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On August 3, U.S. Treasury Secretary Bessant posted on social media on the evening of August 2 that "the coordinated U.S.-Japan foreign exchange intervention effectively curbed the disorderly fluctuations in the yen exchange rate," and the Trump administration strongly supports "Japans market and monetary policy measures to correct the significant undervaluation of the yen." Bessant stated that the U.S. Treasury is closely monitoring the situation and will "not hesitate to participate in further joint intervention." Japanese Finance Minister Satsuki Katayama also confirmed on August 3 that Japan and the U.S. jointly implemented foreign exchange market intervention. She also stated, "We will not hesitate to further jointly implement foreign exchange market intervention in the future." It is understood that to curb the historic depreciation of the yen, the monetary authorities of Japan and the United States jointly implemented a foreign exchange market intervention last week, buying yen. In the international foreign exchange market, the trend of buying yen and selling dollars dominated, and the yen exchange rate once rose to the range of 156 yen to the dollar—the first time it has reached this level in about three months since early May of this year.According to foreign media reports, CBOT soybean futures fell in the week ending July 31, with the benchmark contract closing down 5.27%, retreating from a more than two-year high reached the previous week. This decline mainly reflected favorable rainfall expected in the Midwest in the coming days. Crude oil futures also fell, with funds liquidating positions at the end of the month. However, strong demand for US soybeans provided bottom support. Weather factors were the core factor suppressing soybean prices this week. The USDAs crop progress report showed that as of July 26, the US soybean condition rating had fallen to 63%, down from 66% a week earlier and also at a relatively low level for the same period in recent years, reflecting the stress that previous high temperatures and drought had placed on crops. Demand continued to provide important support. The USDAs weekly export sales report showed that as of the week ending July 23, US net soybean sales were 1.63 million tons (300,000 tons of old crop and 1.33 million tons of new crop), up from 1.59 million tons a week earlier (50,000 tons of old crop and 1.54 million tons of new crop). The soybean market was also affected by the sharp fluctuations in the energy market. The sharp decline in international crude oil prices weakened the energy premium of soybean oil and dragged down soybean futures prices.Lenovo Holdings (03396.HK): It expects its net profit for the first half of this year to be no less than RMB 2 billion, an increase of 186% year-on-year.August 3rd - According to foreign media reports, Malaysia is considering allowing some exports of unprocessed rare earth elements to solidify its position in supply chains across industries ranging from automobile manufacturing to defense and consumer goods. Malaysia suspended unprocessed rare earth exports in 2024 to stimulate investment in domestic processing industries—a common strategy among resource-rich developing countries. However, according to a senior government official, authorities are currently assessing the feasibility of relaxing restrictions as competition surrounding these minerals intensifies. Syed, Malaysias Deputy Minister of Natural Resources and Sustainable Environment, stated, "Any new exports will come with conditions, including being linked to inbound investment and technology transfer." He declined to provide a timeline for adjusting export regulations. Syed stated that Malaysia possesses 16.1 million tons of "inferred reserves" of rare earth elements. The government has previously indicated that these reserves could be worth 970 billion ringgit (US$237 billion).Japans Ministry of Finance: We remain vigilant and maintain close contact with the U.S. Treasury Department.

As the Norwegian government ends the oil and gas workers' strike, European gas prices fall

Charlie Brooks

Jul 07, 2022 11:22


After the Norwegian government intervened to end a strike by the country's oil and gas workers, natural gas prices marginally reduced throughout Europe on Wednesday.


As of 8:04 AM ET, August TTF Natural Gas Futures in the Netherlands, which serves as a benchmark for northwest Europe, were down 1.3% to 163 euros per megawatt-hour (1204 GMT). While this is 10% less than the four-month high they achieved on Tuesday, it is still around eight times the level at which the contract traded for the bulk of the previous decade prior to Russia's mounting threats against Ukraine late last year.


After failing to reach an agreement during this year's wage negotiations, the Norwegian government said late Tuesday that it would impose binding arbitration on the wage dispute between Lederne union members and oil and gas companies. As a consequence, employees have vowed to expand the strike and shut off crucial gas supply locations in the United Kingdom.


The price of the U.K. Natural Gas Futures decreased 9 percent to around 264 pence per therm after the strike ended. This is almost four times the five-year average contract rate.


Due to the severity of the strike, the Ministry of Petroleum and Energy deemed it "indefensible" to cease gas production in the coming days.


Labor Minister Marte Mjs Persen noted in a statement, "Production is fast falling, and this is of the highest concern given that the EU and the U.K. are completely reliant on their energy partnership with Norway."


Analysts do not anticipate a big decrease in gas costs so long as Russia, which supplied over a quarter of the EU's gas last year, continues to limit imports.


Wednesday, European Commission President Ursula von der Leyen warned that conditions are more likely to deteriorate than to improve.


Von von Leyen cautioned the EU parliament that measures must be taken for future delays in Russian gas supplies, including a complete halt.


She noted that the EU's gas storage tanks are now only around 55 percent full, with the normal summer injection season having suddenly ended owing to Russia's cutting of supplies to Germany and Italy.


In a normal year, the union would store fuel using summer imports from Russia in preparation for the winter heating season. Its unwillingness to do so over the summer has significantly increased the chance that member states, especially Germany, would be obliged to enact rationing during the winter peak.


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