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UMCs sales in August reached NT$25.04 billion, a year-on-year increase of 30.7%.Morgan Stanley raised its target price for Maersk from 10,000 Danish kroner to 16,100 Danish kroner.September 4th - According to a Nikkei report, sources familiar with the matter stated that Apples initial daily production of the foldable iPhone is only "a few hundred units," primarily due to Apples extremely high quality standards. The sources added that the American company is working hard to increase production. A supply chain manager familiar with the situation stated, "Apple has very high quality requirements and added a trial production run before the official launch in August. However, the ramp-up is currently slow, with daily production only reaching a few hundred units by the end of August. This initial production volume may be insufficient to meet market demand." Previous reports indicated that Apples target production volume for this years foldable iPhone was 8 to 10 million units, hoping that this new form factor would boost market demand and drive revenue growth. However, if Apple cannot increase production more quickly, its final output may fall short of the target and may take longer than expected to meet consumer demand. Industry executives stated that, according to the original production targets, the foldable iPhone would normally require tens of thousands of units to be produced daily.September 4th - According to Japanese media reports, Japanese Finance Minister Satsuki Katayama is expected to remain in her position in the upcoming cabinet reshuffle. This decision signifies the Japanese governments recognition of her work on the economy, exchange rates, and budget process reforms. Katayama is a core member of Prime Minister Sanae Takaichis cabinet and also serves as the Japanese counterpart to US Treasury Secretary Bessenter. Bessenter has consistently pressured Japan to raise interest rates while also helping to stabilize the Japanese currency. Katayamas reappointment would demonstrate Takaichis trust in her policy handling and help ensure the cabinet reshuffle does not trigger market volatility. Replacing Katayama could disrupt close cooperation between the US and Japan on exchange rate issues and further strain an already tense market due to Japanese government spending plans. This could reignite upward pressure on bond yields and lead to a weaker yen.September 4th - According to data released by Douyin Life Services on September 3rd, the transaction volume of fast food and snacks has increased by 114% year-on-year, and the number of merchants on the platform has increased by 155% year-on-year, achieving double growth in both user consumption demand and merchant sales volume.

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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