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November 30th - OPEC+ is about to hold a meeting to assess the global oil market. Given the increasingly apparent signs of oversupply, the alliances oil-producing countries are still expected to pause supply increases in the first quarter of next year. Several representatives indicated that the Saudi- and Russian-led alliance is likely to adhere to the plan reached earlier this month to make a modest production increase in December, followed by stable production levels for the first three months of next year. While this pause demonstrates some caution from OPEC and its partners after their rapid resumption of oil production earlier this year, it still leaves the global market facing a significant oversupply in early 2026, potentially putting further pressure on oil prices.Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.

European Open: The DAX is on track for its first bearish week in five

Steven Zhao

Aug 22, 2022 15:13

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The weakest major currencies overnight were the JPY and CHF, while the US dollar continued to gain ground overnight, albeit more slowly than during the US session. The BOJ is unlikely to take action considering that the inflation rate in Japan reached its highest point in 7.5% of the year and is predicted to peak in Q4. This served as the perfect impetus for additional USD/JPY support overnight.

 

DAX 4-hour chart: As we approach the final trading day of the week, the DAX is on track to form a 2-bar bearish reversal pattern on the weekly chart at present levels. As it would be forming close below trend resistance, projected from its record high, the pattern could possibly have some significance. It remains to be seen if it represents a meaningful swing high, but at the very least, we favor a deeper pullback from current levels.

 

Although prices are stabilizing in the bottom part of this week's range following a sharp decline from the highs, the 4-hour chart is still above trend support, and the bias is for a negative break. When the 13,605 support is broken, it is assumed that the bearish trend will continue and the 14,440 - 13,500 support zone comes into focus. If that zone is also broken, a run for the 13,330 support zone is then made possible.

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