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Crude Oil Prices Under Pressure From Weak Chinese Demand, ANZ Bank Says
China Lowers Petroleum Prices in Line With Decline in Global Prices
Mainland China lowered the price of refined oil early this morning.
According to recent changes in international oil prices, the National Development and Reform Commission stated that in accordance with the current mechanism for determining refined oil prices, the prices of gasoline and diesel (standard) will be reduced by RMB 145 and RMB 140 per ton respectively, starting at midnight. China National Petroleum Corporation, Sinopec, CNOOC and other crude oil processing enterprises must organize production and transportation of refined oil to ensure stable market supply and strictly implement national price policies. Relevant departments in various regions should increase market supervision and inspection efforts, severely investigate and deal with acts that do not implement national price policies, and maintain normal market order.
Hang Seng Index fell below 17,000 in the afternoon, hitting a three-month low, while Meituan declined more than 6%. Local stocks outperformed Evergrande and reached a nearly two-year high in energy.
Dragged down by heavyweight technology stocks such as 'Amazing Seven Heroes', the three major stock indices in the US fell significantly on the night of the 24th; the VIX index, which reflects the market panic, surged 22.6%. Stimulated by the increase in global arbitrage trade liquidation, the yen continued to rise to a two-and-a-half-month high, rising 1% at its highest to 152.22 against the US dollar. Safe-haven sentiment has risen sharply, and major stock markets in the Asia-Pacific region fell across the board today (25th), with the Nikkei index closing down 1,285 points or 3.3%. Following the decline in the past two days, the Hong Kong stock market fell below the 17,000 mark in the afternoon, dropping 335 points at its lowest to a three-month low of 16,975, and is currently reporting 17,010, continuing its decline by 300.
Hong Kong stock market mid-day review: Hang Seng Index fell by 1.42%, recording 3 consecutive declines. Technology and financial stocks and other weights fell across the board. Photovoltaic stocks bucked the trend and rose.
The three major indexes continue to decline, all recording three consecutive falls.
The government will maintain the same upper limit price for dedicated oil & gas refueling stations in August this year.
The Electrical and Mechanical Services Department announced today (25th) that, in accordance with the contract terms of the dedicated petrol station (DPS), the upper limit price of vehicular liquefied petroleum gas (LPG) for DPS will be adjusted between August 1 and August 31 this year. A spokesperson for the Electrical and Mechanical Services Department stated that, as international LPG prices in July this year remained unchanged, the upper limit prices of vehicular LPG for each DPS in August this year will remain unchanged, ranging from HKD3.49 to HKD4.38 per litre. The spokesperson pointed out that the upper limit price of vehicular LPG is priced according to the designated pricing formula in the contract. This pricing formula includes two elements: international LPG prices and LPG operating prices.
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