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European Council President Costa: Last night, Russia launched a large-scale joint attack on Ukraine. Polish airspace was also violated during the attack, once again demonstrating the threat Russia poses to security across Europe. We are increasing our support to strengthen Ukraines air defenses, including anti-missile and anti-drone capabilities.LG Electronics: Second-quarter results included a one-off gain of approximately 300 billion won, including a U.S. tariff refund.The Secretary-General of the Council of Europe stated that Russias war in Ukraine is escalating to an unprecedented level. The same applies to wars in the Middle East. All parties must sit down and begin working towards a sustainable, realistic, and long-term peace solution.On July 30, it was reported that on July 24, the CPC Central Committee held a symposium with non-CPC members at Zhongnanhai to solicit opinions and suggestions from leaders of various democratic parties, the All-China Federation of Industry and Commerce, and representatives of non-party figures on the current economic situation and economic work for the second half of the year. Xi Jinping, General Secretary of the CPC Central Committee, presided over the symposium and delivered an important speech, emphasizing that to do a good job in economic work in the second half of the year, it is necessary to adhere to the general principle of seeking progress while maintaining stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, better coordinate domestic and international affairs, coordinate development and security, persist in deepening reform and opening up, accelerate the transformation of old and new growth drivers, implement a more proactive fiscal policy and a moderately loose monetary policy, give full play to the effectiveness of existing policies, promptly plan and introduce practical and effective incremental policies, increase counter-cyclical adjustments, vigorously expand domestic demand and optimize supply, effectively guarantee and improve peoples livelihoods, enhance development momentum and stimulate social vitality, promote sustained and positive economic development, and strive to achieve a good start to the 15th Five-Year Plan.On July 30th, Deutsche Bank pointed out that the Federal Reserves decision to keep interest rates unchanged and the limited details provided by Chairman Warsh triggered a sharp steepening of the US Treasury yield curve, pushing the 30-year yield up to 5.20% and putting pressure on the stock market. The S&P 500 recorded its worst single-day performance in seven weeks, while weakness in technology stocks dragged the Nasdaq 100 into correction territory. Asian and European stock markets showed mixed performance. The rise in US Treasury yields ultimately put pressure on the stock market after experiencing significant intraday volatility. The S&P 500 fell more than 0.5% ahead of the FOMC meeting, turned positive during Warshs press conference, but fell sharply in the last trading hour, ultimately closing down 1.52%. A renewed plunge in chip stocks also dragged down the market, with the Philadelphia Semiconductor Index plummeting 5.33%. The decline in technology stocks also pushed the Nasdaq 100 (-2.06%) into technical correction territory, currently down 11.3% from its early June peak.

Oil Settles Close to Unchanged; Recession Fears Compete With Expectations of Rising Demand

Aria Thomas

May 24, 2022 09:20

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Oil prices were little changed on Monday, settling only marginally higher as concerns about a future recession competed with an anticipation for stronger fuel demand with the forthcoming U.S. summer driving season and Shanghai's preparations to reopen following a two-month coronavirus lockdown.


WTI crude closed up 1 cent, or 0.01 percent, at $110.29 per barrel, while Brent crude futures settled up 87 cents, or 0.7 percent, at $113.42 per barrel.


According to Bob Yawger, director of energy futures at Mizuho, "dark clouds are forming around the financial markets, and this has begun to affect crude oil."


"The economic health of the global economy is currently uncertain," he continued.


Multiple dangers to the global economy topped the concerns of the wealthy at the annual Davos economic forum, with some highlighting the possibility of a global recession.


Kristalina Georgieva, managing director of the International Monetary Fund, stated that she did not anticipate a recession for big economies but could not rule one out.


Oil's declines were mitigated by forecasts that gasoline demand would remain elevated. The peak driving season in the United States was expected to begin on Memorial Day weekend at the end of this week.


Analysts reported that mobility data from Tom and Google (NASDAQ:GOOGL) has increased in recent weeks, indicating more drivers on the road in locations such as the United States, despite concerns that rising fuel prices could dampen demand.


An administration official stated that the White House is considering declaring a state of emergency in order to release diesel from a stockpile that is infrequently utilized in order to alleviate a severe supply shortage and stem the rise in costs.


The White House is contemplating utilizing the Northeast Home Heating Oil Reserve, which was established in 2000 to assist with supply shortages and was only utilized once in 2012 in the aftermath of Hurricane Sandy. The impact of such a discharge would be limited due to the reserve's modest size, which stores only 1 million barrels of diesel.


The inability of the European Union to get a definitive agreement on an embargo on Russian oil following Russia's invasion of Ukraine, which Moscow refers to as a "special operation," has curbed oil price increases. Hungary continues to oppose the proposed prohibition, assuring that there will be no unexpected supply disruption.


According to Jeffrey Halley, a senior market analyst at OANDA, the chronic shortage of refined petroleum products in the United States and the ever-present Ukraine/Russia danger supported prices.


Shanghai, China's economic capital, hopes to return to normal on June 1 as coronavirus cases fall.


Lockdowns in China, the world's largest oil importer, have crippled industrial output and construction, forcing measures to bolster the economy, including a larger-than-anticipated reduction in mortgage rates on Friday.


Monday's cabinet statement was cited by state television as saying that China would take targeted measures to help its economy, including expanding tax credit rebates and launching new investment projects.

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