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On July 17th, SpaceX (SPCX.O) shares plunged on Friday, falling as much as 4.6% to $125.13 per share, reducing the companys total market capitalization to $1.65 trillion, a drop of over $1 trillion from its all-time high. SpaceXs market capitalization reached $2.64 trillion at the close of trading on June 16th (its third day of trading). After completing the largest initial public offering (IPO) in history, SpaceXs shares initially surged but have since steadily declined, currently falling below the offering price of $135. This comes after the cancellation of its Starship rockets 13th test flight due to engine ignition problems; Musk stated that the next launch attempt is expected in a few days.SK Hynix ADR (SKHY.O) fell below its IPO price of $149 for the first time.The Philadelphia Semiconductor Index fell more than 5%, AMD (AMD.O) fell more than 7%, Intel (INTC.O) fell more than 6%, and TSMC (TSM.N) fell more than 5%.On July 17th, Apple (AAPL.O) surpassed Nvidia (NVDA.O) to become the worlds most valuable company, as the rankings of tech giants shifted as investors reassessed the prospects of artificial intelligence. Apples stock price remained stable during the session, with a market capitalization of $4.88 trillion; Nvidias stock price fell 3.5%, with a market capitalization of approximately $4.86 trillion. This ranking shift indicates that investors are turning their attention to areas beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which led for nearly a year. This is the first time Apple has regained the top spot since April of last year. Tony Meadows, investment director at BRI Wealth Management, stated, "Apple was once considered a laggard in the AI race due to its lack of investment in developing models, but market sentiment has now shifted. Apple is less reliant on capital expenditures and is better positioned to commercialize AI through services, ecosystem lock-in, and hardware upgrades. This valuation reshuffling reflects market confidence in its earnings sustainability, rather than expectations of a speculative surge in AI."July 17th – The National Blue Carbon Trading Alliance was established and its first conference was held in Shenzhen. Adhering to the principles of openness, equality, co-construction, sharing, and win-win cooperation, the alliance aims to standardize the blue carbon trading market, increase the scale of blue carbon trading, promote blue carbon information sharing, and expand international exchange and cooperation. The conference was hosted by the Shenzhen Municipal Bureau of Planning and Natural Resources and the Shenzhen Municipal Bureau of Ocean Development, under the guidance of the Ministry of Natural Resources and the Guangdong Provincial Department of Natural Resources. The National Blue Carbon Trading Alliance brings together diverse stakeholders, including blue carbon resource suppliers, market demanders, technical service institutions, trading platforms, and financial institutions, and is a cross-sectoral non-profit cooperative organization.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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