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Futures News, September 16th: Crude oil prices have recently been experiencing strong fluctuations. While the gains have been modest, a clear bottom line is evident. This is primarily due to geopolitical tensions, including Ukraines escalating attacks on oil facilities in a European country and the Polish drone issue. The return of a geopolitical premium has boosted bullish market sentiment. Zhuochuang Information predicts that this geopolitical escalation has led to an oil market premium, but negative fundamentals are weighing on oil prices. Saudi Arabias production increases and weak demand are both contributing to a buildup of crude oil inventories. Therefore, while oil prices may remain strong in the short term, they remain under pressure in the long term.On September 16th, Brazilian President Lula da Silva met with Didi founder and CEO Cheng Wei and executives from Didi and its subsidiary, 99. 99 announced an additional investment of R$2 billion (approximately RMB 2.6 billion) in its food delivery platform, 99Food, to be fully operational by June 2026. 99Food currently operates only in São Paulo and Goiânia, and this new round of investment will fuel rapid service expansion, with plans to cover 15 cities by the end of the year and 20 more by January 2026. Wang Simong, 99 Brazil General Manager, explained that R$50 million (approximately RMB 65 million) of the investment will be used to build support points for delivery drivers, providing rest areas, drinking water, and sanitation facilities. In addition, 99 will launch a R$6 billion (approximately RMB 7.8 billion) welfare support program, including credit support for delivery drivers to purchase and lease electric scooters and bicycles.Japanese Finance Minister Katsunobu Kato declined to comment on the factors behind the stock market fluctuations.Japanese Finance Minister Katsunobu Kato: Japan is committed to complying with WTO rules, but at the same time will consider taking measures to increase pressure on Russia and coordinate with the G7.Hong Kong-listed Fosun Pharmaceutical (01652.HK) saw an unusual rise, surging 400% at one point during the session before the increase narrowed to 355%. The share price is now trading at HK$1.55.

Crypto Market Daily Highlights: ETH and MATIC Lead the Top Ten

Skylar Shaw

Mar 02, 2023 15:47

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March got off to a positive start for the cryptocurrency market as data from China's private sector PMI drove early session demand for risky assets.


The top ten cryptocurrencies had a positive afternoon on Wednesday. The top ten crypto market rebound was headed by MATIC and ETH. The $24,000 mark was brought up by Bitcoin for the first time in five days.


China's economic statistics gave the month a positive start. Demand for risky assets increased as a result of February's private sector PMI figures that exceeded expectations. Contrary to expectations, the crucial Caixin Manufacturing PMI increased from 49.2 to 51.6. An important development was the industrial sector's first expansion since July 2022.


Gains from the early session were not rolled back by economic statistics from the US or the NASDAQ Composite Index. Although the ISM Manufacturing PMI showed that the manufacturing sector was still contracting, the sub-components backed up a more pessimistic view of Fed monetary policy. From 44.5 to 51.3, the ISM Factory Costs Index increased.


The NASDAQ Composite Index was impacted by hawkish Fed talk as well. According to reports, Fed moderate Kashkari is willing to raise interest rates by 25 or 50 basis points in March.


The NASDAQ Composite Index dropped by 0.66% on Wednesday, but the NASDAQ Mini gained 4.5 points this morning.

Bitcoin Industry Headlines

The impact of cryptocurrency market news on investor mood, however, was varied. As a result of heightened governmental monitoring, Visa (V) addressed reports that it was pausing its cryptocurrency plans.


Regarding the Reuters piece, Cuy Sheffield, Director of Crypto at Visa, stated, "This narrative is incorrect as it relates to Visa, here's the truth."


Sheffield added, "We continue to work with crypto businesses to better currency on and off transitions as well as advance on our product plan to develop new products that can enable stablecoin transfers in a safe, legal, and practical manner."


Sheffield added that Visa's opinion of the significance of blockchain-based, fiat-backed digital currencies has not changed.


Silvergate Bank reports, however, were negative for the market. The business disclosed that the submission of its yearly report had been postponed.


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