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On May 12, Goldman Sachs published a research report, based on the market transaction data from April and early May to date, raising the earnings per share forecast of Hong Kong Exchanges and Clearing Limited (00388.HK) by 2%, 4% and 4% respectively from 2025 to 2027. The bank maintained the "buy" rating on Hong Kong Exchanges and Clearing Limited, and raised the target price from HK$386 to HK$398, corresponding to a forecast price-to-earnings ratio of about 34.5 times this year.On May 12, CICC published a research report stating that Lenovo Group (00992.HK) officially released a super intelligent agent covering all application scenarios and defined the core functions of the super intelligent agent for the first time. The bank believes that this marks another step towards hybrid artificial intelligence and maintains its earnings forecast and "outperform industry" rating for Lenovo. However, considering that the average valuation of the personal computer industry has declined due to trade frictions, the bank lowered Lenovos target price by 12% to HK$13.78, equivalent to a forecast price-to-earnings ratio of 13 times in fiscal 2026.Shanghai Auntie (02589.HK) fell 11.5%, with its share price at HK$127.8 and its issue price at HK$113.12.May 12, preliminary data released by the Ministry of Finance of Japan on Monday showed that in April, proxy investment institutions of Japanese pension funds bought a record number of foreign stocks: the net amount of foreign stocks purchased through bank trust accounts reached 2.76 trillion yen (about 18.9 billion US dollars). Affected by the intensification of trade tensions, the MSCI global market index fell more than 7% in the first week of April. The yen, as a safe-haven asset, appreciated significantly during this period. Jumpei Tanaka, head of investment strategy at Swiss Pictet Asset Management, said that the stock market fell sharply in April and the yen exchange rate rose, and many investors saw this as an opportunity to buy on dips. Another set of data showed that in March this year, Japanese investors bought a net 2.12 trillion yen of U.S. stocks, setting a record high since comparable data was available in 2005. The S&P 500 fell 6.1% in yen that month, the biggest drop since December 2022.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: Welcomes the ceasefire between India and Pakistan.

Oil prices fall as rising COVID cases in China reignite fuel demand concerns

Skylar Williams

Jul 18, 2022 11:00

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Oil prices fell $1 in early trade in Asia on Monday, erasing Friday's gains, as attention reverted to rising COVID-19 cases in China and the likelihood of gasoline consumption restrictions in the world's top oil importer.


Futures for August delivery of U.S. West Texas Intermediate (WTI) oil declined $1.54, or 1.6%, to $96.05 a barrel at 00:55 GMT on Saturday, after gaining $1.91 on Friday.


Brent oil futures for September delivery fell $1.47, or 1.5 percent, to $99.69 a barrel, paring Friday's gain of 2.1%.


China, the second-largest oil consumer in the world, reported 691 new COVID cases on Saturday, up from 547 the previous day, and the highest number of locally transmitted cases since May 23.


"Oil opens the week lower as the market digests the demand impact of the increase in new COVID cases in China and as the market cautiously awaits the monumental event risk of whether Nord Stream 1 gas flow from Russia to Europe will resume later this week," said Stephen Innes, chief executive officer of SPI Asset Management.


The largest system carrying Russian natural gas to Germany, the Nord Stream 1 pipeline, commenced 10 days of annual maintenance on July 11. Due to the war in Ukraine, governments, markets, and companies are afraid that the shutdown might be prolonged.


This gas loss would have a devastating impact on Germany, the fourth-largest economy in the world, and raise the possibility of a recession.


As predicted, Vice President Joe Biden's trip to Saudi Arabia generated no pledge to raise oil output from the biggest OPEC producer. Prior to Biden's meeting with Saudi Crown Prince Mohammed bin Salman, this belief in an impending oil scarcity led to last Friday's price increase.


Biden wants Gulf oil firms to raise output in an effort to lower oil prices and inflation.


Amos Hochstein, a senior counselor for energy security at the U.S. State Department, indicated on CBS' Face the Nation on Sunday that the trip will result in oil producers taking "a few more steps" in terms of supply, but he did not identify which nation(s) will raise output.


As their current output agreement expires in September, the August 3 meeting of the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, known collectively as OPEC+ will be closely watched.

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