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But the wave of buying spread beyond crude to encompass U.S. gasoline (+11 million barrels), U.S. diesel (+8 million) and European gas oil (+7 million). Chartbook: Investor petroleum positionsThe net position across all six contracts climbed to 575 million barrels (47th percentile for all weeks since 2013), up from 343 million barrels (11th percentile) on Dec. 13. Hedge funds became more bullish about Brent than at any time since May 2019, before the pandemic erupted and upended the oil industry. In the oil market, investors are increasingly sure continued growth will cause supplies to tighten and send prices higher. Unenviable alternatives for 2023 (Reuters, Jan. 26)- Investors surge back into oil on rising economic optimism (Reuters, Jan. 23)- Bullish oil investors look beyond China's COVID wave (Reuters, Jan. 3)- Investors abandon bullish oil positions as recession nears (Reuters, Dec. 12)John Kemp is a Reuters market analyst.

☆ Tourism is roaring back in China. But the $6 trillion consumer market is digging itself out of a deep slump
▼ + stars: | 2023-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

He's hopeful business improves this year – and allows Rêver to recoup the roughly 35% in revenue it lost last year. Within a retail sales slump of 0.2% to 43.97 trillion yuan ($6.28 trillion), catering sales dropped by a steeper 6.3%. He expects 7% year-on-year growth in retail sales. Hainan's recovery plansHainan, a tropical province aiming to be a duty free shopping destination, announced a goal for 10% growth in retail sales this year. That's after its retail sales fell by 9.2% last year.

☆ H&M highlights fast-fashion gloom as luxury takes hit in China
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +4 min

Shares in H&M, the world's No. 2 fashion retailer, fell as much as 6% in early trade after quarterly operating profit sank to 821 million Swedish crowns ($79.7 million) from 6.26 billion a year earlier. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday. The luxury industry is nevertheless expected to be one of the biggest winners from the loosening of restrictions that kept shoppers out of stores in China for months.

☆ China looks past Covid as tourist bookings surge for the Lunar New Year
▼ + stars: | 2023-01-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — People in China are moving past the pandemic and going out to travel, preliminary data for the Lunar New Year holiday show. China's Covid "exit wave" is quickly ending as official data show a drop in infections, hospitalizations and deaths, he said. "China has been rapidly reaching its Covid herd immunity, as the government estimates about 80% of the population has already been infected with Covid." The country saw a surge in Covid infections in December, just as Beijing ended nearly three years of stringent contact tracing and border controls. The seven-day Lunar New Year, which officially began Saturday, is the first major holiday since the end of China's Covid restrictions.

☆ Dow forecasts dour quarterly revenue, says will slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Dow Inc (DOW.N) on Thursday forecast current-quarter revenue below estimates and said it would cut about 2,000 jobs as the chemical giant navigates challenges including inflation and supply chain disruptions. Dow Chief Financial Officer Howard Ungerleider said while the pace of inflation has moderated, the overall cost levels remain elevated. The company expects the recent shifts in China's COVID policy to stimulate demand, but that would take some time to take effect. "Chemical prices are likely to go up in the first quarter (2023) and we will see better demand in the second quarter," said Aleksey Yefremov, analyst at KeyBanc Capital Markets. It expects 2023 capital expenditure be $2.2 billion, about 21% higher than last year.

☆ Dow posts dour quarterly results, says will slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Dow said it plans to achieve $1 billion in cost savings in 2023 by reducing operating expense by $500 million. The company would record a charge of $550 million to $725 million in the first quarter of 2023 for costs associated with these activities. Shares of the company fell nearly 4% in premarket trade to $55.80. Net sales in the fourth quarter fell 17% to $11.86 billion, pressured by customer destocking, missing the average estimate of $12 billion, according to Refinitiv IBES data. Packaging and Specialty Plastics segment net sales in the quarter were $6.1 billion, down 16% compared with a year earlier.

