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JPMorgan Chase raised its price target for Coca-Cola (KO.N) from $90 to $96.JPMorgan Chase raised its price target for PayPal (PYPL.O) from $46 to $65.On July 29th, Paul Christopher, Global Head of Investment Strategy at Wells Fargo Investment Institute, stated that he expects the Federal Reserve to keep interest rates unchanged. The easing of inflation in June provides policymakers with an opportunity to extend the pause in rate hikes and await further data. Luis Alvarado, Co-Head of Global Fixed Income Strategy at the Institute, pointed out that Warsh has made it clear that "bringing inflation back to 2% remains the Feds top priority, and policymakers have virtually zero tolerance for a rebound in price pressures. We believe he genuinely believes the Fed can achieve this goal." Alvarado stated that the biggest change Warsh might bring is in the communication style, especially forward guidance. Investors should expect increased policy flexibility and potentially greater market volatility between meetings. For Warsh, the ability to act and react flexibly to changing circumstances remains crucial.On July 29, the Ministry of Ecology and Environment, together with 18 other departments including the National Development and Reform Commission, jointly released the "National 15th Five-Year Plan for Addressing Climate Change" today (July 29). The plan systematically outlines the goals and tasks for addressing climate change during the 15th Five-Year Plan period, providing clear guidance for climate change work over the next five years. According to the plan, by 2030, carbon dioxide emissions per unit of GDP will decrease by 17% compared to 2025; carbon dioxide emissions per unit of product in industries covered by the national carbon emission trading market will decrease by about 3% compared to 2025; a national voluntary greenhouse gas emission reduction trading market that is trustworthy, transparent, methodologically unified, widely participated, and aligned with international standards will be established; a product carbon footprint management system will be basically established; monitoring and control of non-carbon dioxide greenhouse gases will be strengthened; a carbon dioxide equivalent emission reduction capacity of 30 million tons will be formed; the climate change adaptation work system will be further improved; phased progress will be made in the construction of a climate-resilient society; and awareness and capacity for addressing climate change will be continuously enhanced. my countrys influence, guidance, shaping power, and moral appeal in global climate governance will be significantly enhanced.JPMorgan Chase lowered its price target for UPS (UPS.N) from $118 to $115.

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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