JUST IN:
Crude oil futures in #China INE open up 9%, low sulfur fuel oil also rises 6.34%. #Ironore futures up 2.7%, thermal coal advances 3%, #zinc and #aluminum rise 1.8%.
Rapeseed meal and soybean meal are running off the reason peak.
Crude oil futures in INE surges 11%, hitting the limit-up, low sulfur fuel oil jumps 9.4%. #China#Futures#OOTT#inflation
DCE iron ore futures extended gains to 5.7%, to 788 yuan per tonne.
SGX iron ore rises 6%, back to above $150 per tonne. #Ironore#China
Thermal coal futures surge 6% on Thursday, trading at 884.8 yuan per tonne. #China#Coal#Coaltwitter
Iron ore is now surging more than 9% today.
Everbright Futures says the marginal increase from the demand side has supported the #Ironore, especially the capacity curb in #Tangshan is overestimated during the #Twosessions. #China
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🇨🇳Key takeaways of 2022 #China Government Work Report:
🔸2022 GDP growth target at about 5.5%
🔸2022 CPI growth target at about 3%
🔸Budget deficit at 2.8% of GDP vs 3.2% 2021
🔸Add 11 million urban jobs in 2022 vs 11 mln 2021.
🔸Plans 3.65 tln yuan special gov bond sales
1/n
🔸2022 surveyed jobless rate at within 5.5%
🔸Ensure grain and energy securities
🔸Strengthen prudent monetary policy #PBOC
🔸Tax cut and rebate at 2.5 tln yuan
🔸To use reserves policy tools in time
🔸To stabilize land and home price
🔸Yuan to be kept basically stable $CNY
2/n
🔸Maintains current wording on monetary and fiscal policies
🔸To set up a financial stability guarantee fund
🔸More than 2 trillion yuan of fiscal spending in 2022 vs 2021
🔸To ensure supply chain safe and stable
🔸Risks and challenges for development rise significantly 3/n 🇨🇳
Fed's Evans: Jobs numbers have been quite good for some time. Labor market is in a very solid position. There is a tremendous amount of uncertainty regarding Russia and Ukraine. #Fed $USD #NFP
FED'S EVANS: JOBS REPORT DOESN'T REALLY CHANGE ANYTHING THAT FED CHAIR POWELL IS POSITIONING FOR. #Fed $USD #NFP
Fed's Evans: Need to be close enough to neutral by the end of the year so that we can deal adequately with inflation. #Fed $USD
U.S. Feb. Nonfarm Payrolls: 678K, [Est. 400K, Prev. 481K]
U.S. Feb. Unemployment Rate: 3.8%, [Est. 3.9%, Prev. 4.0%] #US#NFP#Nonfarm#Unemployment
U.S. Feb. nonfarm payrolls change highest since July 2021, unemployment rate lowest since Feb 2020. #US#NFP#Nonfarm#Unemployment
Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction. #US#NFP#Nonfarm#Unemployment