become two strong wings of global economy in the 21st century.”

Yu Dunhai, Chinese Ambassador to the Republic of Malta: “BRI is an economic cooperative platform and a public goods initiated by China but benefits the whole world. It is open, inclusive and sustainable. It has already contributed to the alleviation of millions of people out of poverty, creation of new job opportunities and promotion of livelihood around the world.”

LI Xiaosi, Chinese Ambassador to Austria: “The Belt and Road Initiative is an international platform for economic cooperation. All countries, big or small, rich or poor, strong or weak, despite their different ideologies and political systems, can participate voluntarily. It is true multilateralism. Although there have been many slanders and smears, the positive impacts of the Belt and Road Initiative for the economic development and improvement of people’s lives in countries involved, especially developing countries, are more than clear. Unity is strength. We all should stand on the right side of history and do the right thing. As a long road tests the strength of a horse, so time reveals one’s heart.”

By Maya Majueran on July 21 2021 for the Ceylon Tribune (Sri Lanka).

China, Pacific

22.07.2021

Extent of Health Silk Road stretches to regional, global dimensions

Chinese President Xi Jinping’s speech at the Asia-Pacific Economic Cooperation (APEC) meeting on Friday included a four-point proposal for APEC cooperation, based on the themes of strengthening international cooperation over COVID-19, deepening regional economic integration, pursuing inclusive and sustainable development, and seizing opportunities for scientific and technological innovation. We can...

Chinese President Xi Jinping’s speech at the Asia-Pacific Economic Cooperation (APEC) meeting on Friday included a four-point proposal for APEC cooperation, based on the themes of strengthening international cooperation over COVID-19, deepening regional economic integration, pursuing inclusive and sustainable development, and seizing opportunities for scientific and technological innovation. We can...

22.07.2021

China’s H1 trade shows firmer trend than expected, raises high hopes

China’s latest trade data brought the first half of the year to a close with stronger than expected results, as the country’s economic performance continued to outpace projections.

In June, China’s exports increased by 32.2 percent year-on-year, up from 27.9 percent in May. Imports, meanwhile, grew by 36.7 percent, down from...

China’s latest trade data brought the first half of the year to a close with stronger than expected results, as the country’s economic performance continued to outpace projections.

In June, China’s exports increased by 32.2 percent year-on-year, up from 27.9 percent in May. Imports, meanwhile, grew by 36.7 percent, down from...

22.07.2021

China’s development pace unhampered by external meddling

The US Congress is reportedly processing a bill that will further obstruct talent exchanges and technology partnership with China. The recently passed House bill would bar scientists and academics from participating in US-funded research projects if they are also receiving support from China, the Bloomberg reported.

Just passed by the House,...

The US Congress is reportedly processing a bill that will further obstruct talent exchanges and technology partnership with China. The recently passed House bill would bar scientists and academics from participating in US-funded research projects if they are also receiving support from China, the Bloomberg reported.

Just passed by the House,...

22.07.2021

Chinese export insurer sees business growth in BRI nations

China's only policy-oriented insurer has backed exports and investments for countries involved in the Belt and Road Initiative at $84.2 billion in the first half of 2021, a year-on-year increase of 15.4 percent. 

The China Export and Credit Insurance Corporation, or Sinosure, said in its half-year report that the accumulated amount...

China's only policy-oriented insurer has backed exports and investments for countries involved in the Belt and Road Initiative at $84.2 billion in the first half of 2021, a year-on-year increase of 15.4 percent. 

The China Export and Credit Insurance Corporation, or Sinosure, said in its half-year report that the accumulated amount...

22.07.2021

China's electricity use hits fresh record

China has experienced its first electricity consumption peak of the summer, with national daily use at a record due to the rapid pace of manufacturing activities and a heat wave across the country. The load of at least 11 provincial-level power grids reached new highs over the past week.

However, despite...

China has experienced its first electricity consumption peak of the summer, with national daily use at a record due to the rapid pace of manufacturing activities and a heat wave across the country. The load of at least 11 provincial-level power grids reached new highs over the past week.

However, despite...

