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AirAsia X founder: We will have to cut some capacity because we don’t expect to be able to cover fuel costs on those routes. We will have to raise fares and cut costs.Israel Defense Forces: The Israel Defense Forces recently launched a new round of strikes against Iranian regime targets in Tehran.According to the China Cotton Information Centers weekly report on the Chinese cotton market on April 6th, the following points were observed: 1. Price Dynamics: The average settlement price of the Zhengzhou cotton futures main contract for the week of March 30th-April 3rd was 15,331 yuan/ton, basically unchanged from the previous week. The average settlement price of the New York cotton futures main contract was 70.47 cents/lb, up 2.10 cents/lb from the previous week, a rise of 3.1%. Domestic cotton prices were 3,244 yuan/ton higher than international cotton prices, with the price difference narrowing by 382 yuan/ton compared to the previous week. The average market price of domestic C32S carded yarn was 22,285 yuan/ton, up 92 yuan/ton from the previous week, a rise of 0.4%. 2. Macroeconomic Situation: The escalating situation in the Middle East exacerbated concerns about global stagflation, with New York crude oil futures breaking $110 for the first time in four years. A report from the United Nations Conference on Trade and Development showed that the average daily ship traffic through the Strait of Hormuz plummeted by 95% month-on-month in March. Domestically, the manufacturing PMI returned to expansion territory in March to 50.4%, indicating a slight recovery in economic activity. 3. Supply and Demand Situation: The International Cotton Advisory Committees April report increased its global cotton production forecast for 2026/27 by 100,000 tons to 24.9 million tons. The USDAs intended cotton planting area in March was 9.64 million acres, a 3.9% year-on-year increase, but drought conditions currently affect 90% of major producing areas. As of April 2nd, the national cotton sales rate was 81.3%, a 16.7 percentage point increase year-on-year. New orders for downstream textile companies have weakened slightly, and some companies have seen a decline in operating rates. 4. Market Outlook: The expectation of tight supply in the new year and domestic policies to expand domestic demand provide strong support for the domestic cotton market. It is expected to continue its range-bound trading pattern in the near term, requiring close monitoring of spring planting weather in the Northern Hemisphere and factors such as the US-China trade negotiations.On April 6th, the ASEAN Plus Three Macroeconomic Research Office released its annual report, "ASEAN Plus Three Regional Economic Outlook 2026." The report projects that the ASEAN Plus Three region will grow by 4.0% in both 2026 and 2027. However, the report also points out that the escalating conflict in the Middle East and significant disruptions to global energy supplies have increased the downside risks to the regions economic outlook. The report shows that the regions economic growth is projected to reach 4.3% in 2025, higher than previously expected. Demand for semiconductors driven by artificial intelligence is a key driver of export growth.Japans Topix index rose 1% on the day.

Crypto Assets Shed $800 Billion in Market Value in A Month

Skylar Shaw

May 11, 2022 10:34

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According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before rebounding to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th.


Prices of digital assets have fallen, reflecting a drop in stocks on worries of aggressive interest rate rises throughout the world to combat decades-high inflation. The Nasdaq, which is heavily weighted in technology, was down 28% from its all-time high in November 2021.


According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.


"Bitcoin remains closely tied to larger economic circumstances, implying that the road ahead may regrettably be bumpy, at least for the time being," stated blockchain data firm Glassnode in a note.


Investors were also alarmed by signs of weakness in stablecoins, which are normally a safer crypto currency. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value on Tuesday after losing its dollar peg.


According to a study issued on Monday by digital asset management Coinshares, despite bitcoin's price drop, funds and products related to it saw inflows of $45 million last week as investors took advantage of market weakness.


"An enormous amount of liquidity has inflated some of these cryptocurrencies," said Nordea Asset Management's senior macro analyst, Sebastien Galy. As various central banks tighten their monetary policies, he expects crypto, which is also tied to high-growth equities, will face pressure.

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