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The main contract of the Container Shipping Index (European Line) rose by 6.00% during the day and is now at 2395.4 points.Futures News on May 19, crude oil trend fluctuated and had a slight decline, gasoline and diesel shipments were poor, and fuel oil news was not positive enough. From the supply and demand perspective, refinery maintenance and resource phased expansion coexist, fuel oil supply tightened less than expected, market sales pressure remained, and downstream purchases of high-priced resources were cautious. Although fuel oil processing profits have slightly adjusted, they are still at a relatively low level, and downstream purchases are dominated by rigid demand. Overall, fuel oil news and supply and demand have limited support, and it is expected that fuel oil negotiations this week will remain stable with narrow adjustments.Futures News on May 19, crude oil fluctuated in a narrow range, gasoline and diesel production and sales were weak, fuel oil trading was weak, downstream purchasing enthusiasm was not high, risk aversion sentiment heated up, and people were cautious about purchasing high-priced resources. Refinery shipments were tepid, and it is expected that todays market will remain stable with small fluctuations.Japanese Ministry of Agriculture, Forestry and Fisheries official: After the outbreak of avian influenza, Japan has suspended the import of poultry meat from Montenegro and Rio Grande do Sul in Brazil.Nvidia (NVDA.O) fell nearly 2% in overnight trading in the U.S., Walmart (WMT.N) and Google (GOOG.O) fell 1%, and Tesla (TSLA.O) fell more than 2%.

GBP/USD Attempts To Protect 1.2300 As Market Sentiment Remains Tenuous Due To Rising Crude Prices

Daniel Rogers

Apr 03, 2023 14:15

During the Asian session, the GBP/USD pair is attempting to defend its round-number support level at 1.2300. As a consequence of OPEC+'s announcement of additional oil production cuts, investors in the early Tokyo session discounted the impact of higher oil prices on the Cable. Concerns about global inflationary pressures have been reignited by the crude price increase. Therefore, it may be necessary for central banks to maintain high interest rates for an extended period of time.

 

Following a series of favorable sessions last week, S&P500 futures reported significant losses during the Asian session, as higher oil prices will increase input costs for companies that rely on oil for transportation and manufacturing. The sentiment on the market has deteriorated, and risk-perceived assets have been punished.

 

The US Dollar Index (DXY) is exhibiting a minor correction after reaching a new weekly peak of 102.95. The impact of the deceleration in the US core Personal Consumption Expenditure (PCE) Price Index data on the USD Index was mitigated by rekindled inflation expectations in the United States due to higher crude prices.

 

The US PCE Price Index increased by 0.3% on a monthly basis, which was below both the consensus estimate of 0.4% and the prior reading of 0.5%. In addition, the annual rate of US PCE inflation decreased to 4.6% from 4.7% in the previous report and the consensus estimate.

 

If inflation spikes due to elevated crude prices, the Federal Reserve (Fed) may contemplate additional rate hikes in May.

 

Increasing inflationary pressures on the front of the British Pound are causing the Bank of England more trouble. (BoE). As food prices continue to rise, retail price inflation has increased in the United Kingdom. Moreover, labor shortages continue to influence inflation expectations. However, BoE policymakers are optimistic that the rate of inflation in the United Kingdom will soon begin to fall sharply.