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September 21 – SoftBank Group is seeking to issue more than $11 billion in bonds, which would be one of the largest junk bond deals in history. Sources familiar with the matter said on Monday that the conglomerate, led by Masayoshi Son, is ramping up its investment in OpenAI. The sources said SoftBank plans to issue $10 billion in dollar bonds with three maturities, and €1 billion (approximately $1.1 billion) in euro bonds with two maturities. This funding will partly support follow-up investments in OpenAI expected to be completed next month.On September 21st, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4510%, and the lowest was 0.7070%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0310%, and the lowest was 0.8660%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0930%, and the lowest was 0.9020%.On September 21st, Tomo Kinoshita, a strategist at Invesco Asset Management (Japan), stated in a report that following last Fridays increase of the policy rate to 1.25%, the Bank of Japan (BOJ) may further raise the rate to 1.50% in December. Despite the BOJs recent multiple rate hikes, its quarterly corporate surveys show that corporate financing conditions have barely deteriorated. Upside risks to inflation have increased due to rising energy prices and a weaker yen. The Federal Reserves hawkish shift is also increasing the risk of yen depreciation. Kinoshita predicts that the BOJ will raise rates further in March and July next year, bringing the rate to 2.0%, thereby ending the current tightening cycle.September 21 - The State Council Information Office will hold a press conference on the theme of "Starting the 15th Five-Year Plan" at 10:00 a.m. on Tuesday, September 22, 2026. Liu Guohong, Secretary of the Party Leadership Group of the Ministry of Natural Resources and Inspector General of the National Natural Resources, and Yan Zhen, Deputy Director of the National Forestry and Grassland Administration (National Park Administration), will introduce the relevant situation on promoting the safe, efficient and sustainable use of natural resources and answer questions from reporters.On September 21, Westpac Chief Economist Lucie Ellis moved her expectation for a Reserve Bank of Australia (RBA) rate hike forward to September, stating that the RBA governors remarks met the committees conditions for further rate increases set in August. She acknowledged tactical reasons for waiting, including the release of the August monthly CPI the following day and the potential for awkward public perception due to a slight easing of tensions in the Middle East, fuel tax adjustments, or a weak employment report. However, she concluded that hawkish comments carried more weight than these factors. Westpac anticipates a divided vote due to differing views on trend productivity, labor supply, and the degree of labor market slack, while underemployment has risen significantly.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.

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