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S&P: As a major net exporter of crude oil and an emerging producer of refined products, Nigeria has been less affected by the Middle East conflict.The Dow Jones Industrial Average closed down 537.35 points, or 1.07%, at 49,526.11 on Friday, May 15; the S&P 500 closed down 92.74 points, or 1.24%, at 7,408.50; and the Nasdaq Composite closed down 410.08 points, or 1.54%, at 26,225.14.Fitch affirmed Rio Tintos rating at A with a stable outlook.On May 16th, according to US media reports, the Trump administration plans to streamline the licensing process for oil projects within the Alaska National Petroleum Reserve to boost crude oil production in the US Arctic. The Department of the Interiors move aims to establish a new licensing framework for the construction and operation of oil production facilities and related infrastructure. Under this plan, eligible projects could receive analysis and authorization more quickly, perhaps in as little as 30 days. This measure could benefit companies holding leases within the reserve, such as ConocoPhillips, Santos, and Repsol, and expedite government scrutiny of projects like ConocoPhillips Willow (which has drawn strong opposition from climate activists). During the Iran-Iraq War, with approximately 20% of global supplies tied up in the Persian Gulf, the Trump administration has intensified its calls for US oil companies to increase production.Canadian Prime Minister Carney: I think the new crude oil pipeline from Alberta to the Pacific coast will attract a lot of attention.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Stumbles Early

Cory Russell

Feb 06, 2023 15:51


Market Snapshot

This morning's session was diverse. The Hang Seng Index touched reverse this morning as market risk sentiment was affected by US economic statistics from Friday.


Fears of a more hawkish Fed action in March increased as a result of the significant increase in nonfarm payrolls and the decline in the US unemployment rate to 3.4%. The ISM Non-Manufacturing PMI figures allayed the immediate fears of a US economic downturn, providing the Fed even another justification for continuing to front-load to combat inflation.


Investors also reacted to Alphabet Inc. (GOOGL) and Apple Inc.'s (AAPL) dismal results and bleak outlooks, which helped to explain the NASDAQ Index's 1.59% decline on Friday.


There were no statistics or geopolitical developments this morning to influence the overall market risk attitude. The markets will require FOMC member talk to restore order after last week's US economic readings. The Fed Funds Rate is predicted to increase by 25 basis points to 5%. Any rumors of a more forceful action would be negative.

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