JPMorgan Chase & Co. (NYSE: JPM) now own 71% in Chinese securities business and Global oil traders predict further low oil demand in Europe and the U.S.

JPMorgan JPM.N is investing more in his Chinese security business and revealed on Monday through exchange filing that it’s going to own 71% shares of its Chinese securities after buying the 20% stake from one of its local partners. The deal which was reported earlier in September will give full ownership of Chinese security business to JP Morgan as a political and business relationship between the two countries remains tense.

The deal is finalized just before the U.S. presidential elections and relationship with China was the key point during discussions and speeches of the election.

JPMorgan bought the stake from the state-owned Shanghai Waigaoqiao as JPMorgan was the only shareholder who could raise its ownership with priority rights in the securities joint venture. The remaining shareholders give up their rights to purchase 20% stake. JPMorgan paid 177 million yuan ($26.5 million) for the 20% stake and finalized the deal on October 23. The bank has the plan to hire a minimum of 12 equity research analysts in China this year to make its position stronger in the market as a major shareholder. The Bank’s other rivals such as Morgan Stanley, Goldman Sachs, UBS planning to move to full ownership of their securities businesses.

Vitoland Trafigura, the two major oil traders warn for low fuel demand due to strong second wave of Corona virus in Europe and the United States.

The CEO of TrafiguraJeremy Weir give his estimates and said that the fuel demand can decline down to 1million BPD in the U.S. and 1.5 million BPD in Europe, as 2nd wave of Coronavirus is now at its peak. He also warned about the more reduction in fuel demand and it is not looking good in the near future. In the short term, oil demand can fall to 92 million BPD, according to Trafigura experts.

The Vitol CEO Russell Hardy said that the latest lockdowns in different European countries will affect the demand but only by half a million BPD.

In contrast, the oil demand in most Asian countries have increased, except in the airline industry and china and India are leading that demand. Vitol said that the company is expecting Asia’s oil demand to grow by 1 million over the next few years.