EUR/USD 1.15234
-0.065%
Gold 4054.70
0.094%
Oil 78.748
-5.282%
USD/JPY 156.994
-1.371%
GBP/USD 1.34512
-0.185%
GBP/JPY 211.180
-1.552%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
August 3 – Research from the European Central Bank (ECB) shows that eurozone households have cut spending following the outbreak of the war in Iran, appearing more concerned about overall uncertainty than faster inflation. Economists including Neus Dausa i Noguera, Maria Dimou, and Omiros Kouvavas, in an article published this week in the ECBs Economic Bulletin, noted that market confidence declined and consumption momentum weakened significantly as the conflict escalated. They found that the economic slowdown was primarily due to reduced discretionary spending. Nominal energy spending rose, reflecting increased transportation costs, while spending on housing and food remained resilient. The adjustments were most pronounced among high-income households. The researchers stated, "The weakening of nominal consumption appears to be primarily driven by households with unrestricted budgets who chose to postpone spending due to increased uncertainty." They added, "While price increases from the Middle East war may have played a role, the analysis suggests that even after controlling for real income, an emotion-driven channel exists. If households perceive the loss of real income from the conflict as persistent and link it to a decline in real purchasing power, then the initially emotion-driven slowdown may become more entrenched."On August 3, the Shanghai Intellectual Property Administration and the Shanghai Municipal Development and Reform Commission jointly issued the "Shanghai Intellectual Property High-Quality Development 15th Five-Year Plan". The plan proposes that by 2030, Shanghai will become a major international intellectual property city, achieving new breakthroughs in deepening reforms in the field of intellectual property, reaching new heights in protection, demonstrating new vitality in creation and utilization, taking a new step in service supply, further optimizing the innovation and development ecosystem, and significantly improving the levels of intellectual property creation, utilization, protection, management, and services. This will fully support Shanghais development into a source of scientific and technological innovation, a leader in high-end industries, a new highland for innovation governance, a benchmark for convenient services for the people, a hub for high-end talent, and a demonstration zone for open cooperation. By 2035, Shanghai will have basically established itself as an international intellectual property center city with complete systems, a sound framework, a superior environment, and leading standards.A German government spokesperson stated that the (Ceuta exclave migrant crisis) highlights the volatility of the situation at the EUs external borders, requiring joint efforts from all European countries.August 3rd - According to data from China Index Academy, 125,000 existing homes were sold in 20 major cities in July, a 6.0% decrease month-on-month but a 9.3% increase year-on-year. The growth rate narrowed by 3.1 percentage points compared to the previous month, indicating a slight decrease in activity in the existing home market in July, but still stronger than the same period last year. Cumulatively, from January to July, 885,000 existing homes were sold in these 20 cities, a 6.1% increase year-on-year. Specifically, core cities such as Beijing, Shanghai, and Shenzhen continued to see year-on-year growth in existing home sales. In July, Beijing saw 14,000 existing homes and Shanghai saw 23,000 existing commercial homes sold, representing year-on-year increases of 8.5% and 21.2% respectively, despite a high base. Beijing and Shanghai have seen year-on-year growth in existing home sales for five consecutive months. Shenzhens existing home sales in July increased by 3.0% year-on-year, a smaller increase than the previous month.Steffier: Tesla (TSLA.O) saw weaker profitability in the second quarter, with gross margin falling to 16.8% and adjusted EBITDA missing expectations. Nevertheless, he remains optimistic about FSD and Robotaxi, viewing order backlog growth and the launch of Model YL as key long-term catalysts.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

 153.png

 

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.


Suggestion