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March 25 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on March 25. It was reported that Venezuelan President Maduro and his wife will appear again in a U.S. federal court on March 26. A reporter from Venezuelas Southern Television asked at the conference what specific measures China is taking, together with the international community, to ensure the release of Maduro and his wife. Lin Jian stated that the U.S.s forceful control over a head of state clearly violates the purposes and principles of the UN Charter, international law, and the basic norms of international relations. China firmly opposes this. We support Venezuela in safeguarding its sovereignty, dignity, and legitimate rights.Türkiyes Energy Minister: Regional oil dependence is at a manageable level.March 25 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on March 25. An AFP reporter asked, “According to US media reports, US President Trump stated that he has proposed a peace plan to Iran and expressed optimism about ending the nearly month-long conflict. At the same time, Iran has also announced that it will allow ‘non-hostile’ oil tankers to pass through the Strait of Hormuz. What is China’s response to these latest developments?” Lin Jian stated that China is deeply concerned about the continued tension in the Middle East and its impact on regional and international peace and stability. A ceasefire is of paramount importance, and dialogue and negotiation are the way to break the deadlock. We support all efforts conducive to easing tensions, de-escalating tensions, and resuming dialogue.March 25th - Following the lifting of US sanctions, buyers rushed to purchase Russian crude oil, but adopted a more cautious approach to Iranian oil. Earlier this month, the Trump administration temporarily lifted restrictions on Russian and Iranian oil to address soaring energy prices caused by the Middle East wars. However, due to the short duration of the waivers and compliance issues, oil flows are unlikely to return to normal. Ship tracking data shows that approximately 18 oil tankers east of the Suez Canal, carrying about 13.5 million barrels of Russian crude oil, may be available for purchase. This is a decrease from the 25 tankers carrying approximately 19 million barrels of crude oil nearly two weeks ago. In contrast, according to data from Vortexa Ltd., since Iran received its waiver last Friday, its crude oil inventory in floating storage facilities has remained relatively stable at around 27 million barrels. Floating storage typically refers to oil tankers that remain idle at sea for at least a week. Vandana Hari, founder of Singapore-based consulting firm Vanda Insights, said: “I expect that countries will be more hesitant to buy Iranian oil than Russian oil if they receive a US waiver. Iranian oil may have quality issues and there are questions about the payment mechanism, while Russian oil does not have these problems.”Musk stated that X will pause and reconsider its previous decision to update the creator monetization mechanism based on the number of views a creator receives in their home country.

US open: Caution ahead of FOMC minutes

Alice Wang

Jul 08, 2022 15:14

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US futures

Dow futures -0.2% at 30617

S&P futures -0.85% at 3822

Nasdaq futures -0.3% at 11731

In Europe

FTSE +1.7% at 7140

Dax +1.6% at 12597

Euro Stoxx +1.55% at 3418

Stocks are declining

As caution reigns in advance of the publication of the minutes from the June Federal Reserve meeting, US markets are indicating a somewhat worse opening.


As investors worry about the effect of central bank action on growth, fears of aggressive monetary policy tightening have led markets down in recent weeks. The bond market's 10-year yield dropped below the 2-year yield, which is a classic recession indicator.


The minutes from the most recent Fed meeting will be released today, and they might provide more insight into the direction that short-term interest rates will go. The market will be watching for signs that the Fed will increase interest rates by 50 or 75 basis points in July. Watch out for any indications that the Fed would lower the rate of rises if symptoms of a declining inflation trend appear.

 

The FedWatch tool indicates that the markets are factoring in an 86 percent chance of a 75 basis point rate rise. Hawkish minutes might drive the stock market down, strengthen the dollar, and push gold back near $1722.


The ISM service PMI is forthcoming and is anticipated to decrease to 55.4 from 55.9 before to the minutes.


In business news, Apple stock will be in the limelight after Goldman Sachs lowered its price target and warned that, in the event of a longer recession, the stock might drop as low as $82. The share price would have dropped by 42% from present levels as a result.

What will the Nasdaq do next?

After regaining the 20 sna and resistance at 11700, the Nasdaq has once again encountered resistance at the multi-month declining trendline. At a neutral level, the RSI is not providing many hints. If the declining trendline is not retaken, the 20 sma may be challenged at 11600 before the June 30 bottom of 11300. Here, a break allows access to 11050, the 2022 low. However, a break above the declining trendline reveals the 50 sna at 12150 and resistance at 12225, the high from last week. A move higher than this results in a higher high.

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