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On December 12th, the overnight SHIBOR was reported at 1.2790%, down 0.40 basis points; the 7-day SHIBOR was reported at 1.4510%, up 1.90 basis points; the 14-day SHIBOR was reported at 1.5090%, up 0.90 basis points; the 1-month SHIBOR was reported at 1.5250%, up 0.10 basis points; and the 3-month SHIBOR was reported at 1.5850%, up 0.10 basis points.December 12th - According to a report by Nikkei Asia citing sources, TSMC is considering switching its Kumamoto Fab 2 process to the more advanced 4nm technology due to declining demand for 6nm and 7nm chips, originally planned for production, as major clients like Nvidia have begun to switch to more advanced chips. This move could delay mass production and require redesign of the plant, potentially forcing a postponement of the planned mass production by the end of 2027. Nikkei reports that construction at the Kumamoto Fab 2 has suddenly halted, with almost all large construction equipment absent, and suppliers have confirmed receiving notices of the work stoppage. TSMC has neither confirmed nor denied the news of the Kumamoto Fab 2 shutdown, stating only that the Japanese project will continue and that the company will not comment on market rumors or speculation.CNPC Research Department: With the continued advancement of urbanization, urban gas demand still has huge growth potential in the next decade.On December 12th, Australian Prime Minister Barnes endorsed a government bailout plan to address rising energy costs, with Australias largest aluminum smelter expected to continue operating beyond 2028. Barnes announced the financial support at the Tomago smelter site on Friday. This followed months of warnings from Rio Tinto, the plants owner, that the plant could face closure as existing power supply contracts expire later this year. Barnes stated that the federal and New South Wales governments will work with the company to finalize the details of the agreement. "We are working with the NSW government to ensure a long-term energy solution beyond 2028 is found," Barnes said.According to Japans NHK, a tsunami warning has been issued for the northern coast of Japan following the earthquake.

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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