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Sources say British Prime Minister Burnham is considering whether to help Saudi Arabia fight off attacks by Yemens Houthi rebels, as Britain fears the escalating conflict will increasingly damage the British economy.According to Al Jazeera, the Iraqi Prime Minister stated that Iraq will not become a launchpad posing a threat to its neighbors.On September 15th, following Trumps statement that Ukraine and Russia had agreed not to attack each others energy targets, Ukrainian President Zelenskyy said on Monday that Ukraine was willing to cease attacks on Russia if its partners could ensure that Russia would not attack Ukrainian energy facilities, infrastructure, and food supply routes. Zelenskyy stated that Ukraine did not believe Russia was willing to abide by any relevant agreements. "The war must end. De-escalation measures against critical infrastructure could be a first step towards peace. We look forward to concrete arrangements from our partners."On September 15th, Bank of America equity strategist Savita Subramanian raised her target for the S&P 500. As one of Wall Streets most bearish strategists, her previous target was among the lowest of market analysts, but she still warned that the index remains vulnerable to interest rate risks. Subramanian raised her year-end forecast for the S&P 500 from 7100 to 7400. The new forecast level implies a 3.4% decline from Fridays closing level. Based on a compilation of forecasts from more than 20 strategists for the S&P 500 by the end of 2026, her prediction remains one of the most pessimistic views on Wall Street. She expects the S&P 500 to rise to 7800 over the next 12 months, only about 2% higher than the recent closing level. Subramanian stated on Monday, "We are entering a period of seasonal weakness, and in our view, the market correction has been delayed for too long."CrowdStrike (CRWD.O) shares rose 15% intraday, hitting a record high.

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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