June 11th Macroeconomic Index: China's Light Industry Rebounds, Global Sugar Supply Shortage Forecast Raised

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Domestic News

1. Wang Yi met with Russian Foreign Minister Sergei Lavrov

2. Asia's first cylindrical floating production, storage and offloading unit "Anemone No. 1" completed offshore installation

3. Shanghai Port completed the first LNG anchorage bunkering operation for bulk carriers

4. The prosperity of the tire industry continues to rebound, and the performance of tire companies is improving

5. Operating income was close to 7 trillion yuan, China's light industry continued to rebound in the first four months

International News

1. International Sugar Organization: raised the forecast of global sugar supply shortage in 2023/2024 to 2.954 million tons

2. From July 8, 2024, it is planned to adjust the peak season surcharge (PSS) for containers on the following routes

3. The EU will increase humanitarian assistance to Afghanistan to nearly 150 million euros this year

4. ECB Kazaks: The next move depends on inflation and the economy

5. Hungarian Prime Minister: The United States is inflamed by the Russia-Ukraine conflict at the expense of European interests

Domestic News

1. Wang Yi met with Russian Foreign Minister Sergei Lavrov

Wang Yi said that President Putin's recent visit to China was a complete success, and the two sides should make every effort to implement the important consensus reached by the top leaders of the two countries and promote cooperation in various fields under the guidance of the strategy of the heads of state. Developing Sino-Russian relations is a strategic choice made by both sides based on their respective fundamental interests and conforms to the general trend of the world and the trend of the times. It is not aimed at third parties, and it will not be interfered with by external obstruction. China is ready to work with Russia to maintain strategic focus, dig the potential of cooperation, respond to external obstacles, and promote the steady and long-term development of bilateral relations. Lavrov said that during President Putin's visit to China, the two heads of state jointly clarified the direction of development of Russian-Chinese relations and achieved new results in strategic cooperation. The Russian side is willing to make joint efforts with the Chinese side to implement the important consensus reached by the heads of state, strengthen high-level exchanges, strengthen cooperation in various fields, and jointly organize the activities of the Year of Chinese in Russia. Russia is ready to work closely with China in multilateral platforms such as the UN Security Council to strengthen diplomatic coordination. In international and regional affairs, like-minded countries are increasing, and the BRICS expansion reflects this positive trend. We look forward to the BRICS Foreign Ministers' Meeting having in-depth discussions on the next stage of cooperation and making political preparations for the Kazan Summit. The two sides further exchanged views on the current international and regional situation and the Ukraine crisis. (Ministry of Foreign Affairs)

2. Asia's first cylindrical floating production, storage and offloading unit "Anemone No. 1" completed offshore installation

CNOOC announced on the 10th that with the last anchor chain locked and fixed, Asia's first cylindrical floating production, storage and offloading device "Anemone No. 1" completed the offshore installation, and was accurately in place in the Liuhua Oilfield in the Pearl River Estuary Basin, marking a new breakthrough in the installation capacity of the mooring system of floating facilities in China's deepwater oil and gas fields, and laying the foundation for the secondary development project of China's first deepwater oilfield to be put into operation within the year.

3. Shanghai Port completed the first LNG anchorage bunkering operation for bulk carriers

After 18 hours, the LNG bunkering ship "Harbour Future" successfully completed the offshore "ship-to-ship" bunkering operation of about 5,300 cubic meters of LNG on the "Mount Aconcagua" on the 10th, which means that the first LNG anchorage bunkering operation of the dual-fuel powered bulk carrier in Shanghai Port was successfully completed. So far, 13 LNG bunkering sessions have been completed at the Lvhuashan South Anchorage of Shanghai Port, with a bunkering volume of more than 45,955 cubic meters. (China News Network)

4. The prosperity of the tire industry continues to rebound, and the performance of tire companies is improving

On June 5, Brand Finance released the list of the top 25 tires in the world. In the context of the challenges faced by global tire giants, China has the largest number of tire companies on the list, including Sen Kirin, Triangle Tire, Linglong Tire, etc. According to data from the National Bureau of Statistics, from January to April this year, China's total tire output was 338 million, a year-on-year increase of 11.4%; The export volume was 209 million, a year-on-year increase of 10.8%. Tianfeng Securities Research Report believes that tires have ushered in a short-term, medium-term and long-term logic upward stage, and the future is expected to usher in a cycle of valuation and earnings recovery and upward adjustment. According to statistics, 9 A-share listed tire companies achieved double-digit growth in the first quarter, including GM, Sailun Tire, Guizhou Tire, Linglong Tire, and Sen Kirin doubled.