22.07.2021

Chinese regulators, public increasingly concerned about data safety

Chinese ride-hailing giant Didi Chuxing is facing rising competition as many of its drivers have migrated to its competitors who are heavily incentivizing drivers and riders in an attempt to snap back market share from the dominant player.

Industry insiders claim that the multi-billion-dollar Chinese ride-hailing market has entered an era...

Chinese ride-hailing giant Didi Chuxing is facing rising competition as many of its drivers have migrated to its competitors who are heavily incentivizing drivers and riders in an attempt to snap back market share from the dominant player.

Industry insiders claim that the multi-billion-dollar Chinese ride-hailing market has entered an era...

22.07.2021

China's export container shipping index up 13.9% in June

China's index of export container transport went up 13.9 percent month-on-month in June, according to the Shanghai Shipping Exchange.

The average China Containerized Freight Index (CCFI) stood at 2,483.6 last month, according to the exchange.

The sub-reading for Persian Gulf/Red Sea service led the gain with a month-on-month rise of 21.3 percent,...

China's index of export container transport went up 13.9 percent month-on-month in June, according to the Shanghai Shipping Exchange.

The average China Containerized Freight Index (CCFI) stood at 2,483.6 last month, according to the exchange.

The sub-reading for Persian Gulf/Red Sea service led the gain with a month-on-month rise of 21.3 percent,...

22.07.2021

Major transportation projects fuel growth of China’s Greater Bay Area

A series of mega transportation projects, including railway, airport, logistic hub, sea-crossing bridge and channel have been landing in South China's Greater Bay Area in recent years. The move further enhances the connectivity between Hong Kong, Macao and mainland areas, and brings in new opportunities for future development, Economic Information...

A series of mega transportation projects, including railway, airport, logistic hub, sea-crossing bridge and channel have been landing in South China's Greater Bay Area in recent years. The move further enhances the connectivity between Hong Kong, Macao and mainland areas, and brings in new opportunities for future development, Economic Information...

22.07.2021

China issues guideline to improve business environment

China has released a guideline to energize market entities and improve the business environment with streamlined administrative procedures and better services.

Focusing on the demand from market entities, related authorities should help fiscal and monetary policies better benefit those in need, and improve public services with infrastructure development, said the guideline...

China has released a guideline to energize market entities and improve the business environment with streamlined administrative procedures and better services.

Focusing on the demand from market entities, related authorities should help fiscal and monetary policies better benefit those in need, and improve public services with infrastructure development, said the guideline...

22.07.2021

China takes further steps to boost foreign trade

China has rolled out a new set of policy measures to shore up the growth of new business models in foreign trade, a move experts and officials said will facilitate improvements in the sector and foster competitiveness in the nation's imports and exports.

In a guideline issued on July 9, the...

China has rolled out a new set of policy measures to shore up the growth of new business models in foreign trade, a move experts and officials said will facilitate improvements in the sector and foster competitiveness in the nation's imports and exports.

In a guideline issued on July 9, the...

22.07.2021

China still world's factory

Despite the rise of production costs, the US-China trade war and the COVID-19 pandemic, China's position as the "world factory" has been strengthened in the past few years, an analyst has said in an article published recently in the South China Morning Post.

While the economy has rebalanced away from export...

Despite the rise of production costs, the US-China trade war and the COVID-19 pandemic, China's position as the "world factory" has been strengthened in the past few years, an analyst has said in an article published recently in the South China Morning Post.

While the economy has rebalanced away from export...

22.07.2021

China approves 40 fixed-asset investment projects in H1

The National Development and Reform Commission, China's top economic planner, approved 40 fixed-asset investment projects in the first half of the year.

The projects, with a combined investment value of 246.4 billion yuan (about $38.1 billion), cover areas including energy and water conservation, the commission said.

Previous data showed that China's fixed-asset...

The National Development and Reform Commission, China's top economic planner, approved 40 fixed-asset investment projects in the first half of the year.

The projects, with a combined investment value of 246.4 billion yuan (about $38.1 billion), cover areas including energy and water conservation, the commission said.

Previous data showed that China's fixed-asset...

22.07.2021

China's listed firms forecast rosy H1 performance

China's listed companies expect growth in the first half of the year as they have released their performance forecasts, the China Securities Journal reported on Monday.

