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September 2nd - As tensions escalate again in the Middle East, crude oil shipments to India have been disrupted. At least two refiners have been forced to arrange for more expensive alternative sources due to delayed arrivals of their scheduled cargoes. According to sources, Bharat Oil Corporation, Indias state-owned oil company, had four shipments of crude oil from the Persian Gulf that failed to arrive on schedule in August. They also indicated that some crude oil delivery times for Indian Oil Corporation (INC) have been adjusted. Sources familiar with the transactions revealed that the sudden supply disruptions have forced Indian refiners to seek alternative sources, leading to a surge in recent procurement tenders and inquiries. Of the four delayed shipments for INC, two were from the UAE, one from Saudi Arabia, and one from Kuwait.On September 2nd, at the 4th Cyberspace Security (Tianjin) Forum, Zhou Hongyi, founder of 360 Group, delivered a keynote speech, arguing that AI has changed the landscape of network attack and defense, making traditional solutions unsustainable. He called for the creation of a new automated attack and defense system centered on "using models to control models," using AI capabilities to address AI risks, ensuring the security of the large models themselves, the reliability of generated content, and the credibility of output results; and establishing an auditable, interventionist, and blocking control mechanism for the entire lifecycle management of intelligent agents.September 2 – EU High Representative for Foreign Affairs and Security Policy Maria Callas said on September 2 that the EU had summoned the Russian ambassador to the EU regarding the attempted drone attack on Leipzig airport in Germany. An informal meeting of EU foreign ministers was held that day in Wicklow, Ireland. Callas stated before the meeting that the incident "has all the characteristics of state-sponsored terrorism," and that the EU and many EU member states had separately summoned the Russian ambassadors to the EU and relevant countries. The countries would discuss next steps at the meeting held that day.Israeli Defense Minister Katz: There is still work to be done, but about 70% of the Gaza Strip is abandoned, with no residents, no houses, and no tunnels.Israeli Defense Minister Katz: Currently, about 60% to 70% of the Gaza Strip has become a wasteland.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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