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☆ China's COVID-19 reopening set to push 2023 oil demand to new high -IEA
▼ + stars: | 2023-01-18 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

"Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report. "Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain." World total oil demandWeak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. Demand/supply balance"The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery," the IEA said. Russia's oil exports increased by just under 5% last year, the IEA said on Wednesday, though prices were far lower.

☆ Chinese who lost relatives to COVID angry at failure to protect elderly
▼ + stars: | 2023-01-18 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +6 min

REUTERS/StaffBEIJING, Jan 18 (Reuters) - Former high school teacher Ailia was devastated when her 85-year-old father died after displaying COVID-like symptoms as the virus swept through their hometown in the southeastern province of Jiangxi. Her father died in late December, weeks after China dropped its COVID restrictions. Among those fatalities, 90% were 65 or older and the average age was 80.3 years, a Chinese official said on Saturday. Hong recalls visiting with her father to a crowded Wuhan crematorium to collect the ashes of her grandparents - a grim but common experience during China's COVID surge. Relatives were likewise sceptical about official death tolls, with several citing lost trust in the government during three years of "zero COVID" pandemic management.

☆ World must abandon Cold War mentality, China's vice premier tells Davos
▼ + stars: | 2023-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

In a special address at the World Economic Forum in Davos, Switzerland, Liu repeatedly called on countries to improve diplomatic ties, "to "firmly safeguard world peace." China's Vice Premier Liu He said Tuesday that the world needs to abandon its Cold War mentality and seek to strengthen international cooperation. In a special address at the World Economic Forum in Davos, Switzerland, Liu repeatedly called on countries to improve diplomatic ties, "to "firmly safeguard world peace." Earlier on Tuesday, China's commerce ministry said the country's vice premier would soon meet U.S. Treasury Secretary Janet Yellen in Switzerland. Late last year, U.S. President Joe Biden and Chinese President Xi Jinping signaled a desire to improve bilateral ties.

☆ Davos panel discusses the trade impacts of China's Covid reopening
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDavos panel discusses the trade impacts of China's Covid reopeningCNBC's Karen Tso leads the discussion on global trade and the challenges in supply chains. Malaysian Minister of International Trade & Industry Tengku Zafrul Aziz, Port of Antwerp-Bruges CEO Jacques Vandermeiren and Finland Minister for Development Cooperation & Foreign Trade Ville Skinnari join the panel.

☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

[1/2] Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important petroleum-related futures and options contracts over the seven days ending on Jan. 10. Investors sold a total of 29 million barrels in the two most recent weeks, after purchasing 103 million barrels in the two weeks before, according to position records published by regulators and exchanges. The net position in middle distillates is 60 million barrels (48th percentile) but the net position in crude is just 301 million (9th percentile). Sluggish output growth from U.S. shale producers, sanctions on Russia's oil exports, China's eventual emergence from the coronavirus pandemic and depleted diesel stocks are all contributing to eventual bullishness about prices.

☆ China reports huge rise in Covid deaths after WHO criticized Beijing for heavily undercounting
▼ + stars: | 2023-01-14 | by ( ) www.cnbc.com time to read: +5 min

The World Health Organization said this week that China was heavily under-reporting deaths from COVID, although it was now providing more information on its outbreak. China, which last reported daily COVID death figures on Monday, has repeatedly defended the veracity of its data on the disease. On Saturday, Jiao said China divides COVID-related deaths between those from respiratory failure due to coronavirus infection and those from underlying disease combined with coronavirus infection. Last month, a Chinese health expert at a government news conference said only deaths caused by pneumonia and respiratory failure after contracting COVID would be classified as COVID deaths. However, he said, it was unclear whether the new data accurately reflects actual fatalities because doctors are discouraged from reporting COVID-related deaths and the numbers include only deaths in hospitals.