☆ China's Covid wave drives up consumer interest in insurance after health system shortfalls
▼ + stars: | 2023-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

For people planning to spend more on that health category, 47% said in December they intend to spend more on health insurance. "This experience is also driving increased interest in commercial health insurance which could cover access to premium private providers," Lipson said. Anecdotes depict a public health system overwhelmed with people at the height of the wave, and long wait times for ambulances. Some of the players in China's health insurance industry include Ping An , PICC and AIA . Hospital fundingHowever, one of the barriers to improving China's public health system is its fragmented financing system, according to Qingyue Meng, executive director at Peking University's China Center for Health Development Studies.

☆ Dow posts dour quarterly results, plans to slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: +1 min

☆ We agree with Wells Fargo that Wynn is set for a comeback as gamblers return to Macao
▼ + stars: | 2023-01-26 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Wells Fargo on Thursday raised its earnings estimates for Club holding Wynn Resorts ' (WYNN) operations in Macao, China, while increasing its price target on the casino operator. Wells Fargo increased its price target on Wynn to $125 per-share from $101 and reiterated an overweight, or buy, rating on the stock. "Looking ahead, LVS management envisions a premium mass led recovery, which should support rapid recovery at Wynn," the Wells Fargo analysts wrote. The Club take We agree with Wells Fargo that the recovery of China's gambling market is a major catalyst for Wynn Resorts, a core pillar of our investment thesis. Moreover, upbeat commentary from Las Vegas Sands' CEO represents a positive read-through into Wynn's operations in Macao.

☆ Want to cash in on China's reopening? Bank of America and UBS have some less obvious stock picks
▼ + stars: | 2023-01-26 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

China's unwinding of its strict Covid-19 controls has got analysts scrambling to identify reopening beneficiaries in the stock market. But there could be another way to play the reopening, with Bank of America and UBS having identified a raft of less obvious beneficiaries outside of China. UBS' stock picks Thai hospitality group Minor International is one of UBS' top picks. Within Thailand, UBS also named rail transit operator BTS Group, expressway and metro operator Bangkok Expressway & Metro, as well as Bangkok Bank as reopening beneficiaries. Student placement provider IDP Education, as well as property groups Lendlease Group and Mirvac Group also made the UBS list.

☆ Oil prices steady after smaller-than-expected U.S. crude build
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Smaller-than-expected build in U.S. crude stocksBroader markets weighed by economic slowdown concernsU.S. business activity contracts in JanuaryOPEC+ unlikely to tweak oil policy at Feb. 1 meetingBENGALURU, Jan 25 (Reuters) - Oil prices were largely unchanged on Wednesday, after government data showed a smaller-than-anticipated build in U.S. crude inventories, countering weak economic data from Tuesday. Brent crude was up 25 cents, or 0.3%, to $86.38 a barrel by 1:41 p.m. EST (1841 GMT) after declining 2.3% in the previous session. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.6%, to $80.62 a barrel, after a 1.8% drop on Tuesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. On Wednesday, oil prices and broader financial markets were weighed down by data published on Tuesday showing U.S. business activity contracted in January for the seventh-straight month, raising concerns about an economic slowdown.

☆ Oil slips as U.S. inventory rise offsets China hopes
▼ + stars: | 2023-01-25 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The price of crude has rallied this year on the ending of China's COVID controls and hopes that the rise in U.S. interest rates will soon taper off. Still, some analysts said the speed of China's actual demand rebound looks uncertain. "Whether or not oil prices can resume their march higher will depend on how quickly China's crude demand bounces back this quarter," said Stephen Brennock of oil broker PVM. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, five OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

☆ Japan cuts economic view as exports to Asia weaken
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Jan 25 (Reuters) - Japan cut its view on the overall economy for the first time in 11 months in January, as China's COVID-19 infections and a slowdown in global demand for tech and semiconductors hurt exports, especially to Asia. The economic downgrade followed the Bank of Japan's move last week when it slashed its economic growth projections for the next two fiscal years amid worries that slowing global demand will weigh on Japan's export-reliant economy. The January report said both exports and imports are "weakening recently" compared with its previous view of "almost flat" last month. "China's coronavirus rebound could affect Japan's exports and production and such a possibility has become clearer than last month," said an official at the Cabinet Office. The government also remained cautious over downside risks from the global economic slowdown amid monetary tightening, inflation and financial market fluctuations.

