In phone call, Xi, Biden hold wide-ranging discussion

In a Friday phone call, the Chinese and US presidents gave reassurances that the world’s top two economies will hold “more candid exchanges and constructive dialogues to avoid misunderstandings, misjudgments, and unexpected conflicts.”

In the call, Xi Jinping argued that the China policy “adopted by the US for some time has caused serious difficulties in Sino-US relations,” said a Chinese Foreign Ministry statement.

“This is not in the fundamental interests of the two peoples and the common interests of all countries in the world,” said the Chinese leader.

This is the second call between the two leaders since Biden was inaugurated this January. The first call was in February.

“The two leaders had a broad, strategic discussion in which they discussed areas where our interests converge, and areas where our interests, values, and perspectives diverge,” said a White House statement about the call.

“They agreed to engage on both sets of issues openly and straightforwardly.”

It added that the conversation “was part of the US’ ongoing effort to responsibly manage the competition between Washington and Beijing.”

China-US bilateral relations affect globe

Xi said Chinese-US bilateral relations will impact “the future and destiny of the world.”

“Sino-US cooperation will benefit both countries and the world; Sino-US confrontation will bring disasters to both countries and the world,” he warned.

Biden said the White House, “underscored the US’ enduring interest in peace, stability, and prosperity in the Indo-Pacific and the world.”

“The two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict,” it added.

At a time when the international community is facing many common problems, said Xi, “China and the US should show the big picture, shoulder great responsibilities, insist on looking forward, move forward, show strategic and political courage, and push Sino-US relations back to the right track of stable development as soon as possible.”

Xi urged the two sides to respect each other’s core concerns and “properly manage the differences.”

According to China, on the subject of Taiwan, Biden said: “The US has never intended to change the one-China policy.”

“The two countries have no interest in letting competition veer into conflict,” said Biden, according to the Chinese side.

Anadolu Agency

Pakistan rejects reports it helped Taliban take Panjshir

Pakistan on Thursday rejected claims of Islamabad’s involvement in the recent fall of Panjshir province to the Afghan Taliban, terming them baseless allegations.

Responding to questions about stories carried by certain segments of the international media alluding to Pakistan’s “involvement” in Panjshir, Foreign Office Spokesperson Asim Iftikhar categorically rejected these allegations as part of a mischievous propaganda campaign against Pakistan, the Foreign Ministry said late Thursday in a statement.

“Noting as to how part of the Indian media’s fake news had been thoroughly exposed, the spokesperson said these malicious allegations were part of a desperate attempt to malign Pakistan and to mislead the international community,” it added.

Islamabad reiterated Pakistan’s abiding commitment to a peaceful, stable, sovereign and prosperous Afghanistan.

Last week, several Indian media outlets claimed the Pakistani Air Force helped the Taliban and carried out airstrikes against the positions of anti-Taliban forces in Panjshir.

Leading TV channels in India airing footage of American F-15 jets and the popular military simulation game Arma 3 claimed they were exclusive videos of the Pakistan Air Force strikes.

“Indian news channel TimesNow has broadcast a clip of an American F-15 flying in Wales and claimed it is proof of a ‘full-fledged Pakistani invasion’ of Afghanistan,” UK Defence Journal, a British defense news website, reported.

On Monday, the Taliban seized Panjshir, which was the last of Afghanistan’s 34 provinces not under their control, overpowering forces led by Ahmad Massoud, son of the famed anti-Taliban fighter Ahmad Shah Massoud.

After Panjshir’s fall was confirmed, an anti-Taliban protest was staged in Mazar-e-Sharif, the capital of northern Balkh province, which was quickly followed by a counterrally in support of the Taliban and the imposition of Islamic law in Afghanistan.

An anti-Pakistan demonstration was also held in Afghanistan’s capital Kabul accusing Islamabad of helping the Taliban.

Iranian Foreign Ministry spokesman Saeed Khatibzadeh also weighed in, saying they were investigating reports about the presence of foreign forces in Panjshir.

“We condemn any foreign interference in Afghanistan,” Khatibzadeh asserted.

However, the reports were dismissed by the Pakistani army as well as the Taliban.

Pakistan army spokesman General Babar Iftikhar termed them “complete lies” and called it “irrational propaganda from India.”

