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At the close of trading in Hong Kong stocks, the Hang Seng Index fell 0.04%, while the Hang Seng Tech Index rose 1.32%. Chip stocks surged, with sectors such as optical communication, PCB, artificial intelligence, and power equipment leading the gains, while sectors such as batteries, oil, mainland property, and mainland banks weakened. Zhipu (02513.HK) closed up 36.89%.Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $82.04 per barrel and $86.52 per barrel, respectively.July 21 – KPMGs Chief UK Economist, Yael Selfin, stated that weak wage growth in the UK strengthens the Bank of Englands case for maintaining interest rates. She said that in the three months to May, overall wage growth excluding bonuses remained unchanged at 3.4%, with little evidence that recent energy price increases have been passed on to payroll settlements. Private sector wage growth is currently below the Bank of Englands 2% target, as weak hiring continues to weigh on workers bargaining power. Selfin said, "We expect the Bank of England to keep interest rates unchanged at its meeting next week, and developments in the energy market are likely to play a greater role in shaping the interest rate outlook in the coming months."On July 21, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to questions regarding China-EU trade and economic relations, Lin Jian stated that China has repeatedly clarified its position on related issues. China attaches great importance to the differences existing in China-EU trade and economic relations and has always believed that both sides can properly resolve them through dialogue, consultation, and policy interaction. These differences should not become obstacles to mutual trust and cooperation between China and the EU, nor should they be used as a basis for decoupling or breaking off trade chains, much less as an excuse for making unfounded accusations against China. The essence of China-EU trade and economic relations is mutual benefit and win-win cooperation. China has never deliberately pursued a trade surplus with Europe; the structure of China-EU trade is the result of a combination of factors, including international industrial division of labor and the comparative advantages of different countries. Lin Jian emphasized that protectionism has no future, and win-win cooperation is the right path.The chart shows that at 22:00 Beijing time on July 21, there will be large foreign exchange option orders for Euro, British Pound, Australian Dollar, Canadian Dollar, Japanese Yen, etc., expiring. There are 9 large orders with strike prices of over 1 billion. Please manage your risks.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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