#China has accused the United States of carrying out a #cyberattack on the National Time Service Center of the PRC — an attack that could have disrupted communications networks, as well as financial, transportation, and power supply systems.
The Ministry of State Security of China stated that the attack was successfully repelled. The ministry called the U.S. a true “hacker empire” and the main source of chaos in cyberspace, noting that in recent years, Americans have frequently conducted cyberattacks against China, Southeast Asian countries, Europe, and South America.
💸 Institutional investors sold -$11.0 billion of US equities last week, the largest weekly sale in 5 weeks.
This comes after 3 consecutive weekly purchases totaling +$12.6 billion.
At the same time, hedge funds bought +$1.8 billion worth of US equities, following 4 straight weeks of sales.
Meanwhile, retail investors sold -$80 million, posting just their 3rd weekly sale over the last 10.
In total, US equities recorded -$9.3 billion in outflows last week, up from -$1.0 billion the prior week, bringing the 16-week total to -$25.5 billion.
This was primarily driven by single stocks, which saw -$8.3 billion in outflows, the 4th-largest since 2008, while ETFs posted -$1.1 billion in withdrawals, the most in 6 months.
Institutional investors are moving to the sidelines.
Iranian officials have told the mediators — Pakistan, Egypt and Turkey — that U.S. military movements and Trump's decision to deploy major troop reinforcements have increased their suspicion that his proposal for peace talks is just a ruse: Axios
💸 Iran has threatened to strike Ukraine over its alleged support for Israel’s defense against Iranian drones, saying the entire territory of Ukraine is now considered a “legitimate target.”
The Iran war is now officially causing the largest #disruption to oil supplies in history, per FT.
Current oil market situation:
1. Gulf producers have cut oil production by at least 10mn barrels a day 2. The Iran war has driven production to its lowest level in four years, per the IEA 3. The IEA expects world output to fall by 8mn b/d in March as a result 4. This represents a decline of over 7% from the 107 million b/d produced in February
Iran is now requiring "reparations" for a ceasefire deal.
Asia is the most dependent region on oil and natural gas flows from the Middle East:
~90% of all crude oil transiting the Strait of Hormuz is destined for Asia..
And, ~82% of LNG exports from Qatar and the UAE flow to Asian buyers.
China alone receives 38% of all oil flowing through the Strait of Hormuz, followed by India at 15%, South Korea at 12%, and Japan at 11%.
Furthermore, for Japan and South Korea, over 60% of their total oil imports are transported via Hormuz, making them the most vulnerable to supply disruptions.
For Asia, the Strait of Hormuz is an energy lifeline.
💸 Iraq has shut down oil production at Rumaila, the world's second largest oil field which produces 1.5 million barrels of oil per day, amid escalating military activity.