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On August 18th, according to South Korean media reports, Trump, when discussing the joint US-South Korea military exercises, mentioned South Koreas defense costs and its refusal to participate in a war with Iran, expressing his dissatisfaction. He said, "South Korea has been protected by us for decades. During my first term as president, they agreed to pay nearly $3 billion a year for protection. I asked for $10 billion, and they were unhappy about that. The agreement we reached was to pay $3 billion in the short term, increase it after one year, and increase it again the following year." Trump then claimed, "I watched as Biden (former president) withdrew that $3 billion for some reason." Trump also stated, "Recently, when I spoke with the South Korean president (Lee Jae-myung) on the phone, I said, Would you be willing to offer some help? We dont need your help on Iran, but if you want to help, then help. And he said, Were not going to participate." Trump continued, "We have 39,000 US troops deployed in South Korea, and youre unwilling to help us in such an easy military operation as Iran. Its really strange."Market news: Anthropics annualized revenue surpassed $65 billion prior to its IPO.Sources familiar with the matter revealed that some North American auto industry officials believe that either option would be an improvement over the current 25% tariff imposed by the United States on Canadian cars, since the tariff rates on cars from Japan, South Korea, and the European Union are only 15%.Sources familiar with the matter revealed that U.S. officials proposed deducting only the U.S. domestic value from the 15% tariff on Canadian cars, but Canadian officials wanted to deduct all North American components.Sources familiar with the matter revealed that, after deducting certain value components, the United States and Canada are in talks to reduce U.S. auto tariffs from the current 25% to 15%.

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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