EUR/USD 1.14692
-0.282%
Gold 4262.23
0.105%
Oil 73.976
-1.290%
USD/JPY 160.854
0.124%
GBP/USD 1.32332
-0.448%
GBP/JPY 212.866
-0.325%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 18th - On June 18th, the China Economic Information Service, in conjunction with Meiwang, released the "China Live Streaming E-commerce Development Report (2026)". The report shows that my countrys live streaming e-commerce industry is currently undergoing rapid iteration and has officially entered a new stage of refined operation. By 2025, the domestic live streaming e-commerce transaction volume will exceed 6 trillion yuan, a year-on-year increase of 20%. The industry is shifting from extensive traffic competition to high-quality, refined development, becoming a key engine driving online retail growth.Both WTI and Brent crude oil prices fell by $0.60 in the short term, and Kuwait Petroleum Corporation stated that Kuwait would immediately lift all force majeure declarations.Kuwait has begun increasing its oil production, which is expected to exceed 2 million barrels per day within a week. The rate of increase in Kuwaiti oil production is faster than previously anticipated.June 18 – European Central Bank Chief Economist Lane said on Thursday that despite recent declines in energy prices, eurozone inflation will remain at a high level. The ECB raised interest rates last week for the first time in nearly three years in response to a surge in energy prices since the outbreak of the Middle East conflict in late February. However, oil and gas prices subsequently fell sharply after Iran and the United States announced a peace agreement. Lane stated that the ECB has no doubt about the correctness of its decision to raise interest rates and still expects inflation to remain above the 2% target level for an extended period. He said, “We believe food prices will rise, and prices for goods and services will also rise. Even in a more moderate scenario with lower oil prices, a rate hike would be reasonable.”June 18 - European Central Bank Chief Economist Lane said on Thursday that the upper limit of the neutral range for eurozone interest rates has risen from 2.25% to 2.50%. Lane stated, "I believe our calculation of the neutral rate applies to the final interest rate level after the shock ends." "We referenced a range of neutral rate models, and we believe the upper limit of that range has gradually risen from 2.25% to 2.50%."

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