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The main contract for 2-year Treasury bond futures (TS) remained unchanged, the main contract for 5-year Treasury bond futures (TF) remained unchanged, the main contract for 10-year Treasury bond futures (T) fell by 0.03%, and the main contract for 30-year Treasury bond futures (TL) fell by 0.12%.At the close of the morning session, domestic futures contracts showed mixed results. Low-sulfur fuel oil (LU) rose nearly 8%, SC crude oil rose nearly 6%, synthetic rubber and fuel oil rose over 4%, container shipping to Europe rose nearly 4%, and liquefied petroleum gas (LPG) rose over 3%. On the downside, Shanghai silver fell over 9%, Shanghai tin and apples fell over 3%, and platinum and red dates fell over 2%.On May 18th, Kazuhiro Sasaki, Head of Research at Philips Securities Japan, stated that at current yield levels, foreign investors may find it easier to buy Japanese government bonds, and he wouldnt be surprised if domestic investors sold foreign bonds and bought Japanese government bonds instead. He said, "From an exchange rate perspective, foreign capital inflows into Japanese bonds could lead to a stronger yen, which could put some pressure on the Japanese stock market." Rising long-term Japanese government bond yields mean that policy rates may rise, which would be a negative factor for the stock market. If interest rates rise too quickly, it will have a significant negative impact on the stock market. This cautious sentiment is intensifying against the backdrop of inflation concerns triggered by rising oil prices.Futures News, May 18th - According to foreign media reports, Malaysian palm oil futures recorded their second consecutive day of gains on Monday, mainly supported by stronger prices in Dalian palm oil, Chicago soybean oil, and crude oil, while the weak ringgit also provided assistance. On the policy and export front, Malaysia has lowered its June reference price for crude palm oil to ensure that export tariffs remain at 10%. Meanwhile, data from inspection agency AmSpec shows that Malaysian palm oil exports from May 1st to 15th are expected to decline by 16.5% compared to the same period last month.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economic Bureau, stated at a press conference held by the State Council Information Office that industrial production growth fluctuated in April, which is a normal monthly fluctuation. Cumulatively, from January to April, the added value of industries above designated size increased by 5.6% year-on-year, maintaining a steady and relatively rapid growth trend. Overall, industrial production is progressing steadily, with continued trends towards high-end, green, and intelligent development. However, it should also be noted that there are currently many external uncertainties, increasing operating cost pressures on enterprises, and some enterprises are still facing difficulties. In the next stage, it is necessary to earnestly implement the spirit of the Central Economic Work Conference and the arrangements of the National Peoples Congress and the Chinese Peoples Political Consultative Conference, focusing on expanding domestic demand, strengthening innovation-driven development, developing new types of productive forces according to local conditions, strengthening the supply of energy and raw materials, alleviating enterprise difficulties, and promoting high-quality industrial development.

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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