Wpc yahoo finance news7/28/2023 The regulator has been consulting with industry players and utilities on the best way to mitigate the jumps, which two years ago led to the bankruptcy of a slew of independent retailers. That comes after they jumped as much as 3,000% this year despite sharp drops in the cost of liquefied natural gas, the nation’s main fuel. The Energy Market Authority will cap wholesale power prices from July 1 using a formula tied to natural gas and generation costs, it said in a document on its website. IndiGo Makes Record 500-Plane Order With Airbus, Betting Big on Travel Boom Mass Immigration Experiment Gives Canada an Edge in Global Race for Labor Global Stocks Slip on Worry Rally Looks Exhausted: Markets Wrap Xi Tells Blinken ‘Very Good’ That Progress Made on US-China Ties This year’s much-anticipated rebound in air travel is sputtering, with profound implications for the global oil market.Tucker Carlson's Fox Defense Crumbled When He Took Millions Oil edged lower on concern that stimulus to revive China’s flagging economic recovery may fall short of expectations.Ĭhinese banks lowered their benchmark lending rates for the first time in 10 months following a reduction in policy rates by the central bank to bolster a slowing economy. Shanghai exchange weekly commodities inventory, ~15:30 (All times Beijing unless noted otherwise.)Ĭhina sets monthly loan prime rates, 09:15Ĭhina’s 3rd batch of May trade data, including country breakdowns for energy and commoditiesĬCTD’s weekly online briefing on Chinese coal, 15:00 “We may not see a rapid surge in purchases again without a slump in gold prices.” “Residents are pretty cautious in spending cash right now amid various uncertainties,” said Jiang Shu, general manager of the precious metals department at Shanghai Shandong Gold Industrial Development Co. From a premium of $44.20 an ounce in March, the Shanghai gold price is now trading at a discount to the international market, according to the World Gold Council. The same period last year included the extended lockdown of Shanghai, when demand for goods and services cratered across the economy.Ī key demand indicator for the precious metal suggests a further weakening in June. That’s slower than the 44% and 37% growth recorded in the previous two months. The rapid expansion in retail sales of gold and silver jewelry looks to have topped out, rising 24% year-on-year in May to 26.6 billion yuan ($3.7 billion). Although most gold trades as a financial asset - notably as a haven for investors during risky times or as a hedge against inflation - China’s physical demand for the precious metal has helped underpin its ascent this year to over $2,000 an ounce. Its central bank has also been a recent buyer, adding to its reserves for seven straight months after a three-year pause. Xi Tells Blinken ‘Very Good’ That Progress Made on US-China TiesĪ surge in purchases by Chinese residents, driven by pent-up demand after three years of pandemic restrictions and optimism that the economy would quickly rebound, is starting to slow - yet another sign that the recovery is losing momentum.Ĭhina vies with India as the world’s biggest consumer of gold bars, coins and jewelry. Singapore’s Grab Plans Biggest Job-Cut Round Since Pandemic These Are World’s Most Expensive Cities for High-Class Living Tucker Carlson's Fox Defense Crumbled When He Took Millions (Bloomberg) - The jitters affecting the world’s second-biggest economy are starting to feed through into China’s gold market.Īlibaba Names Tsai Chairman, Wu CEO in Surprise Shake-Up
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