Lots of interest around the oil on reassessment background that OPEC is expected to increase the oil demand in 2017 by 1.3 million barrels per day, mainly due to demand from China.
It’s still not known if US demand will grow in light of Trump’s statements that he intends to re-build the US However, at this point, OPEC predict that China will be the main factor in demand for oil.
China inflation data point to a sharp rise in prices in more than two years.
The CPI rose by 2.5% in January compared to the same period last year, after the December CPI rose by 2.1%.
China’s services sector grew at a rate slightly lower than in January, according to data released this morning.
The Purchasing Managers Index of China’s service sector in January was 53.1 points.
Macro-economic Data disappointing in China sent the Shanghai stock exchange to a decline of 0.4%.
PMI of manufacturing sector in January missed the economists’ estimates and recorded a reading of 51 index points only, versus expectations of 51.8 points.
China’s central bank provided a surprise, he raised the short-term interest rates by 0.1% to a level of 2.35%.
China reported that the domestic economy grew at an annual rate of 6.8% in the fourth quarter of 2016, compared with economists forecasts of 6.7% growth in the world’s second largest economy.
For the full year the Chinese economy expanded by 6.7%.
Figures published today in China showed that exports from the country fell in 2016 by 7.7% and the imports to China fell by 5.5%.
These data reflect the most sharp weakening of trade in China since 2009.
A data released over the weekend showed that China’s foreign exchange reserves fell for the sixth consecutive month.
China services sector expanded by more than the forecast in December.
the index climbed by 0.3 points to 53.4, as when each score above 50 reflects growth in the sector.
The trading on Wall Street stock exchanges closed yesterday on a positive trend, at the first trading day of 2017.
The rising came following an encouraging manufacturing data released in the US and China.
However, the increases have moderated after the oil retreated from a high of 18 months.
Asian trade is conducted with price declines on a background of tensions between China and the United States.
On Friday China seized an unmanned submarine of the US Navy in the South China Sea.