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On May 15th, the Bank of Japan stated that Japan may face another round of across-the-board price increases around the summer as businesses ranging from food manufacturers to hot spring resorts consider passing on soaring energy costs caused by the Middle East conflict to consumers. In a report based on a survey of regional businesses conducted from January to April, the Bank of Japan noted that many service sector companies are gradually passing on rising raw material and labor costs to consumers, abandoning their long-standing practice of maintaining low prices. The report stated that rising energy costs due to the Middle East conflict have also prompted companies to accelerate price increases in their fiscal year business plans starting in April. Some companies, including those in the food, restaurant, and hot spring resort industries, have decided to raise prices at a faster pace. The report stated, "Other companies indicated they will soon decide whether to raise prices. As for the specific timing, some companies indicated they will decide around the summer or later." This report highlights the Bank of Japans growing concern about accumulating inflationary pressures in the economy, which could provide further justification for a near-term interest rate hike.May 15th - According to Japanese sources, a fire broke out at a ship dismantling plant in Kure City, Hiroshima Prefecture on May 14th, with multiple ships ablaze and explosions heard. No casualties have been reported so far. Local authorities have issued evacuation orders to approximately 650 residents living near the site. The cause of the fire is under investigation.May 15th - The State Council Information Office will hold a press conference at 3:00 PM on Monday, May 18th, 2026. Vice Minister of Commerce Sheng Qiuping, along with relevant officials from the State Taxation Administration, Beijing, Shanghai, and Shenzhen, will introduce measures to strengthen and optimize departure tax refunds to expand inbound consumption and answer questions from reporters.The South Korean Presidential Office announced that Japanese Prime Minister Sanae Takaichi will meet with President Lee Jae-myung in Andong, South Korea, from May 19 to 20.On May 15th, CMB International issued a report rolling over Alibabas (BABA.N) valuation window to fiscal year 2027, raising its SOTP-based target price from $206.1 to $220.1, and maintaining a "Buy" rating. The report stated that supported by strong demand, it is optimistic about further acceleration of cloud revenue growth, especially the further scaling up of MaaS (Model as a Service) related services. It also anticipates profit margin expansion, believing this should help drive a revaluation of Alibaba.

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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