News in Brief
China’s car sales rise 2.1% in April
Reuters – China’s passenger vehicle sales rose by 2.1% in April from a month earlier, industry data showed, underscoring a slower pace of growth as the stimulus effect of price cuts and incentives faded.
Car sales in April totalled 1.65 million units, 54.5% higher from a year earlier when COVID-19 lockdowns disrupted productions and sales, the China Passenger Car Association (CPCA) said on Tuesday.
In the first four months of 2023, vehicle sales were down 1.4% year-on-year to 5.98 million units, it added.
Gold prices up
CNBC – Gold prices rose on Tuesday, buoyed by economic uncertainties including the U.S. debt ceiling stand-off as traders braced for inflation readings that could influence the Federal Reserve’s interest rate strategy.
Spot gold rose 0.5% to $2,030.91 an ounce while U.S. gold futures gained 0.3% to $2,039.60.
‘OPEC+ voluntary cuts aimed to balance oil market’
Reuters – The United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Tuesday that additional voluntary output cuts by the OPEC+ producer group were implemented to balance the oil market.
Mazrouei, who briefed reporters on the sidelines of the World Utilities Congress, said he was concerned about future supply shortages due to low investment.
“I’m not that worried about the very short term, I think we can manage balancing the supply with demand. I’m more worried about the level of investment required for years to come,” he said.