☆ China's COVID fever and emergency hospitalisations have peaked, health official says
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Patients receive IV drip treatment at a community health service centre, amid the coronavirus disease (COVID-19) outbreak, in Shanghai, China January 9, 2023. cnsphoto via REUTERSSHANGHAI, Jan 14 (Reuters) - COVID fever and emergency hospitalisations have peaked in China and the number of hospitalised COVID patients is continuing to decline, a Chinese health official said on Saturday. Nationwide, "the number of fever clinic visitors is generally in a declining trend after peaking, both in cities and rural areas," Jiao Yahui, an official from the National Health Commission, told a news conference. Jiao said the number of emergency treatment patients was also declining and the ratio of patients who had tested positive for COVID-19 was steadily falling as well. The number of severe cases has also peaked, she added, though remained at a high level, and patients were mostly elderly. Wen Daxiang, a Shanghai Health Commission official, said China would strengthen health monitoring and management of the high-risk population.

And as the worst economic fears recede, global investors are rapidly rethinking historical underweights in euro zone assets. "One of the main sources of downside risk for economic activity in the euro zone is dissipating," said UniCredit economist Edoardo Campanella. Euro zone economic surprisesUnicredit chart on EU gas storageEuro natural gas prices plungeWEIRD WEATHERThat's not to suggest the problem is gone. Although back below 2021's peaks, year ahead natural gas prices in Europe are still three times the average of 15 year up to the pandemic. But there's little doubt Europe at large is weathering the winter storm better than most had imagined only a few months ago.

The UN agency said China was heavily under-reporting deaths from COVID, although it is now providing more information on its outbreak. China's foreign ministry said the country's health officials have held five technical exchanges with the WHO over the past month and have been transparent. Concerns over data transparency were among the factors that prompted more than a dozen countries to demand pre-departure COVID tests from travellers arriving from China. Tensions escalated this week with South Korea and Japan, with China retaliating by suspending short-term visas for their nationals. Still, traffic data and other indicators have not yet fully recovered to levels of just a few months ago.

☆ Logitech cuts sales outlook after Q3 miss; shares seen sinking
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 12 (Reuters) - Logitech International (LOGN.S) on Thursday reported lower earnings and sales between October and December and cut its sales outlook, citing a difficult economic backdrop and supply chain uncertainties linked to China's COVID-19 outbreak. CEO Bracken Darrell said the weaker-than-expected results reflected "challenging macroeconomic conditions including a slowdown in sales to enterprise customers in the quarter." The company was cutting its outlook based on the results and on "uncertainty in supply availability related to the current COVID outbreak in China." Last year, COVID restrictions drove Logitech to its highest ever second-quarter sales on the back of strong demand for home office products and computer gaming devices. Reporting by Noele Illien and John Stonestreet; Editing by Jacqueline Wong and Noele IllienOur Standards: The Thomson Reuters Trust Principles.

Reuters GraphicsReuters GraphicsIn addition, Loo said a speedy recovery is also hampered by shifts in household liquidity positions over the course of the pandemic. "Unlike the outright cash payoff schemes seen in Hong Kong and Singapore that go some way in supporting household spending, China's COVID-relief programmes have instead focused predominantly on supporting businesses affected by lockdowns," she said. An official factory activity survey showed a sub-index of new export orders has remained in contraction territory for 20 consecutive months. But a recovery in the country's embattled property market could take much longer. Graphics by Kripa Jayaram, Riddhima Talwani and Sumanta Sen; Reporting by Ellen Zhang and Kevin Yao; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

South Korea on Tuesday hit back at claims that its Covid rules for Chinese travelers are "discriminatory," saying more than half of its imported cases are coming from China. Citing South Korea's proximity to China, Choi said a surge in infections in China could put South Korea at risk. But South Korea and Japan — two top destinations for Chinese travelers — said they are not increasing flights in response to China's border reopening. China's embassies in South Korea and Japan announced Tuesday that they would stop issuing visas to "Korean nationals" and "Japanese citizens." Choi said South Korea's new Covid travel restrictions are "only temporary" and were made to "place the highest priority on the health and safety of people residing in South Korea."

