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On July 6, Hong Kong SAR Government Financial Secretary Paul Chan said on the 6th that Hong Kong stocks rose by 18% last year, and the momentum will continue to improve in 2025. The number of applications for IPOs in Hong Kong is increasing rapidly. The amount of funds raised in the first half of the year exceeded HK$107 billion, an increase of about 22% over the whole of last year, temporarily ranking first in the world. Paul Chan said that in the past period of Hong Kong stocks rise, funds mainly chased technology stocks, driving a significant increase in the trading of derivatives related to technology stocks. "Exchange Traded Products" (ETPs) linked to different types of assets have become a new force in supporting the liquidity of Hong Kong stocks in recent years, effectively playing the role of liquidity buffer when the market fluctuates.July 6, Lloyds Bank of the United Kingdom believes that the minutes of the Federal Reserves June meeting to be released next Wednesday are not expected to change the markets expectation that interest rates will remain unchanged at the July meeting, and interest rate adjustments are more likely to take place in September. The Feds dot plot is still expected to have two rate cuts this year, but there are clear differences among policymakers, ranging from three rate cuts to unchanged.According to TASS: Russian troops have taken control of Sobolivka in the Kharkiv region of Ukraine and Piddubne in the Donetsk region.According to Nikkei News: Nissan Motor is considering having Foxconn produce electric vehicles at its Oppama plant in Okinawa, Japan.On July 6, the new South Korean Prime Minister Kim Min-seok hosted the first high-level party-government consultation meeting of the Lee Jae-myung government at the Prime Ministers Residence in Samcheong-dong, Jongno-gu, Seoul on the afternoon of the 6th. He pointed out that the current government was born in the "Light Revolution" and there is no handover committee, nor a policy adjustment period. The current cabinet is still under construction. In order to promote national recovery, the government and the ruling party should work together and go all out with the belief of saving the country and the people.

NYMEX crude oil is approaching a seven-year high again, OPEC+ accurately grasps the weakness of the United States

Oct 26, 2021 10:58

On Tuesday (October 5), international oil prices continued a new wave of gains triggered by the previous trading day. Earlier, the world’s major oil-producing countries announced their decision to maintain the current pace of increasing production. Crude oil-consuming countries feared that this would undermine the recovery from the epidemic.

GMT+8 15:45, NYMEX crude oil futures rose 0.36% to 77.91 US dollars/barrel; ICE Brent crude oil futures rose 0.55% to 81.70 US dollars/barrel. The two cities closed up 2.27% and 2.56% respectively overnight, and set a new high of US$78.38/barrel since November 10, 2014 and a new high of US$82/barrel since October 14, 2018.


The Organization of the Petroleum Exporting Countries and Russia's oil-producing allies (OPEC+) said on Monday (October 4) that they will stick to the existing agreement-increasing production by 400,000 barrels per day each month, ignoring the demands of major oil-consuming countries such as the United States and India to accelerate production. Call.

A senior aide to US President Biden discussed a series of issues during a meeting with Saudi Crown Prince Mohammed in Saudi Arabia last week, calling oil prices "worrying." India, another major oil consumer, is also struggling to demand an increase in oil supply.

Demand rebounded rapidly, and supply was disrupted by various factors, including the hurricane that severely damaged US production, and the low level of investment in the entire industry when demand fell sharply during the worst of the epidemic. Oil prices have soared by more than 50% this year, which has increased inflationary pressures.

Crude oil-consuming countries generally believe that the global economy has slowly recovered from the epidemic, and the prospects for oil demand are promising. However, sources in the oil-producing countries revealed shortly before the vote that despite the pressure to increase production, OPEC+ is concerned that the fourth wave of the global new crown epidemic may hit the demand recovery.

The organization agreed in July to increase production by 400,000 barrels per day at least until April 2022, in order to gradually end the current 5.8 million barrels per day production reduction plan. The current reduction in production has been much lower than the reduction in production during the worst period of the epidemic.

Russian Deputy Prime Minister Novak said after the meeting: "We will pay close attention to the situation. We know that demand usually declines in the fourth quarter. Our plan to increase (output) is progressing steadily. We will pay close attention to how the market will achieve it. balance."

Capital Investment Macro said: “We expect that the gradual normalization of demand growth and the rebound in supply will have an impact on oil prices from the fourth quarter. OPEC+ increases production and this dynamic will be reversed."

Avtar Sandu, Senior Commodity Manager of Phillip Futures in Singapore, said: "In the short term, the oil market may increase volatility... However, the main trend remains intact, and a deep correction will provide buying opportunities."