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On July 10th, HSBC issued a report lowering its target price for Gu Ming (01364.HK) by 7%, from HK$29.1 to HK$27.1, while maintaining a "Buy" rating. The bank believes that the companys profit recovery cycle may improve in 2027 following a comprehensive adjustment to its delivery subsidies, coupled with the support of a healthy franchisee-store economy. Demand for freshly made beverages remains strong, and the bank expects store expansion to regain momentum in 2027, potentially creating a more favorable profit recovery cycle. According to the banks estimates, Gu Ming will have 15,554 sales points by the end of 2026.HSBC lowered its target price for Microsoft (MSFT.O) from $571 to $567.Japan Meteorological Agency: The El Niño phenomenon appears to be continuing since the spring of 2026.On July 10th, the National Health Commission issued the "Notice on Strengthening the Management of Continuous Medication Use for Residents." The Notice provides policy support for establishing a scientific and standardized mechanism for managing continuous medication use for residents, forming a fair, accessible, systematic, continuous, high-quality, and efficient medication service system. It makes specific provisions in three main aspects: First, establishing and improving a multi-level management mechanism. Based on the actual situation of information technology construction at the provincial, municipal, county, and closely integrated medical consortium levels, the functions of continuous medication use management for residents within the region will be expanded. Second, promoting the co-construction and sharing of medication information, mainly including prioritizing the use of national standards for data collection, recording complete medication information for residents, standardizing individualized medication management for patients, establishing and improving regional medication monitoring and analysis mechanisms, assisting in improving clinical pharmacy service capabilities, strengthening the supply of convenient and beneficial services for residents, and establishing a clinical medication feedback mechanism. Third, standardizing the entire process management of continuous medication use for residents, mainly clarifying the management responsibilities of health administrative departments at all levels and the leading hospitals of closely integrated medical consortia.The National Bank of Kazakhstan reported that Kazakhstans net gold and foreign exchange reserves in June totaled $60.161 billion (a 7.8% decrease month-on-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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