EUR/USD 1.14235
0.007%
Gold 4015.28
-0.032%
Oil 70.131
-0.205%
USD/JPY 161.931
-0.001%
GBP/USD 1.32600
0.020%
GBP/JPY 214.712
0.020%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The United States Trade Representative (USTR) welcomes the progress made by Switzerland; we are working to finalize a trade agreement with Switzerland.On June 30, the Swiss government issued a statement announcing that it had signed a joint statement with the United States last year aimed at stabilizing bilateral trade relations. As part of ongoing tariff negotiations with the US, the Federal Council recently released a statement of intent outlining how it will implement the specific commitments made in the previous joint statement. In addition to lowering import tariffs on some US goods following the signing of the statement, the Council plans to take further measures to implement the relevant agreements. These measures include simplified recognition of US standards in the areas of conformity assessment bodies, medical devices, passenger cars, and government procurement. The Council will implement these measures by revising regulatory rules. The implementation of these measures aligns with the objectives set forth in the joint statement and is consistent with the mandate for negotiations with the US. The Council also expects the US to fulfill its commitments in the same way. This announcement will further contribute to stabilizing bilateral economic relations between Switzerland and the United States and provide Swiss exporters with greater planning certainty. Negotiations on a legally binding trade agreement are still ongoing.Rokae Robotics announced on the Hong Kong Stock Exchange that it plans to issue 23.03 million H shares (subject to the exercise of the over-allotment option) in Hong Kong, priced at HK$38 per share, with trading expected to commence on July 9.The Democratic Republic of Congo has reported 1,307 confirmed cases of Ebola, with 377 deaths.S&P Global Ratings placed Comcasts credit rating on "negative watch" after Comcast announced its breakup plan.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

 153.png

 

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.


Suggestion