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Japans Topix index fell 1%.On August 14, Brazilian President Lula approved the launch of the "Brazil Sovereignty Plan," which will implement various measures to counter the impact of increased US tariffs and encourage investment in strategic sectors to safeguard Brazils economic development. According to an announcement released by the Brazilian presidential palace that same day, the Brazilian government will provide preferential loans to businesses affected by US tariffs through various guarantee funds, with financing also available to small and medium-sized enterprises. The government will allow severely impacted businesses to defer federal tax payments and extend tax rebates for companies planning to export to the US, encouraging sales to other countries. Furthermore, the government will modernize the export guarantee system and increase support for mid- and high-tech, green economy exporters.On August 14th, the Ifo Institute, a German economic research think tank, released a survey on the 13th local time, showing that nearly half of German economists gave a negative review of the economic policies of Chancellor Merzs new government. The Ifo Institute stated that the economists surveyed believed the new government lacked structural reforms. The survey, conducted from July 29th to August 5th, surveyed 170 German economics professors. The results showed that 42% of respondents gave a negative assessment of the economic policies of Merzs "Black-Red Coalition" (a ruling coalition of the Christian Democratic Union and the Social Democratic Party) in its first 100 days in office, while only 25% gave it a positive rating.As a severe thunderstorm area associated with Typhoon Yangliu is affecting Hong Kong, the Hong Kong Observatory has issued a black rainstorm warning signal.Lenovo Group (00992.HK) announced on the Hong Kong Stock Exchange on August 14th that its R&D expenditure for the first quarter of fiscal year 2026 increased by 10% year-on-year, demonstrating the groups long-term commitment to driving hybrid artificial intelligence innovation. Revenue and operating profit for the Intelligent Devices Business Group increased by 18% and 15% year-on-year, respectively, primarily driven by increased penetration of AI-powered PCs and rapid growth in high-end product sales. The company also achieved a new high in global PC market share, and its smartphone business achieved seven consecutive quarters of double-digit year-on-year revenue growth.

WTI Price Analysis: Testing the $80 level versus the broad USD

Daniel Rogers

Apr 11, 2023 14:20

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On Monday, crude oil prices are lower as a risk-averse sentiment underpins the U.S. dollar. The price of the black gold is a few cents above its intraday low of $79.71 per barrel and is approaching the range's bottom.

 

Early in April, the Organization of the Oil Exporting Countries and Allies (OPEC+) astonished market participants by announcing a 1.16 million-barrel-per-day reduction in their oil output, which pushed West Texas Intermediate (WTI) approximately 5.5% higher on April 3 and left a $4 void. Since the announcement, WTI has been consolidating between $79 and $81.80, unable to find fresh directionality.

 

Higher energy prices have contributed to inflation's meteoric rise, and OPEC+'s decision came as a complete surprise, reigniting concerns not only about price pressure but also about economic growth.