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NATO Secretary General Rutte: I am optimistic that several countries will meet their defense spending targets before the upcoming summit.NATO Secretary General Rutte: Russia should take the next step to promote peace talks with Ukraine.NATO Secretary General Rutte: On the issue of Ukraine, we must ensure collective action and make all necessary efforts to ensure that Ukraine can win and help Ukraine achieve lasting peace in the war.Futures news on May 15: 1. The trading volume of WTI crude oil futures was 780,583 lots, a decrease of 159,172 lots from the previous trading day. The open interest was 1,922,580 lots, a decrease of 25,519 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 168,891 lots, a decrease of 19,894 lots from the previous trading day. The open interest was 196,486 lots, a decrease of 1,429 lots from the previous trading day. 3. The trading volume of natural gas futures was 400,056 lots, a decrease of 23,363 lots from the previous trading day. The open interest was 1,524,020 lots, a decrease of 6,571 lots from the previous trading day.On May 15, Morgan Stanley raised its target price for Pop Mart (09992.HK) by 9.8% to HK$224 for three reasons. The P/E ratio for this year is expected to be about 40 times and 30 times for next year. The bullish target price was raised by 12.3% to HK$273, and the bearish target price was also raised by 14.1% to HK$97. Morgan Stanley reiterated its "overweight" rating. Morgan Stanley explained that (1) Labubu 3.0 has strong global demand, especially in the US market. It is believed that the momentum will promote Pop Mart to open new stores in the US and other regions, becoming the main growth driver for this year and next year, and the strong sales growth can drive further improvement in operating profit leverage. (2) Pop Marts Vietnamese supply chain was quickly built and performed well, which surprised the bank. Most of the goods exported to the US will be shipped from Vietnam in the third quarter of this year. In addition, the cooling of Sino-US trade relations, the impact of tariffs on profit margins is expected to be lower than market estimates. (3) New products in the United States are priced at 12% to 27%, and this seems to be accepted by consumers. As the impact of tariffs is fading, the increase in the average product price can improve the profit margin of the U.S. business in the long run.

Oil prices are poised for a weekly boost as recession fears subside

Skylar Williams

Aug 12, 2022 11:12

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OPEC and the International Energy Agency (IEA) held differing views on the demand outlook, which dragged on oil prices during Friday's early trade. As concerns of a recession receded, though, benchmark futures were headed for weekly gains.


Brent oil prices declined 34 cents, or 0.3%, to $99.26 per barrel at 01:12 GMT, while West Texas Intermediate (WTI) crude futures decreased 34 cents, or 0.3%, to $94.00 per barrel.


Brent was anticipated to gain by more than 4% for the week, recouping a chunk of last week's 14% decline, which was its largest weekly decline since April 2020 due to fears that rising inflation and interest rate hikes will hinder economic growth and fuel demand.


WTI was poised for a weekly gain of more than 5%, recovering more than half of the previous week's loss.


"Regarding demand, there is a great deal of uncertainty in the near future. Until this issue is remedied, market volatility will persist "Chief economist of Westpac, Justin Smirk, commented.


Thursday, the Organization of the Petroleum Exporting Countries (OPEC) decreased its forecast for the increase in world oil demand in 2022 by 260,000 barrels per day. (bpd). This year, it predicts a 3.1 million bpd growth in demand.


That contradicts the stance of the IEA. As a result of gas-to-oil conversion in power generation in response to soaring gas prices, the latter boosted its demand growth forecast to 2.1 million bpd.


Moreover, the IEA upped its forecast for Russian oil supply by 500,000 bpd for the second half of 2022, as the nation's output proved more resilient than anticipated in the face of sanctions implemented in response to the Ukraine conflict. According to the IEA, it would be difficult for OPEC to boost output.


According to Commonwealth Bank analyst Vivek Dhar, the IEA gave a mixed picture overall. The reliability of Russian supply has exceeded expectations.


"Comprehending the global oil balances at the end of the year at this time is challenging, given the current demand and supply conditions. This explains the daily instability."

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