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According to futures market news on December 24th, as of the week ending December 20th, Japanese commercial crude oil inventories decreased by 264,762 kiloliters from the previous week to 9,958,810 kiloliters. Japanese gasoline inventories increased by 69,303 kiloliters from the previous week to 1,783,685 kiloliters. Japanese kerosene inventories decreased by 118,036 kiloliters from the previous week to 2,154,773 kiloliters. The average operating rate of Japanese refineries was 89.3%, compared to 90.8% the previous week.Sources say BP expects to receive a net gain of approximately $6 billion.Sources say the deal will value Castrol at $10 billion, including debt.Sources say BP (BP.N) is close to reaching an agreement to sell a majority stake in Castrols lubricants division to Stonepeak.December 24th - From January to November, total electricity consumption in China reached 9,460.2 billion kilowatt-hours, a year-on-year increase of 5.2%, of which industrial power generation by enterprises above designated size was 8,856.7 billion kilowatt-hours. By sector, primary industry electricity consumption was 137.4 billion kilowatt-hours, a year-on-year increase of 10.3%; secondary industry electricity consumption was 6,043.6 billion kilowatt-hours, a year-on-year increase of 3.7%, with industrial electricity consumption increasing by 3.9% and high-tech and equipment manufacturing electricity consumption increasing by 6.4%; tertiary industry electricity consumption was 1,820.4 billion kilowatt-hours, a year-on-year increase of 8.5%, with charging and swapping services and information transmission, software and information technology services increasing by 48.3% and 16.8% respectively; and residential electricity consumption was 1,458.8 billion kilowatt-hours, a year-on-year increase of 7.1%.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

 截屏2022-11-28 上午10.39.08.png

 

China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

 

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

 

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

 

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

 

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.