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April 17th - According to a Bloomberg survey conducted from April 9th to 15th, the European Central Bank (ECB) is expected to raise interest rates in June due to rising inflation caused by the Iran conflict. However, this 0.25 percentage point hike is likely to be the only such measure, as the conflict is not expected to cause a long-term price shock. The survey shows that the Eurozones inflation rate is expected to rise to 2.8% this year—higher than the previously predicted 2%. It is then projected to fall back to 2.1% by 2026 and further to 2% by 2027—in line with the ECBs target. Sources familiar with the matter indicate that ECB officials currently favor keeping interest rates unchanged at their next meeting at the end of April. Some, including the president of the German central bank, believe that the possibility of action at that time cannot be ruled out.JPMorgan Chase lowered its price target for Netflix (NFLX.O) from $120 to $118.Deutsche Bank expects the Federal Reserve to keep interest rates unchanged in 2026, whereas its previous forecast was for a rate cut in September.Trade sources say Indian banks have suspended imports of gold and silver from overseas suppliers. Due to delays caused by government orders, Indian banks are still awaiting customs clearance for imported gold and silver. Approximately 5 tons of gold and 8 tons of silver are stranded due to lack of customs clearance.The Romanian Ministry of Defense stated that radar detected a Russian drone violating the countrys airspace.

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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