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Gold mining stocks are surging, with August gains exceeding any months performance of chip stocks in recent years. The MSCI World Gold Mining Index has risen 43% this month, on track for its biggest monthly gain on record. The MSCI World Semiconductor Index and the Philadelphia Semiconductor Index both posted their best monthly performances this year in April, rising 27% and 38% respectively. This rally was swiftly triggered earlier this month after the U.S. Treasury unexpectedly announced plans to expand bond buybacks and lower borrowing costs. Tomasz Godziek, head of equities at Gain Capital, stated, "From an equity investment perspective, gold is one of our most overweight sectors." He is bullish on the investment logic of a depreciating dollar and also believes gold is a strategic asset that central banks can use to diversify their reserves. Meanwhile, rising global bond yields and increasing market skepticism about the returns on massive AI spending are putting pressure on technology stocks.August 28th - According to an exclusive report by the British newspaper *The Guardian* on the 27th, the US-led war against Iran has plunged the US military into a "severe financial crisis," forcing the US Navy to divert funds from salaries and other sources to pay for operations. The report states that the joint US-Israeli military operation against Iran has placed enormous pressure on the overall US military budget. This military operation has depleted US ammunition reserves and triggered retaliatory strikes from Iran, which damaged multiple US strategic bases in the Middle East.On August 28th, Hu Jianbo, President of the National Data Development Research Institute, stated at the opening ceremony of the 2026 China International Big Data Industry Expo that intelligent agent applications are driving the accelerated development of word element services. By 2025, my countrys intelligent agent patent authorizations are expected to exceed 3,400, more than double the growth rate of the previous year, indicating a significantly faster pace of innovation.August 28th - Data released by the Ministry of Industry and Information Technology on the 28th shows that my countrys 5G network construction has progressed steadily this year. As of the end of July, the total number of mobile phone users of the three major telecom operators and China Broadcasting Network reached 1.847 billion, of which 1.303 billion were 5G mobile phone users, accounting for 70.5% of all mobile phone users. The data also shows that the construction of new infrastructure has been progressing smoothly in the first seven months. As of the end of July, the total number of 5G base stations reached 5.154 million, a net increase of 316,000 compared to the end of last year; the number of broadband internet access ports nationwide reached 1.27 billion, of which 1.23 billion were fiber optic access (FTTH/O) ports, a net increase of 19.35 million compared to the end of last year, accounting for 96.7% of all broadband internet access ports.On August 28th, the National Development and Reform Commission (NDRC) held a press conference. A spokesperson stated that, as of now, the national electricity load during this years peak summer season has reached four record highs, peaking at 1.557 billion kilowatts, an increase of approximately 50 million kilowatts compared to last years record. NDRC spokesperson Li Chao stated that the NDRC will closely monitor and dynamically track changes in the situation, promptly handle any emergencies, and ensure the successful completion of this years energy supply guarantee task for the peak summer season. Simultaneously, based on previous work, the NDRC will conduct in-depth analysis of this years energy supply and demand situation for the heating season, organize and carry out various preparations early, and solidly carry out all work related to energy supply guarantee for the peak winter season, making every effort to ensure that the people stay warm during the winter.

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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