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SpaceX shares fell 7% on Tradegate, roughly in line with its after-hours performance on the US stock market.On August 5th, the Shanghai Headquarters of the Peoples Bank of China (PBOC) held its 2026 second-half work conference on August 4th. The conference emphasized that the PBOC Shanghai Headquarters should earnestly implement the moderately loose monetary policy and actively encourage financial institutions to tap into effective credit demand. It should make good use of various structural monetary policy tools. It should implement the "Five Major Articles" (1+N) series of financial policies. It should promote the continued effectiveness of the "Technology Board" in the bond market in Shanghai. It should steadily deepen financial reform and opening up, and build a sound foreign exchange management system. It should implement new policies on high-level opening up of cross-border trade and investment financing, overseas lending, and overseas listing. It should enhance the exchange rate hedging capabilities of SMEs. It should coordinate the promotion of cross-border finance and offshore finance, and accelerate the implementation and effectiveness of the comprehensive reform pilot program for offshore business financial services. It should promote the application of digital RMB scenarios and the construction of its ecosystem. It should continue to carry out local legislation in the financial field. It should continuously improve the systemic risk prevention and mitigation mechanism. It should strengthen the crackdown on illegal financial activities. It should continuously improve the macro-prudential management mechanism framework. It should comprehensively improve the level of cross-border financial risk monitoring.On August 5th, German chipmaker Infineon announced in a statement that it expects revenue of approximately €4.7 billion ($5.4 billion) for its fourth fiscal quarter ending in September, compared to analysts average expectation of €4.6 billion. This is primarily attributed to increased demand and rising prices for data center chips. Infineon CEO Jochen Hanebeck stated in the announcement, "Demand for our power solutions for AI-enabled data centers remains strong and will continue to be our most important growth driver." This earnings forecast may help alleviate concerns about the sustainability of the current AI spending boom and increasingly fierce competition. In recent weeks, investor concerns about overvaluation of chip stocks have fueled a sell-off, with share prices failing to escape losses even as competitors such as Texas Instruments, STMicroelectronics, and NXP Semiconductors raised their earnings forecasts. Infineons share price has risen 69% year-to-date.August 5th - According to a report on the Nikkei Asian Review website on August 5th, debris from a SpaceX Falcon 9 rocket is about to impact the moon. The report states that debris from the rocket will impact the lunar surface on August 5th, creating the largest man-made crater ever recorded, approximately 27 meters in diameter. This will help explore the lunar environment and establish corresponding safety measures before large-scale manned lunar landings and the construction of lunar bases. The impact is expected to occur around 3:35 PM Japan time (2:35 PM Beijing time) on August 5th, near the Einstein crater on the western side of the moon, with an impact velocity of approximately 2.4 kilometers per second. The impact will create a crater approximately 27 meters in diameter and 5 meters deep, ejecting a large amount of sharp gravel and rock into the surrounding area. The impact energy is equivalent to 3 tons of TNT, enough to destroy a large building.Russia says the attack damaged three ships near Odessa.

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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