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TD Cowen: Raises its price target for Alphabet (GOOG.O) from $450 to $475.Miniso (09896.HK): On June 9, the company repurchased shares on the open market at a price of HK$25.50–26.30 per share, with a weighted average price of HK$26.08, representing 0.155% of the total share capital. This was a regular cancellation repurchase under the 2025 authorization framework.On June 9th, Tatha Ghose, an analyst at Commerzbank, noted in a report that rising energy prices due to the situation in Iran have significantly improved Russias oil and gas revenues recently, providing support for the ruble. However, he stated that energy prices may decline by the end of the year, and the damage to refineries caused by the Ukrainian airstrikes and the reimposition of US sanctions are expected to prevent Russia from utilizing its newly expanded OPEC+ production quotas in the medium term. "Once the benefits from high oil prices fade, we expect the ruble to resume its depreciation."June 9th - Comerica Bank Senior Vice President and Chief Economist Bill Adams predicts that the US May CPI will rise above 4% year-on-year, reaching a three-year high, mainly driven by last months gasoline price increases. Core CPI is expected to remain relatively moderate, close to 3%. The fact that Mays price increases exceeded the growth rate of average hourly wages indicates further erosion of consumers real purchasing power. Meanwhile, the PPI is also expected to record another significant increase, exceeding the CPI, reflecting the higher weighting of petroleum products, metals, and transportation costs in the producer price basket. Furthermore, the preliminary consumer confidence index released by the University of Michigan in early June is expected to rebound from Mays record low, mainly boosted by the decline in gasoline prices over the past two weeks and the rise in the stock market.On June 9th, European ride-hailing platform Bolt, Pony.ai-W (02026.HK), and automaker Stellantis announced the joint launch of an autonomous driving pilot project in Luxembourg. The pilot will verify the safety, performance, and regulatory compliance readiness of Pony.ais seventh-generation autonomous vehicles in real-world Luxembourg traffic conditions. Stellantis will provide engineering and manufacturing support for the mid-sized van based on its L4-ready platform, Bolt will handle the ride-hailing platform and marketing operations, and Pony.ai will provide autonomous driving technology and operational experience.

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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