5. Operating income was close to 7 trillion yuan, China's light industry continued to rebound in the first four months

The latest statistics released by the China Light Industry Federation show that in the first four months of this year, China's light industry economy continued to rebound, providing important support for the stable development of the industrial economy. In the first four months of this year, the light industry achieved operating income of nearly 7 trillion yuan, a year-on-year increase of 2.6%. In the first four months, the added value of light industry above designated size increased by 5.9 percent year-on-year. Among them, the added value of papermaking, plastic products, household appliances and other manufacturing industries increased by more than 10%. Among the 91 major light industrial products counted by the National Bureau of Statistics, the output of 71 products increased. (CCTV News)

International News

1. International Sugar Organization: raised the forecast of global sugar supply shortage in 2023/2024 to 2.954 million tons

The International Sugar Organisation (ISO) today raised its forecast for supply shortages in the global sugar market for 2023/2024. ISO forecasts a global sugar supply gap of 2.954 million tonnes in 2023/2024 (October 2023 to September 2024), larger than the 689,000 tonnes estimated in February. ISO also adjusted its 2022/23 global sugar supply gap estimate to 1.153 million tonnes, compared to a previous estimate of a surplus of 308,000 tonnes.

2. From July 8, 2024, it is planned to adjust the peak season surcharge (PSS) for containers on the following routes

Shipping giant Maersk: Plans to adjust the peak season surcharge (PSS) for containers on the following routes from July 8, 2024, including the United Arab Emirates, Bangladesh, Bahrain, Bhutan, India, Iraq, Jordan, Kuwait, Sri Lanka, Maldives, Nepal, Oman, Pakistan, Qatar, Saudi Arabia, Yemen to the west coast of the United States and Canada. The adjusted rate levels are as follows: Middle East & Indian Subcontinent to U.S. & Canada West Coast: +$7000 surcharge for all dry and reefer containers (DRY&REEF) .

3. The EU will increase humanitarian assistance to Afghanistan to nearly 150 million euros this year

On June 10, local time, the European Commission announced that in view of the deteriorating humanitarian situation in Afghanistan, the European Union launched an emergency aid reserve to avoid the risk of famine in the country. This will bring the total amount of humanitarian assistance provided by the EU to Afghanistan in 2024 to almost 150 million euros. In Afghanistan, EU funds will continue to be used to meet the needs of the most vulnerable, especially remote communities, the message said. Aid will focus on food aid, housing, health care, and access to water and sanitation appliances.

4. ECB Kazaks: The next move depends on inflation and the economy

ECB Governing Council member Kazaks said in an interview that the ECB's next policy decision will depend on the development of the economy and inflation. He warned that "there is a tendency for inflation to come back" and said: "At the moment, financial markets are expecting one or two more rate cuts this year, and we will wait and see." The good news is that we are starting to come down [from the peak of interest rates].  "

5. Hungarian Prime Minister: The United States is inflamed by the Russia-Ukraine conflict at the expense of European interests

Hungarian Prime Minister Viktor Orban said in an interview with the media that the United States and the West are trying to replicate the Cold War experience and continue to provide support to Ukraine in the hope of defeating Russia. The method adopted by the United States is to provide loans to Ukraine, but ask Europe to provide guarantees, which is at the expense of European interests to ignite the conflict between Russia and Ukraine. According to a recent report by the Financial Times, the United States is ready to provide Ukraine with a loan of nearly $50 billion and repay it with the profits from the freezing of Russian assets as a guarantee, provided that Europe is required to extend sanctions against Russia indefinitely. Orban said that the so-called "great" plan of the United States needs to be borne by all of Europe. (CCTV News)

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