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August 11th - According to sources familiar with the matter, Intel (INTC.O) is seeking to expand its stock offering to approximately $20 billion, a third higher than the $15 billion target set when it announced the deal Monday morning. The sources indicated that Intel expects to offer shares at approximately $95 per share or higher. One source stated that if the so-called over-allotment option is exercised, the offering could further expand to over $20 billion, and demand for the offering has already exceeded $100 billion. The sources indicated that discussions are ongoing, and details, including the offering size and pricing, are still subject to change.1. With the 30-year US Treasury yield rising to a 19-year high of 5.27%, and the 10-year US Treasury yield reaching 4.75%, it is once again approaching 5%. In response, US Treasury Secretary Bessenter recently intervened in the yen in conjunction with Japan, indicating a desire to adjust the supply of long-term bonds and strongly supporting Federal Reserve Chairman Warsh, employing a multi-pronged approach. 2. The three major US stock indexes closed slightly lower. The Dow Jones Industrial Average fell 0.11% to 53,975.98 points, the S&P 500 fell 0.06% to 7,753.11 points, and the Nasdaq Composite fell 0.32% to 26,605.36 points. Nvidia fell nearly 3%, and Travelers Group fell more than 2%, leading the decline in the Dow Jones. The optical communications sector opened higher but closed lower, with Coherent falling more than 14% and Lumentum falling more than 8%. The memory sector was mixed, with SanDisk rising more than 2%, SK Hynix falling nearly 2%, and Seagate Technology falling more than 1%. The Wind US Tech Big Seven Index fell 0.4%, with Apple falling more than 1% and Amazon rising more than 1%. SpaceX rose more than 4%. 3. Brent crude oil futures rose 5.18%, and WTI crude oil futures rose 5.27% to $82.30 per barrel. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 1.11% to $4448.6 per ounce and COMEX silver futures rising 3.75% to $65.88 per ounce.August 11th - A survey shows that British consumers increased their spending on food and pubs last month, driven by Englands qualification for the World Cup semi-finals and the heatwave, but remained cautious about large expenditures. Data released Tuesday by the British Retail Consortium (BRC) showed that total UK retail sales in July rose 1.3% year-on-year, below the average and lower than Junes 1.9% growth. Food sales increased by 3.8% year-on-year, while non-food sales fell by 0.7%. Clothing sales were boosted by the heatwave, but footwear sales declined. Sarah Bradbury, chief executive of the Grocery Distributors Association (IGD), said: "The food supply chain is under increasing pressure due to the Middle East conflict and the ongoing heatwave, increasing the likelihood of rising food costs and potentially putting further strain on household budgets as we head into autumn." Barclays broader consumer spending indicator showed that consumer spending rose 2.0% year-on-year in July, slightly higher than Junes 1.9%.UK BRC total retail sales rose 1.3% year-on-year in July, down from 1.9% in the previous month.UK BRC same-store retail sales rose 1% year-on-year in July, compared with 1.70% in the previous month.

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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