Eurostoxx futures +0.6% in early European trading

  • German DAX futures +0.6%
  • UK FTSE futures +0.4%
  • Spanish IBEX futures +0.4%

That carries over the positive tone from yesterday, though it hardly chips into the fall from last week. For now, equities are keeping the calm but I reckon we might get more volatility once Wall Street enters the fray later today.

Elsewhere, US futures are keeping more positive with S&P 500 futures up 1.5%*, Nasdaq futures up 1.5%*, and Dow futures up 1.3%*.

Around a third of Chinese fuel-processing refining capacity is currently idle

  • China’s refining sector is set up mainly to serve its domestic market
  • The government controls how much fuel can be sent abroad via a quota system
  • It had 17.5 million barrels a day of capacity at the end of 2020, and will reach 20 million by 2025
  • China’s big state-owned refiners, which make up around three-quarters of the industry, were running at around 71 per cent of capacity on June 10

Output in China has been subdued for many months.china gasoiline

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