As of Sunday night, a total of 1,694 firms listed on the country's A-share market had unveiled their first-half forecasts, with 1,183 companies or nearly...

China's listed companies expect growth in the first half of the year as they have released their performance forecasts, the China Securities Journal reported on Monday.

As of Sunday night, a total of 1,694 firms listed on the country's A-share market had unveiled their first-half forecasts, with 1,183 companies or nearly...

22.07.2021

China equity bullish on tech, resources industries

China stocks rose on Wednesday, with Shenzhen’s tech-heavy ChiNext index hitting a six-year high, and as shares of natural resources companies jumped.

The blue-chip CSI300 index rose 0.7% to 5,144.04 points, while the Shanghai Composite Index gained 0.7% to 3,562.66 points.

Shenzhen’s ChiNext jumped nearly 3% to its highest level since June...

China stocks rose on Wednesday, with Shenzhen’s tech-heavy ChiNext index hitting a six-year high, and as shares of natural resources companies jumped.

The blue-chip CSI300 index rose 0.7% to 5,144.04 points, while the Shanghai Composite Index gained 0.7% to 3,562.66 points.

Shenzhen’s ChiNext jumped nearly 3% to its highest level since June...

22.07.2021

Chinese yuan-denominated bond market could attract $400bn a year

Foreign flows to China’s local currency government bond market could balloon to $400 billion annually, an analysis from the Institute of International Finance showed on Tuesday.

Central banks were behind 60% of the flows to local currency Chinese government bonds in the first quarter of 2021 as allocation of reserves to...

Foreign flows to China’s local currency government bond market could balloon to $400 billion annually, an analysis from the Institute of International Finance showed on Tuesday.

Central banks were behind 60% of the flows to local currency Chinese government bonds in the first quarter of 2021 as allocation of reserves to...

Eurasia

22.07.2021

Russia boosts gas export capacity to China as LNG gets competitive

China is poised to become the top global liquefied natural gas (LNG) importer this year, bypassing current leader Japan, according to a new Wood Mackenzie report. At 11 million tonnes, China will account for more than half of the 18 million tonnes of increased global LNG demand forecasted for the...

China is poised to become the top global liquefied natural gas (LNG) importer this year, bypassing current leader Japan, according to a new Wood Mackenzie report. At 11 million tonnes, China will account for more than half of the 18 million tonnes of increased global LNG demand forecasted for the...

22.07.2021

China to open market for Russian companies

China welcomes an increase in the supply of goods from Russia to its market and is ready to provide assistance to Russian manufacturers, China's ambassador in Moscow Zhang Hanhui said at a press conference dedicated to the 100th anniversary of the Chinese Communist Party. 

The ambassador expressed confidence that this year...

China welcomes an increase in the supply of goods from Russia to its market and is ready to provide assistance to Russian manufacturers, China's ambassador in Moscow Zhang Hanhui said at a press conference dedicated to the 100th anniversary of the Chinese Communist Party. 

The ambassador expressed confidence that this year...

22.07.2021

Green projects in Kazakhstan obtain access to capital from China

The members of China International Contractors Association (CHINCA) have offered a system to attract investments into green projects originating from Central Asia. The deals will be structured on the basis of the Astana International Financial Centre (AIFC), that has become the office of the Belt and Road Green Investment Principles...

The members of China International Contractors Association (CHINCA) have offered a system to attract investments into green projects originating from Central Asia. The deals will be structured on the basis of the Astana International Financial Centre (AIFC), that has become the office of the Belt and Road Green Investment Principles...

Europe

22.07.2021

Trade between China, Europe strong in face of ocean transport crunch

With ocean freight disrupted by a global container shortage, higher freight rate while air transport is too expensive, the cross-border cargo train service has held up 'half the sky' with its stable rate and delivery time, becoming a lifeline for transportation of much-needed goods ranging from personal protective equipment to...

With ocean freight disrupted by a global container shortage, higher freight rate while air transport is too expensive, the cross-border cargo train service has held up 'half the sky' with its stable rate and delivery time, becoming a lifeline for transportation of much-needed goods ranging from personal protective equipment to...

22.07.2021

EU chamber sees lucrative market in China

China's business environment has become more accessible for European companies in a number of areas, the European Union Chamber of Commerce in China said.