“Pakistan has nothing to do with what is happening inside Afghanistan, be it Panjshir or anywhere else,” he told the BBC.

Anadolu Agency

Turkish, Qatari foreign ministers discuss developments in Afghanistan

Turkish and Qatari foreign ministers Friday discussed the evolving situation in Afghanistan and bilateral relations between the two countries.

After a meeting with his Qatari counterpart in Ankara, Turkey’s Foreign Minister Mevlut Cavusoglu said on Twitter: “Started the day by discussing developments in Afghanistan and our bilateral relations with my brother Mohammed bin Abdulrahman Al Thani, Foreign Minister of Qatar.”

Just weeks after capturing the capital Kabul, the Taliban on Tuesday announced an “interim government” in Afghanistan to be led by Mullah Mohammad Hasan Akhund.

Taliban spokesman Zabihullah Mujahid announced the long-awaited 33-member Cabinet one day after the Taliban said they had taken full control of the country, following their lightning takeover of most of its territory last month.

The Qatari and Turkish teams are reportedly working together to start operations at Kabul airport.

Anadolu Agency

US crude oil inventories down 0.4% for week ending Sept. 3

US commercial crude oil inventories dropped 0.4% during the week ending Sept. 3, according to the latest data released by the Energy Information Administration (EIA).

Inventories decreased by 1.4 million barrels to 423.9 million barrels compared to the market expectation of a 3.9 million-barrel draw.

Strategic petroleum reserves, which are not included in commercial crude stocks, remained unchanged at 621.3 million barrels last week, the data revealed.

Gasoline inventories also decreased by 7.2 million barrels to 220 million barrels over that period.

– Crude production declines

According to EIA data, US crude oil imports decreased by 531,000 barrels per day (bpd) to around 5.81 million bpd during the week ending Sept. 3, while crude oil exports fell by 698,000 bpd to around 2.34 million bpd.

The data showed that US crude oil production also declined by 1.49 million bpd to approximately 10.4 million bpd during the same period.

The EIA forecasts that US crude output is estimated at 11.8 million bpd for 2022, up from 11.1 million bpd in 2021.

In November 2018, the US first surpassed Saudi Arabia and then Russia to become the world’s largest crude oil producer.

Anadolu Agency

Oil up as US fuel stocks drop over expectations

Oil prices increased on Friday over demand euphoria after US fuel inventories recorded massive decreases, however, China’s decision to release crude from its strategic reserves limited further price upticks.

International benchmark Brent crude was trading at $72.62 per barrel at 0716 GMT for a 1.63% increase after closing Thursday at $71.45 a barrel.

American benchmark West Texas Intermediate (WTI) was at $69.30 per barrel at the same time for a 1.70% rise after it ended the previous session at $68.14 a barrel.

The rise in the coronavirus cases continues fueling investor demand fears, however, a surprise decrease in gasoline inventories in the world’s largest oil consumer, the US, signals a demand recovery.

The Energy Information Administration (EIA) said the country’s gasoline inventories decreased by 7.2 million barrels to 220 million barrels last week.

Commercial crude oil inventories also dropped by 1.4 million barrels to 423.9 million barrels compared to the market expectation of a 3.9 million-barrel draw.

Nonetheless, China’s decision to release crude oil reserves to the market via public auction limited further price increases.

The administration for China’s state reserves said the move aims to ease the pressure of high feedstock costs on domestic refiners.

According to the latest data from China’s National Bureau of Statistics, there are nine storage bases in the country with a total crude oil reserve capacity of 237.66 million barrels. Experts estimate that a maximum of 10-15 million barrels of crude oil will be sold in one lot via auction.

The decision of the world’s second-largest oil importer, China, came after Royal Dutch Shell, the largest oil producer in the US Gulf of Mexico region, canceled some oil exports after Hurricane Ida hit the region and brought all oil production activities in the area to a halt.

According to the US Bureau of Safety and Environmental Enforcement, 76.5% of current oil production and 77.2% of natural gas production in the Gulf of Mexico has been shut in.

Also, a slowdown in the number of passengers and ticket sales in the aviation sector strengthened the negative market outlook, putting downward pressure on oil prices.

