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Ascletis Pharmaceuticals (01672.HK) announced on the Hong Kong Stock Exchange that its controlling shareholder has made a voluntary commitment to lock up its shares.Cathay Haitong Securities released a research report on September 12th, stating that Nvidias next-generation Rubin CPX offloads the computational load of AI inference at the hardware level, with memory upgrades providing higher-speed transmission. With increasing computing speeds, the average per-unit capacity of DRAM and NAND Flash in various AI-enabled applications, such as smartphones, servers, and laptops, has increased, with the server sector experiencing the highest growth. The average per-unit capacity of server DRAM is projected to increase by 17.3% annually in 2024. With the continued growth in demand for AI servers, high-end AI chips such as Nvidias next-generation Rubin and cloud service providers (CSPs) are gradually launching or entering mass production, contributing to both volume and price increases for high-speed computing DRAM products. Memory modules are recommended for attention.The Central Bank of Peru cut interest rates by 25 basis points, bringing the benchmark rate to 4.25%.1. All three major European stock indices closed higher, with Germanys DAX up 0.3%, Frances CAC 40 up 0.8%, and the UKs FTSE 100 up 0.78%. 2. U.S. Treasury yields were mixed, with the 2-year Treasury yield rising 0.19 basis points to 3.539%, the 3-year Treasury yield rising 1.11 basis points to 3.508%, the 5-year Treasury yield falling 0.35 basis points to 3.595%, the 10-year Treasury yield falling 2.29 basis points to 4.024%, and the 30-year Treasury yield falling 4.15 basis points to 4.654%. 3. International precious metals futures closed mixed, with COMEX gold futures down 0.23% to $3,673.40 per ounce and COMEX silver futures up 1.12% to $42.07 per ounce. 4. The main U.S. crude oil contract closed down 2.25% at $62.24 per barrel, while the main Brent crude oil contract fell 1.78% to $66.29 per barrel. 5. Base metals prices rose across the board in London, with LME aluminum futures up 2.06% at $2,679.00 per ton, LME zinc futures up 0.64% at $2,905.00 per ton, LME nickel futures up 0.49% at $15,220.00 per ton, and LME copper futures up 0.44% at $10,057.00 per ton.Futures News on September 12, the worlds largest gold ETF - SPDR Gold Trusts holdings decreased by 2.01 tons from the previous day, and the current holdings are 977.95 tons.

Oil Slides 4 Percent , Below $100 on China Lockdowns, Reserves Release Plan

Aria Thomas

Apr 12, 2022 09:16

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Brent futures sank $4.30, or 4.2 percent, to $98.48 a barrel, while WTI oil dropped $3.97, or 4.0 percent, to $94.29. Brent closed at its lowest level since March 16.


China, the world's largest oil importer, has seen a halt in fuel use as a result of COVID-19 lockdowns in Shanghai, experts at the Eurasia Group consultancy said. Shanghai, China's financial hub, began reducing lockdowns in certain areas on Monday, despite a record of over 25,000 new COVID-19 illnesses.


"Even when Shanghai's limitations are relaxed, China's zero-Covid rules will almost certainly continue to be a drag on demand," Eurasia Group said, stressing that Shanghai's lockout likely lowered China's total oil consumption by up to 1.3 million barrels per day (bpd).


To assist compensate for a deficit in Russian crude after Moscow's sanctions, IEA members, including the US, would discharge 240 million barrels of oil over the next six months.


The release of Strategic Petroleum Reserve (SPR) volumes totals 1.3 million barrels per day (bpd) over the next six months, adequate to compensate for a 1 million barrels per day (bpd) deficit in Russian oil production, according to JP Morgan analysts.


"The (SPR) release will be the biggest in history, and it has already broken the back of the WTI price curve," said Robert Yawger, executive director of energy futures at Mizuho, adding that spreads were edging closer to contango.


Contrary to popular belief, contango indicates an oversupplied market. It occurs when pricing for future months are greater than those for the current month.


In comparison, when supply fears were strong in early March, the WTI curve was in what Yawger referred to as "super-backwardation," with each month ending at least $1 a barrel lower than the previous month until November 2023.


The US dollar was on course to increase for an eighth consecutive day versus a basket of other currencies, putting upward pressure on oil prices. Oil becomes more costly for holders of foreign currencies as the dollar strengthens.


The European Union's (EU) administration is formulating recommendations for a Russian oil embargo, despite the fact that no agreement to restrict Russian petroleum has been reached.


The Organization of the Petroleum Exporting Countries (OPEC) warned the EU that sanctions on Russia might result in one of the biggest oil supply shocks in history, with no way to compensate. OPEC hinted that it will not increase oil production.


President Joe Biden of the United States and Indian Prime Minister Narendra Modi met Monday as Washington pressed its Asian partner to back its reaction to Russia's incursion.


India, the world's third-largest oil importer, has boosted its imports of Russian crude in recent months as a result of Moscow's compelled sale of oil at a deep discount after the invasion of Ukraine.


In March, India's fuel demand reached a three-year high, with petrol sales reaching an all-time high.

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