☆ Column: North Asia cranks coal imports to fuel industrial reboot
▼ + stars: | 2023-01-25 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

LITTLETON, Colo. Jan 24 (Reuters) - Thermal coal imports into China, Japan and South Korea - three of the world's largest coal users - hit their highest combined total in 16 months in December as the North Asian manufacturing powerhouses primed their economies for growth in 2023. Economic momentum in these countries - which collectively accounted for nearly half of all thermal coal imports in 2021 - was subdued in 2022 as China's strict zero-COVID measures stifled industrial activity across the world's largest manufacturing base. Combined thermal coal imports by the three countries totalled 43 million tonnes in December 2022, the highest monthly tally since August 2021, ship-tracking data from Kpler shows. China output of key industrial inputsOne such key end user is Asia's car production industry, which started to show signs of growth as of the latest data from late 2022 across China, Japan and South Korea. Japan passenger car exports by key marketIn sum, the combination of more freedom of movement in China and greater industrial activity across North Asia should spur an improvement in global economic growth in 2023.

☆ Oil edges up after less-than-expected U.S. inventories rise
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate crude futures were up 39 cents, or 0.5%, to $80.52 a barrel, after a 1.8% drop on Tuesday. U.S. crude inventories (USOILC=ECI) rose by 533,000 barrels in the last week to 448.5 million barrels, the Energy Information Administration (EIA) said on Wednesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

Industrial conglomerate 3M Co (MMM.N) fell 4.7%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit. General Electric Co (GE.N) rose 2.2% as it topped quarterly profit estimates, boosted by strong demand for its engines and after-market services. Wall Street's main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year. Shares of Microsoft Corp (MSFT.O), which is scheduled to report quarterly earnings after the bell, were flat. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained.

LONDON, Jan 23 (Reuters) - European stock indexes edged higher on Monday, while Wall Street futures struggled to make gains as investors weighed up recession fears with hopes that inflation could be past its peak. Wall Street rallied at the end of last week, after a jump in Netflix and Alphabet shares. The U.S. dollar index was steady at 101.96 . The dollar edged higher against the yen, up 0.5% at 130.165 , having fluctuated last week after the Bank of Japan defied market pressure to ease its ultra-loose monetary policy. Oil prices edged higher, with Brent crude up 0.9% and U.S. crude up 0.8% .

☆ Apple targets raising India production share to up to 25% - minister
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 23 (Reuters) - Apple Inc (AAPL.O) wants India to account for up to 25% of its production from about 5%-7% now, the trade minister told a conference on Monday, as the iPhone maker continues to move its manufacturing away from China. "Apple, another success story," Piyush Goyal said, pitching India as a competitive manufacturing destination. Goyal did not say when Apple wants to meet the target. Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, sources told Reuters late last year. Ashwini Vaishnaw, Indian's electronics and information technology minister, tweeted on Monday that Apple's exports from India had hit $1 billion in December.

Liquidity was thin overnight as markets in China, Hong Kong, Singapore, Malaysia, South Korea and Taiwan were closed for the Lunar New Year holiday. At 0947 GMT, the MSCI World Equity index was up 0.3% on the day, holding just below last week's highs (.MIWD00000PUS). Europe's STOXX 600 and London's FTSE 100 were both up 0.2% on the day (.STOXX), (.FTSE). "On the surface, it looks like inflation has been dealt with and the most likely path ahead is lower. Wall Street rallied at the end of the last week, after a jump in Netflix and Alphabet shares.

