Athletes see the future.
Archives of “November 16, 2021” day
rssThink in questions, not statements.
Major European indices are ending the session with mixed results.
German DAX and France’s CAC close at another record high
The major European indices are ending the session with mixed results. Both the German Dax and the France’s CAC indices are closing at record highs. The provisional closes are showing:
- German DAX, +0.6%
- France’s CAC, +0.4%
- UK’s FTSE 100 -0.2%
- Spain’s Ibex -0.6%
- Italy’s FTSE MIB -0.1%
The German index has now been up for five consecutive days. It reached a new all-time intraday high of 16266.26 today. Since October 6, the index is up 9.64%
For the France’s CAC, it too has been up for five consecutive days. It reached a new all-time
EIA says any release of oil from SPR would only have a short lived impact
The acting head of the US energy information administration
The acting head of the US Energy Information Administration (EIA) is saying that any release from the US strategic petroleum reserve (SPR) would have only short-lived impact on oil markets.
The the price of crude oil has moved up toward $80.55 from about $80.30 ahead of the comment.
There is no breakthrough to report on Biden-Xi meeting – senior US official
Reuters with the headlines, citing a senior US administration official
- Nothing new established on Taiwan in terms of guardrails
- Biden stressed importance of China fulfilling trade agreement commitments
- Biden, Xi had extended discussion on Taiwan
- Biden was direct about concerns about Beijing’s behaviour on Taiwan Strait
- We were not expecting a breakthrough, there are none to report
- Beijing Winter Olympics did not come up in talks
- Human rights came up multiple times in the meeting
- Biden, Xi did not just stick to the script; meeting was respectful, open
Different day, same story. A whole lot of talk with nothing really being said and no real takeaways essentially. Well, were we really expecting anything else? *snooze*
Biden told Xi that US will stand up for its interests, values together with its allies – US statement
The US shares its communique on the meeting between the two leaders
- US opposes unilateral efforts to change the status quo of Taiwan
- Biden expressed concerns about China’s behaviour in Xinjiang and Hong Kong
- US to stay committed to ‘One China’ policy
- Biden and Xi discussed taking measures to address global energy supplies
The messaging is a bit of a far cry from the Chinese interpretation that the “US does not back Taiwan’s independence”. There’s no explicit mention by the US on that here and that pretty much underscores two different versions of the story – as is typically the case between the two whenever we see these sorts of meetings (think back to trade).
An oil ICYMI – Saudi, UAE signal yet again that OPEC will not succumb to US pressure to pump faster
Comments from UAE Energy Minister Suhail Al Mazrouei in an interview in Abu Dhabi, where he’s attending the ADIPEC oil and gas conference.
Said on the currently planned increasing daily output by 400,000 barrels per month
- “That should be enough”
- the oil market will switch from a supply deficit to a surplus early next year and that’s one of the main reasons for OPEC+ not to be more aggressive
These remarks were backed up by the Saudi Energy Minister Abdulaziz bin Salman
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For more, link. Please note this from Monday, its not breaking news.
China statement says Xi and Biden spoke about strategic, fundamental issues
Chinese statement following the virtual summit between China President Xi and US President Biden.
‘Fundamental’ issues is likely referring to fundamental differences the two have over the status of Taiwan (at a guess). China sees the island of Taiwan as a part of China, not an independent state. The US sees Taiwan as an independent democracy.
Anyway, that’s it for now, I’m sure there will be further to come from both sides on how the meeting went.
China’s state planner says it’ll charge punitive rates on households mining crypto
The National Development and Reform Commission of the People’s Republic of China (NDRC) is cracking down on crypto again.
- will examine imposing punitive electricity prices on those that are enjoying household electricity prices but found to be taking part in crypto mining activities
- will launch a comprehensive crackdown on state-owned firms conducting crypto mining and “industrialised and centralised” crypto mining activities
China analysts say the onshore yuan may deviate from the US dollar index
Ahead of the People’s Bank of China’s reference rate setting for USD/CNY today Chinese media carry a piece on the yuan.
Citing analysts as saying CNY (onshore yuan)
- is expected to see support from settlement demand and seasonal factors
- Also that CNY may diverge from the USD index
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The USD has been strong, a CNY deviation from it would imply these analysts see a stronger yuan.
Yuan has been strong regardless, this the offshore, CNH:
