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On July 30th, Samsung Electronics semiconductor division reported a more than 250-fold increase in profits, driven by the lucrative reliance on memory in the field of artificial intelligence. The divisions second-quarter operating profit reached 89.2 trillion won (approximately $62 billion), exceeding analysts average expectation of 79.3 trillion won. The groups overall net profit was 71.3 trillion won, also surpassing market expectations. The profitability of the worlds largest memory chip manufacturer is under close scrutiny, as investors seek evidence to justify the massive investments and valuations driven by the AI boom. Global semiconductor stocks have soared to record highs this year, but also face increasingly fierce competition and concerns about overcapacity. Investors are increasingly questioning the commercial viability of the massive investments pouring into the industry.Samsung Electronics: Dividend of 374 won per share.Polish Armed Forces: Poland has scrambled fighter jets for protection in response to Russian airstrikes on Ukraine.U.S. Central Command: U.S. forces launched strikes against Iran at 8 p.m. Eastern Time (8 a.m. Beijing Time) today. These strikes are a strong response to yesterdays Iranian attempt to attack U.S. forces in the Middle East.July 30th - According to institutional analysis, the equal-weighted Nasdaq 100 index has lagged behind the equal-weighted S&P 500 index by 6.8 percentage points so far in July, potentially marking its worst monthly relative performance on record. Previously, equal-weighted technology stocks had outperformed the broader market for four consecutive months. Never in the past 20 years has the average performance of technology stocks lagged behind the S&P 500 by more than 5 percentage points. Meanwhile, the equal-weighted S&P 500 index has risen 2.2% so far this month, near historical highs, while the equal-weighted Nasdaq 100 index has fallen 4.6%, near its lowest level since mid-May. Investors are taking profits on technology stocks at a record pace.

Oil Prices Rise As China Relaxes COVID Controls And Supplies Tighten

Charlie Brooks

Jun 07, 2022 11:04

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China's easing of COVID restrictions and skepticism over the efficacy of a higher production goal by OPEC+ countries contributed to a slight increase in oil prices on Tuesday.


Brent oil futures were up 19 cents, or 0.2 percent , at $119.70 a barrel at 0050 GMT.


Futures for U.S. West Texas Intermediate (WTI) oil increased 25 cents, or 0.2%, to $118.75 a barrel. Monday saw the index reach a three-month high of $120.99.


In the following weeks, researchers at ANZ Research anticipate that easing travel restrictions in China would increase oil consumption.


Beijing and the business capital Shanghai have returned to normal in recent days after two months of harsh lockdowns to prevent the spread of the Omicron strain. In the majority of Beijing on Monday, traffic restrictions were eased and restaurants opened for dine-in service.


Saudi Arabia, the world's largest oil exporter, increased the official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes in July, just below the all-time high recorded in May, when prices reached an all-time high due to fears of disruptions in Russian supplies.


The Organization of Petroleum Exporting Countries and its partners, collectively referred to as OPEC+, voted last week to increase production for July and August by 648,000 barrels per day, or 50 percent more than had been originally anticipated.


All OPEC+ members contributed to the enhanced objective. Nonetheless, several countries, particularly Russia, which faces Western sanctions, have little space to increase production.


"While the new higher monthly objectives continue to be driven by proportionate contributions from all members (including Russia), it is implausible to anticipate an increase close to the headline level," said SPI Asset Management managing partner Stephen Innes in a note.


According to a preliminary Reuters poll released on Monday, crude oil stocks in the United States likely declined last week, but gasoline and distillate stockpiles likely rose.


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