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On July 9th, at a press conference following the NATO summit on July 8th, US President Trump was asked why he had praised Iranian leaders last month as very rational, tough, intelligent, and easy to deal with, but now accused them of being distorted and pathological. Trump responded that it was because he "saw through Iran" and was "unsure whether to reach a deal with them." In answering a reporters question, Trump also claimed to be "number one on Irans assassination list." Trump further stated that he "does not believe there will be a large-scale, protracted war between the US and Iran" and that the conflict would "end quickly."1. Two Russian oil tankers were damaged in a drone attack. 2. The commander of the Ukrainian drone force in Kyiv stated that Ukrainian drones struck nine oil tankers belonging to Russias "shadow fleet" in the Sea of Azov last night. 3. South Korean officials: South Korea will provide $100 million in aid to Ukraine. 4. NATO announced several arms purchase and defense investment plans totaling tens of billions of dollars during the organizations summit, involving the development of counter-drone capabilities and drone procurement. 5. NATO summit statement: NATO allies pledged €70 billion in support for Ukraine by 2026. 6. US President Trump: Will work with Zelensky to explore what assistance can be provided to the country.US President Trump: (Regarding NATO) They had the opportunity to help us on Iran, but they chose to stand by. But we seem to have forgotten about it. Now, they are all eager to offer assistance on Iran.July 9th - According to foreign media reports, sources familiar with the matter revealed that AI chip startup Positron is in talks for a two-stage funding round, aiming to raise approximately $750 million. Positron focuses on developing high-efficiency inference chips for running AI models and is one of many companies seeking to challenge Nvidias dominance. The first stage of this funding round is expected to value the company at $3.5 billion, and the second stage could value it at approximately $5 billion. If the funding round is successfully completed, the companys valuation will more than triple in just five months. Positron has a large investor base, including Valor Equity Partners, Atreides Management, and DFJ Growth, as well as Arm and the Qatar Investment Authority.The UKs three-month RICS house price index for June was -33, compared to a forecast of -30 and a revised previous reading of -34 (from -35.00).

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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