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September 5th - According to the Wall Street Journal, sources familiar with the negotiations said that U.S. negotiators used a promise to obtain Nvidias (NVDA.O) artificial intelligence chips to help facilitate a preliminary peace agreement reached last year between Armenia and Azerbaijan. A previously unreported point is that the U.S. specifically expanded its chip procurement approval authority for Armenias data center project to encourage Armenias participation in the negotiations. This move is one of the most high-profile examples to date, embodying what U.S. officials call "chip diplomacy." While the Trump administration has previously used artificial intelligence hardware in negotiations with the UAE and Saudi Arabia, the Armenian agreement is the first instance of the administration publicly using such means to facilitate a peace agreement. This agreement further deepens the relationship between the White House and the worlds largest chipmaker.September 5th - US President Trump posted that it has been an incredible summer for the American tourism industry. Americans have traveled nearly 300 billion miles, our national parks welcomed 78 million visitors, and millions more traveled by air. The FIFA World Cup alone brought in over $18 billion for our economy and supported over 160,000 jobs! Tourism means jobs, investment, and billions of dollars flowing into American businesses and communities. We are cutting red tape and modernizing air travel to make it easier to travel and do business in the United States. America is opening its doors to the world—and the best is yet to come.On September 5th, U.S. District Judge Trevor McFadden rejected a temporary restraining order application filed by Stars and Stripes publisher Max Laidler, editor-in-chief Eric Slavin, and Middle East journalist Lara Colter on September 4th, allowing the Department of Defense to proceed with the dismissal of the three. The judge ruled that the three had failed to demonstrate that their First Amendment rights were likely violated. The three had previously sued the Department of Defense, claiming they were being retaliated against for publicly supporting Stars and Stripes editorial independence and related reporting. In his ruling, Judge McFadden stated that while Slavin and Colter had been granted permission to give interviews, existing materials showed they were making these statements in the course of official duties, not as private citizens. Regarding Laidler, the judge stated that his failure to follow orders was not protected by the First Amendment.On September 5th, US President Trump posted: "Great news! Our booming economy added 162,000 jobs in August to honor the great American workers we celebrate this year (and every year!) for Labor Day." This strong figure is almost three times the prediction of so-called "economists" in a Bloomberg survey—people still suffering from "Trump mania." The impact of Trumps economic boom is evident across numerous industries. This administrations fair trade policies, implemented through a superb tool called "tariffs," have reshaped the global economic landscape, bringing manufacturing jobs back to the US on an unprecedented scale. Factory construction is booming as businesses utilize the "full deduction" policy (full deduction within one year). Soon, these factories will be packed with American workers.September 5th - The 5th China-Canada (China-Canada) Defence Working Meeting was held in Canada on September 4th. Both sides exchanged candid and in-depth views on international and regional issues of common concern, expressed their positive desire to strengthen practical exchanges and cooperation between the two militaries, and enhanced mutual understanding and trust.

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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