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On November 7th, the Russian Ministry of Defense released a battle report on November 6th, stating that in Pokrovsk (known as the Red Army City in Russia) in the Donetsk region, Russian forces continued their attacks on besieged Ukrainian troops, seizing control of 64 buildings within a 24-hour period and repelling more than ten Ukrainian attempts to break the siege. Furthermore, Russian forces struck Ukrainian targets in 149 areas, including energy and transportation infrastructure, drone storage and launch sites, and temporary deployment points for Ukrainian troops and foreign mercenaries. Within a day, they destroyed or shot down two guided-missile bombs, more than 200 drones, and over 10 armored vehicles. The General Staff of the Ukrainian Armed Forces stated on the 6th that Ukrainian forces repelled hundreds of Russian attacks in multiple directions, including Pokrovsk (known as the Red Army City in Russia), and reinforced military units defending the city. The Ukrainian Armed Forces also stated that on the 5th, they attacked a drone storage, assembly, and launch site in the Donetsk airport area and assaulted the Volgograd oil refinery in Russia.A sell-off in US tech stocks triggered a sharp decline in Japanese chip-related stocks, with SoftBank Group falling 7.7%.US President Trump: I just had an important call with Israeli Prime Minister Netanyahu.Foreign investors bought 280.6 billion yen in Japanese bonds in the week ending October 31, compared with a net outflow of 253.5 billion yen in the previous week.Japans purchases of foreign stocks in the week ending October 31 amounted to -¥581.1 billion, compared to -¥62.1 billion in the previous week.

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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