December 28th Macroeconomic Index: China's Auto Industry Sees Profit Growth, Russia Cuts Oil Exports to Europe

   Daily Macro Economy News

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Domestic News

1. China Automobile Association: From January to November, the operating income of the automobile manufacturing industry maintained growth, and the profit increased by 2.9% year-on-year

2. China National Petroleum Corporation held a seminar on the development planning of strategic emerging industries

3. Shanghai International Energy Exchange issued an announcement on the adoption of regulatory measures such as restricting the opening of positions, restricting withdrawals, and filing investigations against relevant customers

4. The General Administration of Customs has decided to implement credit collection management for the inspection of imported crude oil

International News

1. Nigeria and South Africa are close to reaching their first natural gas supply deal

2. Russian Deputy Prime Minister: The share of oil and petroleum products exported to Europe will be reduced to 4% to 5% this year

3. Russia's grain export quota from February 15 to June 30, 2024 is set at 24 million tons

4. The El Nino phenomenon has caused the price of many commodities to rise, and the cocoa prices have hit a 46-year high

Domestic News

1. China Automobile Association: From January to November, the operating income of the automobile manufacturing industry maintained growth, and the profit increased by 2.9% year-on-year

According to China Automobile Association’s data on December 27, data from the National Bureau of Statistics compiled by the China Association of Automobile Manufacturers shows that from January to November 2023, the operating income of the automobile manufacturing industry was 9066.35 billion yuan, a year-on-year increase of 11.2%, accounting for 7.6% of the total operating income of industrial enterprises above designated size.

2. China National Petroleum Corporation held a seminar on the development planning of strategic emerging industries

China National Petroleum Corporation held a seminar on the development planning of strategic emerging industries. Dai Houliang, chairman of the board of directors and secretary of the party group of the corporation, pointed out that strategic emerging industries represent the direction of a new round of scientific and technological revolution and industrial transformation, and are the decisive force leading the future development of the country's industry. For the next step, Dai Houliang emphasized that it is necessary to continue to change the concept, make clear the relationship between strategic emerging industries and future industries as well as existing industries, grasp the key points, make full use of the integration advantages of the group company, accelerate the development of new energy and new materials business, promote the high-quality development of the group company, and accelerate the construction of a world-class enterprise.

3. Shanghai International Energy Exchange issued an announcement on the adoption of regulatory measures such as restricting the opening of positions, restricting withdrawals, and filing a case for investigations against relevant customers

The Shanghai International Energy Exchange found that 96 groups or a total of 246 customers were suspected of failing to declare the actual control relationship in the trading of container transportation index (European line) futures. In accordance with the relevant provisions of the "Shanghai International Energy Exchange Trading Rules" and the "Rules for the Management of Accounts with Actual Control Relationship of the Shanghai International Energy Exchange", the Shanghai International Energy Exchange was decided to take regulatory measures to restrict the opening of positions for one month and restrict the withdrawal of funds on the above-mentioned customers in the container transportation index (European line) futures varieties. At the same time, the Shanghai International Energy Exchange filed a case for investigation against two customers suspected of violating the rules.

4. The General Administration of Customs has decided to implement credit acceptance management for the inspection of imported crude oil

The General Administration of Customs issued a notice to implement ceedit collection management for the inspection of imported crude oil. According to the results of the quality and safety risk assessment of imported crude oil, the consignee of the imported goods or its agent may entrust the credit acceptance agency to carry out the inspection of the crude oil (HS code 27090000000), and the Customs shall implement the inspection results of the credit acceptance agency in accordance with the Credit Acceptance Measures.

International News

1. Nigeria and South Africa are close to reaching their first natural gas supply deal

Africa, which will be the first gas supply deal between the two countries. The company’s CEO David Ige said the company signed a gas export cooperation agreement with German energy importer Johannes Schuetze earlier this year and is now looking for a deal on the continent. South Africa is facing long-term power outages, with the country's old, poorly maintained power stations, run by debt-ridden state-owned utility Eskom, unable to keep up with demand. IGE said South Africa currently does not have facilities to receive LNG. The project will not be delivered until 2027, so there is plenty of time to build the import terminal infrastructure.

2. Russian Deputy Prime Minister: The share of oil and petroleum products exported to Europe will be reduced to 4% to 5% this year

Russian Deputy Prime Minister Alexander Novak said that the share of Russian oil and petroleum products exported to Europe this year will not exceed 4% to 5%, compared with 40% to 45% previously. Novak also said India's share of Russian energy exports has risen to 40 percent.

3. Russia's grain export quota from February 15 to June 30, 2024 is set at 24 million tons

According to the order issued by the Russian government, the TRQ for exports of wheat and mixed wheat, barley and corn to non-Eurasian Economic Union member states outside the Russian Federation is set at 24 million tonnes from February 15, 2024 to June 30, 2024( inclusive).

4. The El Nino phenomenon has caused the price of many commodities to rise, and the cocoa prices have hit a 46-year high

According to CNBC, U.S. Consumer News and Business Channel, the price of orange juice, coffee and other goods has soared due to factors such as El Nino, and consumers may spend more money on related products in the coming months. West Africa, the main cocoa-producing region, has been hit hard by heavy rains and fungal diseases, resulting in a severe decline in production. The price of cocoa, an important raw material of chocolate, have risen 64% so far this year, reaching their highest level in 46 years. In the middle of this month, Robusta coffee prices reached their highest level in these 15 years. Sugar prices have risen 13% year-to-date and are now down from a 12-year high point set in September.

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