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On July 14, Bank of America Securities published a research report stating that the recent share price of Laopu Gold (06181.HK) has fallen from its peak, which is believed to be due to profit-taking after the strong performance in the past month and the recent weak sentiment towards new consumer brands. The bank expects Laopu Golds net profit in the first half of the year to be RMB 2.1 billion, with revenue forecast to increase by 212% year-on-year to RMB 11 billion, gross profit margin expected to be 40.1%, and net profit for fiscal year 2025 is expected to be RMB 4.5 billion. The bank reiterated the companys buy rating with a target price of HK$999. Bank of America Securities expects Laopu Golds earnings sustainability to be supported by its continued brand penetration and mature R&D record. Considering its mature profitability, it is believed that the company still has a long room for growth and that the price competition pressure in the industry is controllable.Futures July 14, Economies.com analysts latest view today: Brent crude oil futures closed at a high level in the previous trading day, trying to accumulate upward momentum to break through the key resistance level of $70.00. The current price is trying to alleviate the obvious overbought state of the relative strength index (RSI), especially when the indicator first appears dead cross, the short-term main upward trend is still dominant and the price is running along the trend line, and the EMA50 moving average (now below the price) continues to provide support.The Russian-appointed administration said a Ukrainian drone attack on a training center at the Zaporizhia nuclear power plant caused no damage.Bank of Japan June quarterly survey: Japanese households expect inflation to rise by an average of 9.9% in five years, with a median of 5.0%.Bank of Japans June quarterly survey: 83.1% of Japanese households expect prices to rise in five years, up from 83.5% in the previous survey.

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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