Some US airlines, such as American Airlines, United Airlines Holdings, Delta Air, Southwest Airlines and JetBlue Airways, pointed to the increase in Covid-19 cases, warning that this upward trend is negatively affecting the recovery in transportation and resulting in slow ticket sales.

Anadolu Agency

Spot market natural gas prices for Thursday, Sept. 9

The trade volume of Turkey’s spot natural gas market decreased by 16.88% to 6.25 million Turkish liras on Thursday, Turkey’s Energy Exchange Istanbul (EXIST) data showed on Friday.

Total trade on Wednesday amounted to 7.52 million liras.

On Thursday’s spot market, 1,000 cubic meters of natural gas cost 2,174 liras, while the cumulative natural gas trade volume amounted to 2.87 million cubic meters.

Turkey received 144.75 million cubic meters of pipeline gas on Thursday.

US$1 equals 8.42 Turkish liras at 1100 GMT on Friday.

Anadolu Agency

US market fails to recover from losses as selloff continues

Despite a higher opening, major indices on the US stock market failed to recover Thursday from losses in past sessions, as a major selloff continues amid weak labor market conditions.

The Dow Jones industrial average fell 151 points, or 0.43%, to 34,879, and the S&P 500 was down 20 points, or 0.46%, to 4,493.

The Nasdaq was off 38 points, or 0.25%, to 15,248 with Novavax and Johnson & Johnson shedding more than 2.2% apiece.

Although Labor Department data showed initial jobless claims fell 35,000 to 310,000 last week, the figure is still off from 256,000 since March 14, 2020 when the coronavirus pandemic began.

US stocks have been under pressure since last Friday when figures revealed that the American economy added just 235,000 jobs in August, well below the market estimate of 750,000, indicating a weak labor market.

That was coupled with worries that the Federal Reserve could announce tapering — the process of starting to reduce accumulating new assets on its balance sheet, at the end of a two-day meeting on Sept. 22.

Those concerns carried the VIX volatility index, also known as the fear index, from negative to positive territory with a 4.7% increase to 18.8.

The yield on 10-year US Treasury notes fell 3.2% to 1.297%, and the dollar index was down 0.15% to 92.51.

Precious metals showed recovery with gold rising to $1,794 per ounce with a 0.3% gain, and silver rising 0.5% to $24.05.

Oil extended losses as Brent crude fell 1.8% to $71.27 per barrel, and West Texas Intermediate losing 2% to $67.94.

Anadolu Agency

Borsa Istanbul up at Friday’s open

Turkey’s benchmark stock index opened at 1,455.46 points on Friday, rising 0.19%, or 2.80 points, from the previous close.

At Thursday’s close, Borsa Istanbul’s BIST 100 index rose 1.31% to 1,452.67 points, with a daily trading volume of more than 12.1 billion Turkish liras ($1.4 billion).

The US dollar/Turkish lira exchange rate fell to 8.4500 as of 09.30 a.m. local time (0630GMT), from 8.4620 at the previous close.

The euro/Turkish lira exchange rate also diminished to 10.0000 from 10.0110, while one British pound traded for 11.7100 Turkish liras, down from 11.7440.

One barrel of Brent crude oil was sold for around $72.09 as of 10 a.m. local time (0700GMT).

Anadolu Agency

Asian markets end week with gains after Xi-Biden phone call

Major stock markets in Asia posted gains at Friday’s close after a 90-minute call between the Chinese and US presidents put investors in an upbeat mood.

In the call, Joe Biden and Xi Jinping voiced reassurances that the world’s top two economies will hold “more candid exchanges and constructive dialogues to avoid misunderstandings, misjudgments, and unexpected conflicts.”

The Asia Dow, which includes blue-chip companies in the region, jumped 43.2 points, or 1.08%, to close at 4,045 points. It was up over 1.5% weekly.

Tokyo’s Nikkei 225 stock exchange surged 373.65 points, or 1.25%, to 30,381. The index posted a 4.30% increase this week.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, climbed 489.9 points, or 1.91%, to 26,206, while it had a weekly rise of 1.17%.

China’s Shanghai stock exchange was marginally up 9.98 points, or 0.09%, to 3,703 points, while this week it surged 3.39%.

Anadolu Agency