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July 13th - This afternoon, Orient Computing Technology Co., Ltd. launched its first flagship chip, the DF1000, in Shanghai. As the worlds first software-defined near-memory computing 3D chip, the DF1000, with its "software-defined + 3D stacked near-memory computing" Orient paradigm, addresses three core bottlenecks facing the development of high-end computing chips in China. Guo Wei, Vice President of Orient Computing Technology, explained that the DF1000 focuses on fundamental innovation in the underlying computing architecture, achieving hardware and software decoupling and dynamic reconfiguration through software-defined chip technology, realizing a computing power of 520 TFLOPS@BF16 at the 14nm process node.Fast Retailing (06288.HK) fell further to 4%, currently trading at HK$388.58.Shares of French semiconductor companies STMicroelectronics and Soitec fell by 2.4% and 3.8%, respectively.July 13 - Mitsubishi UFJ Financial Group, Japans largest bank, has become the country with the highest market capitalization, marking the first time a Japanese bank has held this position since the establishment of the current "Big Three" banking structure. According to data compiled by Bloomberg, Mitsubishi UFJ Financial Groups shares rose 2.3% on Monday to 3,541 yen, pushing its market capitalization to 42 trillion yen ($259 billion). This market capitalization surpasses Toyota Motors approximately 41 trillion yen and Kioxia Holdings approximately 36.7 trillion yen.A survey conducted from July 3rd to 8th revealed that economists believe the Eurozones economic growth this year is expected to be weaker than previously forecast following the resumption of conflict in the Middle East. The median forecast from 56 economists shows respondents lowered their 2026 Eurozone economic growth expectation to 0.5%, down from 0.7% projected last month and also below the European Central Banks baseline scenario of 0.8%. Economists also lowered their 2028 economic growth forecasts but maintained their growth forecasts for next year. They expect a median inflation rate of 2.8% this year, slightly lower than last month due to a sharp drop in oil prices, but still well above the ECBs 2% target. Respondents expect the ECB to raise interest rates again in September, with the first rate cut anticipated in September 2027.

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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