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On Monday, August 24, the Hang Seng Index opened down 229.34 points, or 0.88%, at 25,780.12; the Hang Seng Tech Index opened down 53.0 points, or 1.11%, at 4,713.16; the H-share Index opened down 84.99 points, or 0.98%, at 8,549.35; and the Red Chip Index opened down 4.37 points, or 0.1%, at 4,287.98.Hong Kong stocks opened lower, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 1.11%; Alibaba (09988.HK) opened down 8.05% after announcing a proposed placement of HK$80 billion in new shares.On August 24th, it was learned from the Cold Chain Professional Committee of the China Federation of Logistics and Purchasing that the total demand for food cold chain logistics in the first half of the year reached 200 million tons, a year-on-year increase of 4.7%, with the growth rate accelerating by 0.3 percentage points compared to the same period last year; the total revenue of food cold chain logistics service companies was 290.18 billion yuan, a year-on-year increase of 3.7%. The penetration of new energy refrigerated trucks accelerated, and the proportion of green transportation capacity reached a new high. It is estimated that refrigerated truck sales in the first half of the year reached 42,111 units, a year-on-year increase of 42.9%; among them, sales of new energy refrigerated trucks reached 20,285 units, a year-on-year increase of 92.3%, maintaining a high-speed growth trend. The penetration rate of new energy refrigerated trucks reached 48.2%, an increase of 12.4 percentage points compared to the same period last year. The penetration rate in the second quarter rose to 54.7%, showing an accelerating penetration trend. For the first time in a quarterly dimension, the penetration rate of new energy refrigerated trucks surpassed that of traditional fuel vehicles, indicating that the greening process of cold chain transportation has entered an accelerated development stage.On August 24, SoftBank Group announced plans to issue a record 1 trillion yen (approximately $6.3 billion) in retail bonds to fulfill its investment commitment to OpenAI. According to company filings, the 7-year bonds are expected to be priced on September 4, with an initial coupon rate range of 4.3% to 4.9%. This issuance comes as SoftBank has committed to investing over $60 billion in OpenAI and has been raising funds to support this investment. As demand for AI tools and services from OpenAI and other hyperscale cloud providers continues to grow, SoftBank is accelerating its data center investments to expand computing power. This will be SoftBanks third bond issuance to retail investors this year, following a 418 billion yen issuance in April and a 260 billion yen issuance in June.August 24 - According to Iranian media reports, Iranian Oil Minister Mohsen Paknejhad announced on the 23rd that Iran has discovered a new gas field in the southern Fars province with natural gas reserves exceeding 7.5 trillion cubic feet (approximately 212.4 billion cubic meters), of which approximately 5.7 trillion cubic feet (approximately 161.4 billion cubic meters) are recoverable.

Crude Oil Price Prediction: The Markets are Still Grinding

Alina Haynes

Jul 21, 2022 11:51

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On Wednesday, the price of West Texas Intermediate Crude Oil first declined before turning around and beginning to rebound. As a result, the market has demonstrated its propensity to keep attempting to go higher, with the 50 Day EMA currently hovering just above the $105 mark. If you are bullish, I believe that is a plausible objective because the uptrend line is located there as well. You would need to pay great attention to it since I believe that will be a very tough place to break above. On the other side, it's likely that we would try to hit the $90 level if we were to break down below the 200 Day EMA once more.

 

Additionally, during the day, Brent markets started off in the red before beginning to show signs of life. Finally, if we are able to break above the 50 Day EMA, there is a chance that an effort to break out to much higher levels, maybe the $113 level or even higher, will be made. Even with everything being equal, this is a scenario that needs a lot of attention.

 

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It's feasible that we might fall to the $100 level if we decline below Tuesday's session lows. The one constant in the oil market is that there will be considerable volatility. In light of this, it is important to pay strict attention to position size because volatility in many markets, including this one, can occasionally spiral out of control.


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