On Monday, local time, US stocks were closed for Labor Day. However, the European market is a little nervous. The energy crisis has been transmitted to the financial market. In Europe, only British stocks closed up, while German stocks fell more than 2%. For the first time in 20 years, the euro fell below 0.99, while the pound approached its lowest point since 1985. Yields on 10-year and 2-year British bonds hit new highs in eight years and fourteen years respectively.
At the same time, it is reported that the Russian government accused the western sanctions against Russia of being the chief culprit of the complete gas cut-off of Beixi No.1 natural gas pipeline. If the western sanctions against Russia are not lifted, the maintenance of the pipeline will be difficult to complete, and the natural gas supplied to Europe through the pipeline will not be fully recovered. This means that the European energy crisis may intensify. Big bounce, the European natural gas, soared by 35% overnight.
In addition, there was another big event in Europe overnight. The new British Prime Minister officially announced that the 47-year-old Foreign Secretary Liz Trass defeated the former Finance Minister Sunak in the internal election of the Conservative Party and became the new leader of the Conservative Party. At the same time, she will also take over the post of British Prime Minister from Boris Johnson. Trass is also the third female prime minister in British history after Margaret Thatcher and Teresa May. However, Trass will inherit a mess from Johnson, and Britain is facing a series of problems such as energy crisis, financial difficulties and diplomatic deadlock.
In addition, the OPEC+ meeting on Monday decided to reduce oil production by 100,000 barrels per day in October compared with that in September, reversing the previous plan of increasing oil production by 100,000 barrels per day in September, bringing the output in October back to the level in August, and the international oil price rose by over 2%.
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The main contract of WTI crude oil closed at $88.83 per barrel, up 2.26%; The main contract of Brent crude oil closed at $95.23 per barrel, up 2.38%; The main contract of crude oil in the previous period closed at 707.20 yuan per barrel overnight, up 1.62%.
Overnight, the Shanghai gold main contract closed up 0.26% to 386.34 yuan per gram; Shanghai Bank’s main contract closed up 0.19% to 4,191.00 yuan per kilogram.
[overnight news]
Britain welcomes its third female prime minister.
Trass, the current British foreign secretary, defeated Sunak, the former chancellor of the exchequer, and was elected as the new leader of the ruling Conservative Party in Britain. Trass will become the third and youngest female prime minister in British history. The first two female prime ministers are Margaret Thatcher, who is known as the "Iron Lady", and Theresa May, who experienced the Brexit chaos.
Russia: It will last until the Western "sanctions" end.
The Russian government accused the western sanctions against Russia of being the chief culprit of the complete gas cut-off of Beixi No.1 natural gas pipeline. If the western sanctions against Russia are not lifted, the maintenance of the pipeline will be difficult to complete, and the natural gas supplied to Europe through the pipeline will not be fully recovered.
OPEC+ reversed the agreement to increase production and agreed to "symbolically" reduce production by 100,000 barrels per day to stabilize oil prices.
OPEC+ this Monday decided to reduce oil production by 100,000 barrels per day in October compared with that in September, reversing the previous plan to increase oil production by 100,000 barrels per day in September, and returning the output in October to the level in August. OPEC+ decided to "symbolically" cut production in October, trying to stabilize oil prices at a time when the market is worried about economic weakness and slowing demand, which is equivalent to Biden’s diplomatic achievements in crude oil in the Middle East reaching zero. After the release of the resolution, the international oil price rose further, rising by over 4% in intraday trading.
EU foreign ministers lack confidence in the prospects of Iranian nuclear talks.
According to foreign media reports, the Iranian Foreign Ministry said that it is waiting for the United States to respond to Iran’s proposal, and Iran is responsibly creating conditions for resolving the nuclear agreement. According to Russian media, the Iranian Foreign Ministry said that if JCPOA(Joint Comprehensive Plan of Action) signed it, Iran could meet the energy demand of Europe. Borrell, vice-chairman and "foreign minister" of the European Commission, said that the Iranian nuclear talks are diverging rather than converging, and he now lacks confidence in reaching the Iranian nuclear deal.
[company news]
Volkswagen seeks to overcome difficult market conditions and promote Porsche’s IPO plan this year.
Despite the difficult market conditions, Volkswagen has decided to push forward the plan of listing a minority stake in sports car brand Porsche this year, which is expected to become one of the largest IPO transactions in Europe. Volkswagen said in an announcement on Monday that it plans to launch a Porsche IPO in late September or early October, depending on the further development of the capital market.
Amazon will enter the Japanese prescription drug market next year: cooperate with pharmacies to sell drugs online.
People familiar with the matter said that Amazon is considering entering the prescription drug market in Japan. This may be a turning point for physical pharmacies in Japan. Amazon plans to cooperate with small and medium-sized pharmacies in Japan to create a prescription drug sales platform. After placing an order online, users can sit at home and wait for delivery. Through this platform, patients can also receive online guidance on how to take drugs.
Meta was fined $400 million for handling children’s data
Meta was fined about $400 million for violating EU data privacy laws by processing children’s data on Instagram. This is the latest measure taken by European and American authorities to crack down on companies collecting and sharing information about young people online.
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