Bank of England Deputy Governor Ramsden: Interest rates may be raised if inflationary pressures accumulate

Today (October 5), news from China National Petroleum Corporation revealed that the country’s largest desert oilfield, the Had-Fuman oilfield, has produced over 26 million tons of oil and gas from beneath 6,000 meters. Recently, the Zhentan-1 well, located on the northern edge of the Taklamakan Desert, successfully extracted rock cores from a depth of 8,080 meters underground. These rock cores have been buried underground for about 500 million years. This is also the first time China has extracted rock cores from a depth of over 8,000 meters on the northwestern edge of the Tarim Basin. (CCTV News)

According to Golden Ten Data, Schneider Electric is reportedly nearing a deal to acquire U.S. engineering software developer PTC (PTC.US) for over 20 billions USD, according to a source familiar with the matter. The source stated that the deal could be announced as early as Monday morning, but negotiations between the two companies are ongoing and there is no guarantee that a final agreement will be reached.

1. Analysis: Middle Eastern crude oil shipments have returned to near pre-conflict levels. Saudi Arabia’s east-west pipeline has recovered half of its capacity, and the US plans to release 40 millions barrels from its strategic reserves, significantly easing supply concerns. However, the stalemate in US-Iran negotiations remains unresolved, and geopolitical risk premiums may continue to be volatile. EIA data show an unexpected increase of 922,000 barrels in crude inventories, but distillate inventories fell sharply by 2.25 millions barrels and are about 14% below the five-year average, indicating structural divergence of “crude oil surplus and fuel shortage.” Oil prices are consolidating around the $90 pivot, and may continue to fluctuate within a range in the short term. 2. Focus: Middle East geopolitical matters, OPEC+ statements, G7 reserve releases, and inventory changes. 3. Resistance: 92.02; 93.67; 96.54. 4. Support: 88.12; 87.30; 85.12.

The China Federation of Logistics & Purchasing announced today (the 5th) the September China Commodity Price Index. According to the index's performance, with the arrival of the traditional peak season for production and construction, accelerated launches of major projects, and continuous improvement in manufacturing production and market demand, the prosperity level of the commodity market has further increased, laying a solid foundation for stable economic operation in the fourth quarter. The September China Commodity Price Index stood at 137.6 points, up 4.1% month-on-month and 22.9% year-on-year. Out of the 50 key commodities monitored by the China Federation of Logistics & Purchasing, 38 saw month-on-month price increases in September. Among them, methanol, ethylene glycol, and coke recorded the largest gains, rising 39.5%, 24.8%, and 20.4% month-on-month respectively. By industry, driven by international crude oil price increases, tight supply of certain products, and rising production costs, the energy and chemical price indices surged sharply, rising 14.8% and 13.7% month-on-month, respectively. With the advent of the traditional peak season for production and construction, accelerated industrial transformation and upgrades, and improvements in demand for manufacturing and construction, the price indices for nonferrous metals, ferrous metals, and minerals also increased month-on-month. (CCTV)