EUR/USD 1.16659
0.023%
Gold 4634.79
-0.363%
Oil 82.110
-2.887%
USD/JPY 159.304
0.133%
GBP/USD 1.36399
0.070%
GBP/JPY 217.295
0.212%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 25th, WuXi Biologics (02269.HK) announced that its revenue for the first half of 2026 was RMB 11.787 billion, an increase of 18.4% year-on-year; net profit was RMB 2.916 billion, an increase of 5.8% year-on-year; and net profit attributable to owners of the company was RMB 2.44 billion, an increase of 4.3% year-on-year. During the period, 169 new integrated projects were added, bringing the total number of integrated projects to 1064. The Board of Directors decided not to pay an interim dividend.On August 25th, it was reported that Indian AI infrastructure company AM Intelligence has ordered 9,000 NVIDIA (NVDA.O) Vera Rubin systems, hoping to become one of the first companies in Asia to adopt this advanced computing platform. AM Intelligence, headquartered in Hyderabad, India, stated in a statement on Tuesday that servers equipped with these rack-mounted systems are planned to be operational in southern India next year. The company stated that its clients include large cloud service providers, AI labs, and institutions looking to develop indigenous Indian AI models.According to Israeli media: Israeli Defense Minister Katz also visited Syria this morning.Russian Foreign Minister Sergey Lavrov: The world needs diplomacy more than ever before.On August 25, the U.S. State Department prepared to return diplomats to embassies in the Middle East that were evacuated before and during the war with Iran, indicating that the Trump administration does not expect a renewed full-scale hostilities. According to an internal State Department document obtained by The New York Times, U.S. diplomatic missions in the Middle East may begin returning diplomats as early as this week, gradually reducing previously implemented emergency measures. Three U.S. officials also confirmed the adjustments. The document shows that embassies planned to be reinstated with higher staffing levels include those in Israel, Lebanon, Saudi Arabia, Qatar, Jordan, Oman, Iraq, and Kuwait. Current and former State Department officials said the redeployment of diplomats signifies a de-escalation of tensions, although negotiations between the U.S. and Iran regarding extending the 60-day ceasefire agreement that expired last week have stalled. Dan Shapiro, who served as U.S. ambassador to Israel under the Obama administration and as Defense Department official in charge of Middle East affairs under the Biden administration, said, "Reinstating some of the withdrawn diplomatic missions indicates that the administration believes the war is nearing its end."

WTI crude oil climbs above $80.00 as NFP and recession fears contend with an OPEC+ surprise

Daniel Rogers

Apr 07, 2023 11:36

 截屏2022-11-24 下午3.13.23.png

 

As energy markets celebrate the Good Friday holiday, WTI crude oil prices remain stable around $80.50, poised for a three-week uptrend. In doing so, black gold defends the week-beginning gains provided by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, headed by Russia, known as OPEC+, who announced a surprise output cut. However, concerns of a recession and a cautious disposition ahead of the March US employment report have recently posed a challenge to the energy benchmark.

 

The OPEC+ group startled the market with a voluntary output decline of nearly 1.66 million barrels per day. The International Energy Agency (IEA) stated, in response to the OPEC+ announcements, that the OPEC+ decision to reduce oil output risks aggravating a stressed market by driving up oil prices in response to inflationary pressures.

 

On the other hand, the US Dollar's weakness, bolstered by disappointing US data, supported the recovery of the black gold.

 

In spite of this, the US Dollar Index (DXY) has a four-day losing streak and is currently trading around 102.000.

 

Initial Jobless Claims for the week ending March 31 increased to 228K from 200K expected and an upwardly revised 246K the previous week. Notable is that the Challenger Job Cuts for the given month increased from 77,77K to 89,703K. Previously, US JOLTS Job Openings fell to a 19-month low in February, and March's ADP Employment Change figures of 145K also disappointed markets. In addition, the US ISM Services PMI for March decreased to 51.2 compared to 54.5 anticipated and 55.1 previously.

 

China's optimism for economic development and optimistic activity data from the dragon nation could also support the oil price. Pan Gongsheng, the director of China's State Administration of Foreign Exchange (SAFE), stated on Friday that Beijing "will defend itself against external financial market shocks and risks."

 

It should be noted, however, that recent calls for a recession pose a challenge to WTI crude oil purchasers, and more signs of economic decline should be monitored for direction, particularly when commodity prices trade near the key short-term resistance line.

 

In addition to the news about the recession, the March US employment report will be crucial to monitor for direction. Analysts anticipate a decline in headline Nonfarm Payrolls (NFP) to 240K from 311K previously, with the unemployment rate remaining unchanged at 3.6%. However, the contradictory forecasts for Average Hourly Wages make the outcome even more intriguing.


Suggestion