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Micron Technology (MU.O) shares continued to fall, recently down about 3%; SK Hynixs Nasdaq-listed shares have begun trading.On July 10th, SK Hynix (SKHYV.O) opened at $170 per share, a 14% increase from its IPO price of $149, demonstrating continued strong investor interest in companies benefiting from the artificial intelligence boom. The stock price rose further within minutes of opening, last trading at $174. The company, trading under the temporary ticker symbol SKHYV, raised $26.51 billion through American Depositary Receipts (ADRs), making it the largest stock offering by a non-U.S. company in history.July 10th - This afternoon, the signing ceremony for the cooperation agreement of the Zhiyuan-Lens Robotics intelligent production line project was held in Huizhou. Following discussions among Huiyang District, Zhiyuan Innovation, and Lens Robotics, Zhiyuan Innovation intends to entrust Lens Robotics with robot production. The project is planned to be located in the Huiyang Jushen Intelligent Industrial Park, initially focusing on the production of Zhiyuans Lingxi X2 robot, with a planned annual production capacity of over 1,000 units, subsequently expanding to other Zhiyuan product lines.The German DAX 30 index closed down 29.96 points, or 0.12%, at 25,074.16 on Friday, July 10; the UK FTSE 100 index closed up 25.68 points, or 0.25%, at 10,498.13 on Friday, July 10; and the French CAC 40 index closed up 12.35 points, or 0.15%, at 8,338.97 on Friday, July 10; European The Stoxx 50 index closed down 16.27 points, or 0.26%, at 6268.00 on Friday, July 10; the Spanish IBEX 35 index closed up 62.27 points, or 0.32%, at 19385.07 on Friday, July 10; and the Italian FTSE MIB index closed up 244.58 points, or 0.47%, at 52626.50 on Friday, July 10.July 10 - SK Hynix (SKHYV.O) shares rose 14% on its first day of trading on the US stock market, opening at $170, compared to an offering price of $149.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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