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Wall Street determines: Trump's bearish on oil prices.
Goldman Sachs and Citigroup both believe that Trump's tariff policy may bearish for oil prices. Goldman Sachs said that if tariffs severely affect the global economy, oil prices may fall by $11 to $19 per barrel next year.
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.
Yanchang Petro International (00346.HK): Wang Haining was appointed as an executive director.
Yanchang Petro (00346. HK) announced on July 22 that (i) Zhang Jianmin resigned as an executive director, and (ii) Wang Haining was appointed as an executive director from July 22, 2024.
Express News | Yanchang Petroleum International - Wang Haining Has Been Appointed as Executive Director
Express News | Yanchang Petroleum International - Zhang Jianmin Resigned as Executive Director
Global commodity inventory is in a state of emergency: inventory days of available commodities outside of China experienced the largest month-on-month decline in 31 months.
JPMorgan said that the main reason for this decline was due to the decrease in crude oil and refined product inventories. The global available days of oil and refined products in June decreased sharply by 2.5 days, the largest monthly decline in four years.
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