Many firms, the chamber's leaders said, are reinforcing their position in joint ventures and onshore supply chains.

Besides, European companies are increasing spending in China to enlarge their...

China's business environment has become more accessible for European companies in a number of areas, the European Union Chamber of Commerce in China said.

Many firms, the chamber's leaders said, are reinforcing their position in joint ventures and onshore supply chains.

Besides, European companies are increasing spending in China to enlarge their...

South Asia, Middle East

22.07.2021

Singapore's Temasek plugs into China's net zero carbon theme

Temasek, Singapore's state-owned global investment company, will continually make long-term investments to support China's sustainable development, and projects under the themes of carbon neutrality and digitalization will receive particular attention, its executives said.

As China is promoting carbon trading in several cities, Temasek is actively exploring setting up not only carbon...

Temasek, Singapore's state-owned global investment company, will continually make long-term investments to support China's sustainable development, and projects under the themes of carbon neutrality and digitalization will receive particular attention, its executives said.

As China is promoting carbon trading in several cities, Temasek is actively exploring setting up not only carbon...

22.07.2021

China, Turkey more closely linked by rail

The China-Europe Railway Express, which runs across the Eurasian continent, has experienced considerable progress during the past 10 years, and will continue to see strong momentum in the future, said a Turkish official.

Turkey's ambassador to China, Abdulkadir Emin Onen, said the China-Europe Railway Express marks a significant phase in Eurasian...

The China-Europe Railway Express, which runs across the Eurasian continent, has experienced considerable progress during the past 10 years, and will continue to see strong momentum in the future, said a Turkish official.

Turkey's ambassador to China, Abdulkadir Emin Onen, said the China-Europe Railway Express marks a significant phase in Eurasian...

22.07.2021

Egyptian President confers with Chinese FM

On July 18, 2021 local time, Egyptian President Abdel Fattah al-Sisi met with State Councilor and Foreign Minister Wang Yi, who was on an official visit to Egypt, in El Alamein.

Sisi conveyed through Wang Yi his sincere greetings to President Xi Jinping, extended again his warm congratulations on the 100th...

On July 18, 2021 local time, Egyptian President Abdel Fattah al-Sisi met with State Councilor and Foreign Minister Wang Yi, who was on an official visit to Egypt, in El Alamein.

Sisi conveyed through Wang Yi his sincere greetings to President Xi Jinping, extended again his warm congratulations on the 100th...

22.07.2021

Algeria to boost cooperation with China under BRI framework

Algerian President Abdelmadjid Tebboune said on Monday that Algeria is ready to deepen cooperation with China in various fields under the framework of the Belt and Road Initiative (BRI).

The Algerian leader made the remarks during his meeting with visiting Chinese State Councilor and Foreign Minister Wang Yi.

Tebboune asked Wang to...

Algerian President Abdelmadjid Tebboune said on Monday that Algeria is ready to deepen cooperation with China in various fields under the framework of the Belt and Road Initiative (BRI).

The Algerian leader made the remarks during his meeting with visiting Chinese State Councilor and Foreign Minister Wang Yi.

Tebboune asked Wang to...

Africa, Americas

22.07.2021

China helps Africa tap new energy potential

Attempts by the United States and its allies to dismantle the solar-energy industry in China's Xinjiang Uygur autonomous region over allegations of so-called forced labor carry huge implications for cutting global carbon emissions and energy connectivity in developing countries.

China is the world's largest producer of solar energy products, and Xinjiang...

Attempts by the United States and its allies to dismantle the solar-energy industry in China's Xinjiang Uygur autonomous region over allegations of so-called forced labor carry huge implications for cutting global carbon emissions and energy connectivity in developing countries.

China is the world's largest producer of solar energy products, and Xinjiang...

22.07.2021

Trade war between China, US brings lose-lose situation

There's no winner from the trade war between China and the US, and China hopes the US will work with the Chinese side to properly handle bilateral trade and economic issues based on mutual respect and equal negotiations, and to promote the sound and stable development of bilateral economic and...

There's no winner from the trade war between China and the US, and China hopes the US will work with the Chinese side to properly handle bilateral trade and economic issues based on mutual respect and equal negotiations, and to promote the sound and stable development of bilateral economic and...

