Global Macro Update on February 18th
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International Crude Price Trend and Exchange Rate of RMB to USD Trend
Domestic News
1. Civil Aviation Administration: During the Spring Festival, the operating volume of wide-body aircraft at Sanya Airport and Haikou Airport has exceeded the highest value in history
2. The ultra-long Spring Festival holiday ignites a tourism boom, and tourism consumption may maintain an upward momentum in 2024
3. Ministry of Agriculture and Rural Affairs: Strengthen the dynamic monitoring of production and market operation
4. The Chinese representative called on all countries to strengthen solidarity and continue to fight terrorism
International News
1. Analyst company: Russian fuel oil is still transported through the Bab el-Mandeb Strait
2. Russia is close to fully fulfilling its commitment to reduce production
3. Mexican truckers went on strike, and many roads and highways were blocked
4. TEPCO announced the cause of the Fukushima nuclear sewage leak: forgetting to turn off the manual valve
Domestic News
1. Civil Aviation Administration: During the Spring Festival, the operating volume of wide-body aircraft at Sanya Airport and Haikou Airport has exceeded the highest value in history
According to the Civil Aviation Administration, in order to ensure the smooth travel of passengers during the Spring Festival, the Civil Aviation Administration of China approved that the Southern Airlines, Hainan Airlines, Sichuan Airlines, and Capital Airlines arranged 34 overtime flights per day on popular routes involving Haikou during the Spring Festival travel period. Since the Spring Festival (January 26 to February 14), Sanya Airport has guaranteed a total of 7,468 flights, transporting 1.574 million passengers, and the passenger throughput has increased by 14.32% year-on-year. As the return peak began, on February 13 and 14, the passenger load of Sanya Airport reached 98% and 99% respectively. During the Spring Festival travel period, Sanya Airport operated an average of 136 wide-body aircraft per day, accounting for 36% of the total transport flights of Sanya Airport, and Haikou Airport operated 89 wide-body aircraft per day, accounting for 13.78% of the total transport flights of Haikou Airport, the operating volume of wide-body aircraft at these two Airports has reached a historical high.
2. The ultra-long Spring Festival holiday ignites a tourism boom, and tourism consumption may maintain an upward momentum in 2024
Popular scenic spots are now "crowded", museum tickets are "hard to book", and the price of air tickets in some tourist destinations is rising...... With the start of the ultra-long holiday, the Spring Festival tourism consumption in 2024 is particularly hot. Industry insiders pointed out that many tourists choose the "return + tourism" and "1+1" mode for the Spring Festival, which is an important reason for the popularity of Spring Festival tourism this year, and it is expected that the tourism consumption market is expected to maintain an upward momentum in 2024.
3. Ministry of Agriculture and Rural Affairs: Strengthen the dynamic monitoring of production and market operation
The Ministry of Agriculture and Rural Affairs urgently arranged the prevention and response to the cold wave weather after the holiday, which mentioned strengthening the dynamic monitoring of production and market operation, studying and judging the market gap, and making emergency plans in advance; Timely release of supply and demand information, reasonably guide the market schedule of vegetables and livestock products and aquatic products out of the pond, and promote balanced supply. Give full play to the role of the logistics guarantee mechanism, promote the implementation of the "green channel" policy for the transportation of fresh agricultural products, promote the "point-to-point" docking between the production area and the sales area, and prevent the unsalable and difficult sale in the production area and the tight supply in the sales area. It is necessary to do a good job in quality and safety supervision, and strictly prevent sick and dead livestock and poultry from entering the market. Further strengthen the emergency supply guarantee mechanism, and take multiple measures to ensure the stable production, sufficient supply and reliable quality of "vegetable basket" products.
4. The Chinese representative called on all countries to strengthen solidarity and continue to fight terrorism
The UN Security Council held a public meeting on terrorism and international peace and stability. The representative of the Chinese side said that all countries should strengthen solidarity and continue to spare no effort to combat terrorism. Zhang Jun, China's permanent representative to the United Nations, said that the threat of terrorism faced by the international community is still severe, and the hidden danger of terrorism is far from being eliminated. As the Palestinian-Israeli conflict continues to escalate, its spillover effects have led to a surge in hate crimes in many countries and an increase in the risk of terrorist attacks. It is imperative that a ceasefire be achieved in Gaza as soon as possible so that the situation in the Middle East does not change into an even more dangerous situation. He stressed the need to adhere to a comprehensive approach and work to eliminate the root causes of terrorism.
International News
1. Analyst company: Russian fuel oil is still transported through the Bab el-Mandeb Strait
While many tankers have avoided the Bab el-Mandeb Strait in the Red Sea, analyst firm Vortexa said a "significant number" of ships carrying Russian surplus fuel oil continue to pass through the region to Asia. As of Feb. 14, only four tankers loaded with Russian fuel oil had bypassed the Cape of Good Hope, while three others were heading to the Cape of Good Hope in the same way. The rest of the tankers are still passing through the Red Sea. If tensions escalate, more ships could be diverted near southern Africa. These diversions will boost the sales of bunker fuel in Singapore and boost the country's fuel oil imports. Singapore's fuel oil imports from northwestern Europe reached 85,000 b/d, the highest since July 2022, the data showed.
2. Russia is close to fully fulfilling its commitment to reduce production
For the first time since last year's pledge, Russia has almost met its target of voluntarily cuts its crude oil production, according to agency calculations based on official data from January. People familiar with the Energy Department data said that Russia's averaged crude oil production just a little bit higher than 1.29 million tons per day last month. Based on a traditional conversion rate of 7.33 barrels per tonne, this equates to about 9.46 million barrels per day. Russia, one of the world's three largest oil producers, has pledged to cut oil production by 500,000 barrels per day from February 2023 levels, with the country's January output falling by about 490,000 barrels from that benchmark. The timeline for cuts has been extended several times. So far, it will last until 2024.
3. Mexican truckers went on strike, and many roads and highways were blocked
Mexican truckers went on strike on Feb. 15 to protest the increasing looting and extortion on highways. Striking truckers blocked Mexico's main traffic arteries, and traffic on at least nine highways was affected by the strike. Looting of goods and extortion of drivers are two of the main problems faced by truck drivers in Mexico. The looting of goods has led to the increase in cargo insurance premiums. Striking drivers said more strikes could be held if the government does not meet the needs. The Mexican government said in a statement on the same day that the road blockades set by the striking drivers were "unwarranted and unreasonable."
4. TEPCO announced the cause of the Fukushima nuclear sewage leak: forgetting to turn off the manual valve
In response to the February 7 nuclear sewage leak at the Fukushima Daiichi nuclear power plant, TEPCO announced the results of an investigation into the leak at the Fukushima Daiichi nuclear power plant on February 7, saying that the leak was caused by the failure of staff to turn off the manual valve, according to Japan's Mainichi Shimbun. According to the report, the leakage of nuclear sewage lasted about 40 minutes that day, and about 1.5 tons of nuclear sewage flowed outside and seeped into the soil, and the total amount of radioactive material leaked was as high as 6.6 billion becquerels. The report pointed out that at present, about 4,000 people at the Fukushima Daiichi Nuclear Power Plant are decommissioning the plant every day, and human error continues. In this regard, TEPCO's publicist said, "Since it is a manual operation, it is very difficult to avoid mistakes completely. ”
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