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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.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Jumps on China PMI

Steven Zhao

Mar 01, 2023 15:37


Market Overview

It was a bullish Wednesday morning session for the Asian markets, with the Hang Seng Index leading the way. The Asian markets brushed aside bearish sessions for the Dow and the NASDAQ Composite Index. US economic indicators disappointed on Tuesday, with consumer confidence weakening for a second consecutive month and house price growth slowing.


The CB Consumer Confidence Index fell from 106.0 to 102.9 in February, with the S&P/CS HPI Composite n.s.a rising by 4.6% year-over-year in December. House prices were up 6.8% in November. Elevated US mortgage rates continue to impact buyer demand, with US mortgage rates bouncing back after a brief retreat.


On Tuesday, the NASDAQ Composite Index fell by 0.10%, with the Dow Jones and S&P 500 seeing losses of 0.71% and 0.30%, respectively. This morning, the US Futures reversed early losses. The Dow mini was up 16 points, with the NASDAQ mini flat.


Private sector PMI numbers from China delivered support to riskier assets this morning. After a China data void, today’s stats provided investors with much-needed relief. The all-important Caixin Manufacturing PMI increased from 49.2 to 51.6 in February. Economists forecast a PMI of 50.2. Significantly, the manufacturing sector expanded for the first time since July 2022.

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