Daily Macro Economy News on June 25

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International Crude Price Trend and Exchange Rate of RMB to USD Trend

Domestic News

1. Li Qiang attended the closing ceremony of the New Global Compact on Finance Summit in Paris and delivered a speech

2. The Ministry of Culture and Tourism issued Emergency Notice on Further Strengthening the 2023 Dragon Boat Festival Holiday and Flood Season, Summer Culture and Tourism Industry Safety Production Work

3. Central Meteorological Station continues to issue orange-coded heat alerts

4. The "reducing storm" is sweeping through the AI industry

International News

1. The Netherlands will stop extracting gas from Europe's largest Groningen field from October 1st due to frequent earthquakes

2. After Texas, US Washington State Plans to Require Sites to Adopt Tesla's North American Charging Standard

3. Gold's performance this week is expected to be the worst since February as Fed officials take a hawkish stance on rate hikes

4. The "reducing storm" is sweeping through the AI industry

More detials:

Domestic News

1. Li Qiang attended the closing ceremony of the New Global Compact on Finance Summit in Paris and delivered a speech

Li Qiang attended the closing ceremony of the New Global Compact on Finance Summit in Paris and delivered a speech. Li Qiang said that the firm promotion of economic globalization and free trade will inject new growth momentum for developing countries. China is willing to work with the international community to promote trade and investment liberalization and facilitation, and clearly opposes trade protectionism and various forms of "unhooking and chain breaking".

2. The Ministry of Culture and Tourism issued Emergency Notice on Further Strengthening the 2023 Dragon Boat Festival Holiday and Flood Season, Summer Culture and Tourism Industry Safety Production Work

All places should guide A-class tourist attractions to flood risk areas, geological disaster-prone areas and other key parts to carry out a comprehensive and detailed mapping, the establishment of a list of hidden problems and ledgers, article by article, item by item to complete rectification in a timely manner. Strengthen the flood patrol inspection, set up obvious warning signs in dangerous areas, clear emergency evacuation guidelines for tourists, pre-set emergency shelters in case of necessity, take measures to close the scenic area and divert tourists to ensure the safety of tourists.

3. Central Meteorological Station continues to issue orange-coded heat alerts

The Central Meteorological Station continues to issue orange-coded heat alerts. On June 24^th, during the day, North China, Huang-huai area and other areas will continue to appear more than 35 ℃, in which, Beijing, Tianjin, Hebei, north-central Shandong, northern Henan and other areas with a maximum temperature of 37 ~ 39 ℃, Beijing, Tianjin, central Hebei, northern Shandong and other parts of the area can reach about 40 ℃.

4. The "reducing storm" is sweeping through the AI industry

The "reducing storm" is sweeping through the AI industry. In addition to Oracle, the global AI chip leader Nvidia has also recently been reduced by the company's directors as well as Edmond Desrosiers Asset Management. From the A-share and Hong Kong stock markets, AI concept leaders such as Kunlun Wanwei, Cambridge Technology, and Shangtang Technology have all suffered recent holdings reductions.

International News

1. The Netherlands will stop extracting gas from Europe's largest Groningen field from October 1st due to frequent earthquakes

The Netherlands will stop extracting natural gas from Europe's largest Groningen field from October 1^st, the Dutch National Public Radio and Television (NOS) reported, citing a decision by the Dutch government, according to Sputnik. The valves will be closed on Oct. 1^st, 2023, but the gas installations will not be dismantled immediately. The large gas field in Groningen in the northern Netherlands was discovered in 1959 and gas extraction was initiated in 1963. The field has initial recoverable reserves of 2.9 trillion cubic meters of natural gas. For many years, the field was the main source of natural gas supply for northwestern Europe, but due to the frequent earthquakes in the province in the 1990s, the Dutch government decided to gradually restrict the field's exploitation.

2. After Texas, US Washington State Plans to Require Sites to Adopt Tesla's North American Charging Standard

The US state of Washington plans to require electric vehicle charging companies to use Tesla's charging plugs if they want to receive funding to achieve highway electrification plans, an official said on Thursday at local time, according to foreign media reports. Before Washington, Texas had mandated Tesla's North American Charging Standards (NACS). NACS has not been tested and certified by other automakers, and we plan to adopt NACS at our state and federally funded (charging) sites in the future," said Tonya Bour, alternative fuels program manager for the Washington State Department of Transportation, which plans to begin seeking comments on the proposal process in this fall.

3. Gold's performance this week is expected to be the worst since February as Fed officials take a hawkish stance on rate hikes

Gold prices may post their biggest weekly decline since February due to a stronger dollar and Fed officials taking a tough stance on rate hikes. "Fed Chairman Jerome Powell is quite tough, he favors further rate hikes and doesn't see a rate cut in the near term. That's pretty bearish for the metal," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. Meanwhile, the Fed's Daley said that two more rate hikes this year are a "very reasonable" estimate. So far this week, the gold price has fallen nearly 2%, since the early May breakthrough of the $2000 mark, gold prices have fallen more than $150. "Investors lack confidence in gold interest," said Suki Cooper, an analyst at Standard Chartered Bank. "Exposure (to gold) has fallen sharply since the last (Federal Reserve) meeting, highlighting a shift in market sentiment heading into a seasonal demand slowdown.

4. Saudi gasoline production hits record high in April, subsequent gasoline exports expected to increase

The latest data from JODI, the joint oil database, shows that Saudi gasoline production in April was 667,000 bpd (barrel/day), the highest single-month output since records began in 2002, as output from the 400,000 bpd from the Jazan refinery on the Red Sea coast continued to increase. The data show that Saudi Arabia's production in April was the highest since 2002. The data showed Saudi gasoline exports were 307,000 bpd in April, up from 295,000 bpd in March but below the 325,000 bpd exported in February (the highest level in more than four years). Market participants expect Saudi Arabia to have more gasoline available for export this year as the Jazan refinery reaches full production capacity. At full capacity, it is expected to produce about 70,000 barrels of gasoline, more than 200,000 barrels of ultra-low sulfur diesel, and about 48,000 barrels of fuel oil per day.

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