☆ Exclusive: Apple supplier BOE plans new factories in Vietnam
▼ + stars: | 2023-01-11 | by ( Francesco Guarascio | ) www.reuters.com time to read: +3 min

HANOI, Jan 11 (Reuters) - Chinese display maker BOE Technology Group Co Ltd (000725.SZ), a supplier of both Apple Inc (AAPL.O) and Samsung Electronics Co Ltd (005930.KS), plans to invest a substantial sum to build two factories in Vietnam, two people familiar with the matter said. BOE plans to make the more sophisticated organic light-emitting diodes (OLED) screens at the site rather than liquid-crystal displays (LCDs), the person said. Apple, which included BOE in its 2021 list of manufacturing partners, uses OLED screens for its latest iPhone smartphones. The U.S. tech giant, however, plans to start making mobile screens in-house by next year, Bloomberg reported on Wednesday. BOE's Vietnam plan is not specifically aimed at supplying Apple, the person said.

☆ In rural eastern China, not testing for COVID becomes the norm
▼ + stars: | 2023-01-10 | by ( Brenda Goh | ) www.reuters.com time to read: +4 min

Breathing problems, body aches and lethargy had prompted her to visit a hospital in her home village in Tonglu county in eastern China's Zhejiang province' for treatment. It was a common reaction among patients in Tonglu, illustrating how COVID-19 is spreading across China without recognition, especially in its vast rural regions. Several residents around Tonglu county told Reuters they had COVID symptoms or believed they had been infected previously, but that testing was not that common, especially for those living in the villages. Medical facilities visited this week by Reuters in Tonglu county, in one of China's most prosperous regions and known for farming, were relatively calm. In Tonglu county, residents described how crowded the local crematorium was, echoing what funeral home staff in other cities such as Beijing and Shanghai have told Reuters.

☆ Chinese travelers say new restrictions are 'unfair' — but they're angry at some countries more than others
▼ + stars: | 2023-01-10 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +5 min

But it's not out of spite, said several Chinese travelers who spoke to CNBC. 'I think it's unfair'Reactions from Chinese travelers who spoke to CNBC were varied, ranging from indifference to confusion to anger. Last week, the European Union recommended that its members require Chinese travelers to take Covid tests before entering. Rein said Chinese travelers are now headed to Singapore and Thailand because "both countries are welcoming us." Of the top destinations Chinese nationals searched after the border reopening announcement, those are the only two that haven't imposed new restrictions on incoming Chinese travelers.

☆ China’s reopening has gotten Wall Street excited. Here’s how the pros are playing it
▼ + stars: | 2023-01-10 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Over the past week, a host of Wall Street banks have turned increasingly bullish on the world's second-largest economy and have upgraded their outlook on Chinese stocks. Morgan Stanley expects China's GDP to grow by an "above-consensus" 5.4% in 2023, on the back of a "fast-tracked" reopening and more proactive policy easing. Meanwhile, UBS says Chinese stocks look increasingly attractive. How to play the reopening Against this backdrop, analysts have named a slew of both Chinese and global stocks they think will benefit most from China's reopening. Bank of America's domestic reopening beneficiaries include consumer stocks such as alcoholic beverage makers Kweichow Moutai and Tsingtao Brew , airline stocks including China Southern Airlines , as well as online travel platform Trip.com .

LONDON, Jan 9 (Reuters) - Rallying oil prices ran out of steam just before the end of the year as investors turned cautious after two weeks of heavy petroleum buying. Hedge funds and other money managers sold the equivalent of 12 million barrels in the six most important petroleum-related futures and options contracts over the seven days ending Jan. 3. Light selling emerged after funds had purchased 103 million barrels over the preceding two weeks, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission. But global distillate inventories remain severely depleted after an unprecedented drawdown between the middle of 2020 and the middle of 2022. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Global stocks rallied and the dollar dropped. The upbeat market momentum continued on Monday, with Asian stocks up after China reopened its borders, bolstering the outlook for the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose to its highest in more than six months. Redha said that there was "over-excitement" in the market reaction to the U.S. jobs data, and that more wage data would be needed. Emerging market stocks (.MSCIEF) were up 2.4% on the day, and have risen by more than 20% since their October lows.

