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Teslas US website shows that the price of the Model Y Performance All-Wheel Drive version in the US has been increased from $57,490 to $57,990.Teslas US website shows that the price of the Model Y Long Range Rear-Wheel Drive version in the US has been increased from $44,990 to $45,990.Teslas US website shows that the price of the Model Y Long Range All-Wheel Drive version in the US has been increased from $48,990 to $49,990.On May 16th, European Central Bank (ECB) Governing Council member Stournaras stated that a small interest rate hike by the ECB could curb inflation without causing economic damage. Even if the inflation rate is significantly above the target level for a period of time, as long as it is temporary, future tightening of monetary policy should be more moderate. This would both curb further inflation and avoid excessive shock to economic activity. The duration and intensity of the energy crisis, and its transmission mechanism to the real economy, will also determine the ECBs response. The ECB will continue to closely assess all available data and is prepared to set policy rates at a level consistent with maintaining price stability in the medium term. This typically dovish official emphasized that there is currently no strong evidence of a second round of inflation, but he also warned of rising uncertainty, as damage to energy infrastructure in the Gulf region could prolong inflationary pressures in the medium term. Extended delivery times and rising input costs indicate that supply chains are facing increasing pressure.May 16th - Despite geopolitical tensions and a flood of synthetic diamonds, Zimbabwes main state-owned diamond miner plans to produce 5 million carats of diamonds this year, up from 3.8 million carats in 2025. Douglas Zambangor, CEO of United Diamonds Zimbabwe, told lawmakers in the eastern town of Mutare that the countrys diamond industry has experienced a more severe downturn than the international market due to a series of local problems. While international rough diamond prices have fallen by 26% to 35%, Zimbabwean diamonds have plummeted from a peak of $79 per carat to $22 per carat due to product mix issues, geopolitical tensions, synthetic diamonds, market collusion, and an unfavorable sales framework. The international diamond market remains sluggish, especially for unique rough diamonds, with prices projected to range between $22 and $34 per carat by 2026. In contrast, other producers are averaging $100 per carat for high-quality rough diamonds.

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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