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According to a Reuters poll, 59 out of 70 economists surveyed expect the European Central Bank to raise its deposit rate to 2.25% in June, compared to 44 out of 85 economists surveyed in April.On May 13th, Politico reported that Jerome Powell weathered one of the most politically stressful periods in the history of the Federal Reserve thanks to the strong relationships he built with members of both parties, which acted as a shock absorber, cushioning the threats from Trump. Walsh may not be able to secure that level of support. Democrats on the Senate Banking Committee say Walsh hasnt done enough to "make new friends" on Capitol Hill. And with Democrats gaining momentum ahead of the midterm elections, these senators could soon make things difficult for him. Georgia Senator Rafael Warnock said, "Wash is more concerned with the president and his political calculations than with the concerns of the committee that oversees him." Warnock also mentioned that when asked how he would grade the economy, Walsh joked and dodged the question. Warnock considered this attitude "extremely perfunctory." The senator also stated that Walshs refusal to answer the written question, "What would he do if the president tried to fire him?" was "both wrong and troublesome."German Chancellor Merz: Germanys oil, natural gas, and jet fuel supplies are secure. We can all rest assured about that.On May 13th, the National Healthcare Security Administration issued a notice regarding the "Five-Year Action Plan for Supervision and Inspection of Healthcare Security Funds (2026-2030)." The notice emphasizes that safeguarding the security of healthcare security funds will always be the primary task, with continuous strengthening of supervision to resolutely uphold the bottom line of healthcare security. By 2030, a comprehensive, multi-layered, and three-dimensional healthcare security fund supervision system will be basically established, combining leniency and severity, addressing both symptoms and root causes, and implementing integrated measures. This will further consolidate the deterrent effect, significantly enhance intelligent supervision capabilities, further improve the supervision system and mechanisms, effectively enhance the self-management initiative of relevant entities, further standardize the use of healthcare security funds, deeply purify the fund operating environment, and significantly improve the modernization level of the healthcare security governance system and governance capabilities.According to The Times of London, British Health Secretary Steve Straying may resign tomorrow.

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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