The upbeat market momentum continued on Monday, with Asian stocks up after China reopened its borders, bolstering the outlook for the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose to its highest in more than six months. At 0811 GMT the MSCI World Equity index, was up 0.5%, near its highest since mid-December (.MIWD00000PUS). “The market is reading that wage pressures are easing quite rapidly and seeing that as positive and potentially people whispering the words “soft landing” more loudly now,” said Hani Redha, global multi-asset portfolio manager at PineBridge. Redha said that there was "over-excitement" in the market reaction to the U.S. jobs data, and that more wage data would be needed.

☆ Analysis: Some ocean shipping rates collapsing, but real price relief is months away
▼ + stars: | 2023-01-09 | by ( Lisa Baertlein | ) www.reuters.com time to read: +4 min

They're not interested in playing the (spot) market" by shopping for lower rates, shipping expert John McCown said. The chief executive of container shipping company Ocean Network Express, Jeremy Nixon, said in December that short-term spot rates were "bottoming out." Meanwhile, long-term contract rates finished 2022 about 20% lower than the pandemic peak of more than $8,000 per container, according to maritime consultancy Drewry, which expects contract rates to halve in 2023. Several factors could support longer-term contract rates, including upheaval from China's COVID outbreak, war in Ukraine, and high labor costs. Steve Schult, vice president for almond farming cooperative Blue Diamond Growers, bets contract rates will not revisit pre-COVID levels.

Long queues formed at the Hong Kong international airport's check-in counters for flights to mainland cities including Beijing, Tianjin and Xiamen. Hong Kong media outlets estimated that thousands were crossing. Beijing has quotas on the number of people who can travel between Hong Kong and China each day. I'm thrilled, I can't believe it’s happening,” said a businesswoman surnamed Shen, 55, who flew in from Hong Kong. The World Health Organisation said on Wednesday that China's COVID data underrepresents the number of hospitalisations and deaths from the disease.

☆ NY Fed says China's COVID woes are pressuring supply chains
▼ + stars: | 2023-01-06 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

The regional Fed bank's December Global Supply Chain Pressure Index ticked down to 1.18 from November's revised 1.23 reading. According to the report, supply chain pressures have been easing notably since the spring of last year and bottomed in September, and have since then been bouncing around in a tight range. Given China's large role in manufacturing, that approach has kept pressure on supply chains over recent months. The report noted that China's recent woes were affecting other Asian economies, and said the future of that nation's impact on supply chains is uncertain. Supply chain pressures as measured by the New York Fed have been generally easing since hitting a peak in the closing months of 2021.

☆ China's big cities are starting to look past Covid, while rural areas brace for infections
▼ + stars: | 2023-01-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Subway passenger traffic in Shanghai is quickly returning to levels seen before the latest Covid wave, according to Wind data. Subway and road data show traffic in major cities is rebounding, he pointed out, indicating the worst of the latest Covid wave has passed. "The dramatic U-turn in China's Covid policy since mid-Nov implies deeper short-term economic contraction but faster reopening and recovery," Hu said in a report Wednesday. In the last several days, the southern city of Guangzhou and the tourist destination of Sanya said they'd passed the peak of the Covid wave. watch nowChongqing was the most congested city in mainland China during Thursday morning's rush hour, according to Baidu traffic data.

☆ EU strongly recommends travelers from China to take Covid test before entering Europe
▼ + stars: | 2023-01-05 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

European nations are looking at new travel requirements from China after Beijing lifted Covid restrictions. European nations on Wednesday recommended imposing new restrictions on travelers from China amid fears of an increase in Covid cases. Passengers departing from China will likely have to present a negative Covid test before leaving the country if heading toward one of the 27 EU countries. Several EU nations have already stepped up their protection measures against potential new cases from China. Correction: This story was updated to reflect that European officials on Wednesday recommended pre-flight testing of travelers from China.

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