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Samsung Electronics rose 1.9%, while SK Hynix fell slightly.On July 6th, Yin Hejun, Secretary of the Party Leadership Group and Minister of Science and Technology, pointed out the need to promote the deep integration of scientific and technological innovation and industrial innovation, and accelerate the construction of a modern industrial system. This includes accelerating the technological transformation and upgrading of traditional industries and large-scale equipment renewal, optimizing industrial layout, strengthening standards leadership, and enhancing internationalization. It also involves accelerating the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy. Furthermore, it requires forward-looking planning for future industries, focusing on promoting quantum technology, biomanufacturing, hydrogen energy and nuclear fusion energy, brain-computer interfaces, embody intelligence, and sixth-generation mobile communication as new economic growth points. The document emphasizes strengthening the leading role of enterprises in scientific and technological innovation, accelerating the cultivation and expansion of leading technology enterprises, strengthening enterprise-led industry-university-research integration innovation, and supporting enterprises in leading the formation of innovation consortia. It also calls for accelerating the efficient transformation and application of major scientific and technological achievements, establishing concept verification and pilot-scale verification platforms, and increasing the construction and open sharing of application scenarios. Finally, it stresses the need to accelerate the development of science and technology finance, supporting capital investment in early-stage, small-scale, long-term, and hard-tech industries.July 6th - Oil prices fell as OPEC+ decided to increase production again. Following an online meeting on Sunday, the organization announced it would increase production by approximately 188,000 barrels per day in August, marking the fifth consecutive month of increases. However, analysts at ANZ Bank Research stated in a report, "Even if the Strait of Hormuz reopens, member countries may find it difficult to utilize this additional capacity due to ongoing risks to vessels." The analysts noted, "Over the weekend, several vessels attempting to transit the Strait of Hormuz along the Oman route were observed suddenly turning back."1. my country successfully launched 15 satellites in polar orbit. 2. my countrys first integrated aerial survey aircraft successfully completed its maiden flight. 3. Foxconn: June sales reached NT$821.8 billion, a year-on-year increase of 52.1%. 4. Cui Dongshu of the China Passenger Car Association: The adjustment of vehicle and vessel tax is a landmark step in the implementation of the reform of equal rights for oil and electricity. 5. NASA Administrator Jared Isaacman flew a retro fighter jet to the Washington Air Show despite opposition from the Federal Aviation Administration. 6. Ming-Chi Kuo predicts that Apples foldable phone may be launched at the same event as other models, but will go on sale later, with supply shortages continuing until the end of the year. According to the Wall Street Journal, NASA Administrator Jared Isaacman flew a vintage fighter jet to the Washington Air Show despite objections from the Federal Aviation Administration (FAA). Isaacman had invited White House officials, including Treasury Secretary Bessenter, White House Deputy Chief of Staff Dan Scavino, and Trump senior advisor Chris Lacivita, to ride with him, but these arrangements were ultimately canceled.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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