EUR/USD 1.15969
-0.076%
Gold 4463.50
-0.411%
Oil 103.144
-0.174%
USD/JPY 158.917
-0.090%
GBP/USD 1.33897
-0.033%
GBP/JPY 212.790
-0.118%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japans National Institute for Disaster Resilience and Safety (NIED) has preliminarily determined the magnitude of the earthquake in Japan to be 6.2.According to NHK, an earthquake with an intensity of 5+ struck the Amami region of Kagoshima Prefecture, Japan. The initial magnitude was 5.9, and no tsunami warning was issued.On May 20th, the United Nations released its mid-year update to the "World Economic Situation and Prospects 2026" report on May 19th, lowering its 2026 global economic growth forecast from 2.7% in January to 2.5%. The report argues that the Middle East conflict has impacted the global economy, leading to slower growth, rising inflation, and exacerbating global uncertainty. The report states that the conflict has resulted in constrained energy supplies and soaring prices, coupled with increased freight and insurance costs, causing global production costs to rise rapidly through the supply chain. The report projects that global inflation will reach 3.9% in 2026, 0.8 percentage points higher than the January forecast, with inflation in developed economies rising to 2.9% and in developing economies to 5.2%. Furthermore, the Middle East conflict has driven up energy prices and tightened financial conditions, putting pressure on developing economies. The report states that the Middle East is one of the regions most severely affected by the Middle East crisis, with its economic growth projected to decline from 3.6% in 2025 to 1.4% in 2026. Furthermore, due to its heavy reliance on imported energy, the EUs economic growth is expected to slow from 1.5% in 2025 to 1.1% in 2026.Samsung Electronics shares fell more than 3% after wage negotiations broke down.According to Yonhap News Agency, Samsung Electronics South Korean labor union stated that negotiations between the union and management have been terminated.

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