Libyan Oil Production Returns to Pre-Crisis Levels
The National Oil Corporation in Libya announced on Sunday that crude oil
and condensate production reached 1.3 million barrels in the past 24 hours,
after restoring the prevalent production levels before the Central Bank crisis in the country.
China
China and Vietnam Sign a Series of Economic Agreements
On Sunday, Vietnam and China signed economic agreements to strengthen trade cooperation and rail infrastructure,
demonstrating their close relations despite rising tensions over the South China Sea.
Ten agreements were signed during Chinese Premier Li Qiang’s visit to Hanoi,
reflecting Beijing’s desire to counter growing U.S. influence in Southeast Asia.
The agreements include establishing a rail link between Lao Cai in northern
Vietnam and Hekou in China and a memorandum of understanding to create a cross-border payment system using QR codes.
According to the Nhan Dan newspaper,
Chinese Premier Li Qiang met with Vietnamese President Vo Van Thuong in Hanoi on Saturday.
The newspaper reported that both sides agreed to “maintain high-level and regular exchanges in defense,
security, and foreign affairs… and expand the implementation of new mechanisms.”
It added that Vietnam will facilitate more Chinese investments in high-tech industries in the country,
while Beijing will enhance the access of Vietnamese agricultural products to Chinese markets.
The newspaper also indicated that both sides will prioritize cooperation on connecting railway lines between neighboring countries.
Europe
European Markets Mixed as Week Begins
European stocks showed mixed performance at the opening of Monday’s trading session.
This was due to expectations of a possible interest rate cut
by the European Central Bank (ECB) later this week and the release of corporate earnings reports.
The European Stoxx 600 index remained steady at 521 points,
while the travel and leisure sector dropped by 1.7% at 10:08 AM Mecca time.
The index had posted gains of 0.65% last week.
As for the main indices,
the British FTSE fell by 0.18% (-14 points) to reach 8,237 points,
and France’s CAC 40 dropped by 0.22% (-18 points) to 7,561 points.
On the other hand, Germany’s DAX rose by 0.22% (+42 points) to reach 19,415 points.
The ECB is expected to cut interest rates for the third time this year at its meeting on Thursday,
supported by falling inflation and a slowdown in economic growth.
Investors are also closely monitoring the performance of the automotive sector this week.
The Paris Motor Show is kicking off amid escalating tensions between China and Europe
as the European Union prepares to impose tariffs on Chinese-made electric vehicles.
Libyan Oil Production Returns to Pre-Crisis Levels