Markets

22.07.2021

Greenback returns to downward spiral

The safe-haven dollar on Wednesday pulled back from more than three-month highs, with risk appetite back up with stocks higher, but investors remained cautious due to inflation fears and concerns about the highly contagious coronavirus variant.

Another safe haven, the Japanese yen, was also down on the day against the dollar,...

The safe-haven dollar on Wednesday pulled back from more than three-month highs, with risk appetite back up with stocks higher, but investors remained cautious due to inflation fears and concerns about the highly contagious coronavirus variant.

Another safe haven, the Japanese yen, was also down on the day against the dollar,...

22.07.2021

EU stock markets, Wall Street veer up as London market struggles

A slew of upbeat updates from European blue-chip firms helped the region’s benchmark index rise on Wednesday and further recover from Monday’s sharp losses, while travel stocks roared back after weeks of declines.

The pan-European STOXX 600 index rose 1.4%, extending Tuesday’s small gains. Travel and leisure stocks jumped 4.2% after...

A slew of upbeat updates from European blue-chip firms helped the region’s benchmark index rise on Wednesday and further recover from Monday’s sharp losses, while travel stocks roared back after weeks of declines.

The pan-European STOXX 600 index rose 1.4%, extending Tuesday’s small gains. Travel and leisure stocks jumped 4.2% after...

22.07.2021

Brent stays below $70/b on profit taking

Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low touched in the previous session.

Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news...

Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low touched in the previous session.

Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news...

22.07.2021

Supply bottlenecks uphold North Sea region’s natural gas prices

British wholesale gas prices rose on Wednesday as outages at facilities on the UK continental shelf (UKCS) reduced flows and wind power output remained very low.

The day-ahead contract was up 1.1 pence at 90 p/therm by 0855 GMT.

Gas for immediate delivery was 0.25 pence higher at 88.50 p/therm.

"Domestic UK Continental...

British wholesale gas prices rose on Wednesday as outages at facilities on the UK continental shelf (UKCS) reduced flows and wind power output remained very low.

The day-ahead contract was up 1.1 pence at 90 p/therm by 0855 GMT.

Gas for immediate delivery was 0.25 pence higher at 88.50 p/therm.

"Domestic UK Continental...

22.07.2021

Bullion narrowly holds on top of $1,800/oz as silver posts gains

Gold prices eased on Wednesday and were on track for a second session of declines as a stronger dollar and rebound in U.S. Treasury yields contended with the metal’s safe-haven status amid worries of a pandemic resurgence.

Spot gold fell 0.3% to $1,805.60 per ounce by 1007 GMT. U.S. gold futures...

Gold prices eased on Wednesday and were on track for a second session of declines as a stronger dollar and rebound in U.S. Treasury yields contended with the metal’s safe-haven status amid worries of a pandemic resurgence.

Spot gold fell 0.3% to $1,805.60 per ounce by 1007 GMT. U.S. gold futures...

22.07.2021

Base metal markets depressed as China sell-off disappoints

Copper prices recouped losses on Wednesday after China’s announcement of a second sale of state reserves with an amount that was less than expected, but a firmer dollar still weighed on the market.

Three-month copper on the London Metal Exchange slipped 0.4% to $9,303 a tonne in official trading after earlier...

Copper prices recouped losses on Wednesday after China’s announcement of a second sale of state reserves with an amount that was less than expected, but a firmer dollar still weighed on the market.

Three-month copper on the London Metal Exchange slipped 0.4% to $9,303 a tonne in official trading after earlier...

22.07.2021

US wheat futures ride high on harvest concerns

Chicago wheat rose for a sixth consecutive session on Wednesday as adverse weather in key exporting countries raised supply concerns while soybeans edged lower on weaker oil prices and slowing demand in top importer China. Corn was flat.

"There are definitely problems for the U.S. and spring wheat crops but we...

Chicago wheat rose for a sixth consecutive session on Wednesday as adverse weather in key exporting countries raised supply concerns while soybeans edged lower on weaker oil prices and slowing demand in top importer China. Corn was flat.

"There are definitely problems for the U.S. and spring wheat crops but we...