The wave of buying was led by crude (+78 million barrels), especially Brent (+55 million), with smaller buying in NYMEX and ICE WTI (+23 million). The increase in investors’ Brent positions was the largest since August 2018 and the sixth-largest out of 514 weeks since the time series began in 2013. Chartbook: Investors' oil positionsThe sudden turn around seems to have been driven by a combination of low initial positioning and a sudden increase in confidence about the outlook for the global economy and oil consumption. Ironically, the biggest risk to the economy and oil consumption is that the economic revival rekindles inflationary pressures and forces the major central banks to persist in raising interest rates longer and higher. Related columns:- Bullishness on oil ebbs at start of 2023 (Reuters, Jan. 16)- Hedge fund petroleum buying paused over year end (Reuters, Jan. 9)- Bullish oil investors look beyond China's COVID wave (Reuters, Jan. 3)- Investors abandon bullish oil positions as recession nears (Reuters, Dec. 12)John Kemp is a Reuters market analyst.

☆ Economic optimism at Davos is 'bizarre' and a prolonged downturn is more likely, says Cloudflare CEO
▼ + stars: | 2023-01-20 | by ( Britney Nguyen | Cadie Thompson | ) www.businessinsider.com time to read: +3 min

Cloudflare's CEO called the "tenor of optimism" for the economy at the World Economic Forum "bizarre." Matthew Prince told Insider a prolonged downturn is likely, in an interview at Davos. Of the 22 chief economists surveyed by the WEF, around two-thirds think a global recession is likely this year, and 18% think it is "extremely likely." Some respondents to the WEC's economic outlook survey think some of these issues could become less threatening throughout the year. Two-thirds of survey respondents think the cost-of-living crisis could be less severe at the end of the year, while close to the same amount of survey respondents think the energy crisis in Europe will also improve by 2023's end.

☆ European Central Bank's Lagarde says China's Covid reopening will push inflation higher
▼ + stars: | 2023-01-20 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

On the other hand, others note that China will be consuming more energy and this will add to ongoing inflationary pressures. DAVOS, Switzerland — China's decision to reopen its economy will increase inflation in Europe as they both compete for more energy, the president of the European Central Bank said Friday. Inflation has been one of the biggest challenges for European citizens for the last year, mostly driven by higher energy bills. The central bank in December said it would be increasing rates further in 2023 to address sky-high inflation. Recent data has shown a slowdown in headline inflation, even if it remains well above the ECB's 2% target.

☆ Saudi Arabia was right to defy Biden over oil production, minister says, cementing a power play that seems to have paid off
▼ + stars: | 2023-01-19 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's foreign minister said at Davos the country was right to cut oil production. Foreign Minister Prince Faisal bin Farhan made the comment at the Davos economic summit in Switzerland on Wednesday. He addressed the diplomatic spat that erupted with the US last October after the Saudis announced alongside Russia that they would cut oil production. Analysts say that one of the reasons that Biden didn't follow through on threats to retaliate against Saudi Arabia over the cut was that oil prices did not spike, as some had expected. Oil prices overall have been volatile in recent months, driven by events such as Russia's invasion of Ukraine and China's COVID-19 lockdowns.

China said last Saturday that nearly 60,000 people with COVID died in hospitals between Dec. 8 and Jan. 12 - a roughly ten-fold increase from previous disclosures. However, that number excludes those who die at home, and some doctors in China have said they are discouraged from putting COVID on death certificates. China's chaotic exit from a regime of mass lockdowns, travel restrictions and frequent COVID testing, has also prompted a run on drugs as people fend for themselves against the disease. To meet soaring demand, drugmakers in China are ramping up operations to triple their capacity to make key fever and cough medicines, the state-run China Daily reported on Thursday. Medical facilities are relatively weak in rural areas, thus prevention is difficult and the task is arduous," Xi said, adding that the elderly were a top priority.

☆ Here's our January rapid-fire update on all 34 stocks in Cramer’s Charitable trust portfolio
▼ + stars: | 2023-01-19 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +11 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. As much as we'd like to maintain a bigger position in this roughly $472 stock, we're refraining from violating our cost basis of $291.52. ( See here for a full list of the stocks in Jim Cramer's Charitable Trust portfolio.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

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