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On November 13th, JPMorgan Chase stated that China Resources Land (01109.HK)s placement of approximately 2.2% of China Resources Mixc Lifestyle (01209.HK) shares at a discount of approximately 9.6% primarily excludes liquidity pressure, as the proceeds of approximately HK$2.1 billion are relatively small and will have little impact on the groups net debt ratio. The bank believes the main purpose of the placement is to increase the liquidity of China Resources Mixc Lifestyle shares, as the issue of insufficient share liquidity was discussed at a previous investor meeting held by the group. Coincidentally, the proceeds of approximately HK$2.1 billion from this placement are similar in size to the potential disposal gains. Therefore, the placement may reduce the downside risk of dividends. However, next year, China Resources Lands dividend income from China Resources Mixc Lifestyle will decrease by approximately RMB 97 million. The bank currently gives China Resources Land a target price of HK$35 and China Resources Mixc Lifestyle a target price of HK$44.5, both with an "Overweight" rating.November 13th, Futures News: Economies.com analysts latest view: Spot gold prices retreated during the previous trading day, indicating profit-taking after a strong rally. Currently, gold prices are attempting to accumulate new upward momentum to support further gains. This pullback occurred after breaking through the key resistance level of $4155, which was our previously anticipated main target, demonstrating that the bullish trend remains dominant in the short term.November 13th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices declined further in the previous trading session, failing to hold the technical support level represented by the EMA50 moving average, putting them under greater downward pressure and pushing prices below the short-term bullish corrective trendline. This technical break below the EMA has caused WTI crude oil futures to lose upward momentum, canceling any attempt to resume the upward trend and further reinforcing the current dominance of the downtrend.November 13th, Futures.com analysts latest view: Brent crude oil futures closed sharply lower in the latest intraday trading, mainly due to negative pressure from prices trading below the EMA50 moving average, although the overall bullish trend still dominates in the short term. The price broke below the key support level of $62.75, further exacerbating the downward pressure. On the other hand, we note a positive confluence signal on the Relative Strength Index (RSI), indicating that prices have entered oversold territory, which may mitigate further declines to some extent.The Russian Ministry of Defense stated that it shot down 130 Ukrainian drones last night.

Natural Gas Price News: XNG/USD prompts a three-day recovery near the monthly apex near $2.50 due to the strengthening of the US Dollar

Daniel Rogers

Apr 19, 2023 15:46

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During the early hours of Wednesday morning in Europe, the price of natural gas (XNG / USD) reverses course from its greatest levels in a month to post modest losses of approximately $2.51. As a result, the energy instrument breaks a three-day winning stretch amid negative sentiment and the most recent dollar recovery.

 

Recent news articles concerning the US House China Committee's discussion of the Taiwan invasion scenario and a likely delay on the US debt ceiling decision appear to have agitated the risk profile. Recent unfavorable US data and hawkish Fed forecasts may be on the same trajectory. It should be noted that a divided earnings season influences sentiment and the price of Natural Gas.

 

In addition, Bloomberg released news indicating China's involvement in the Russia-Ukraine conflict, which, along with US President Joe Biden's reluctance to negotiate the debt limit, weighed on sentiment.

 

The recent decline in the XNG/USD price appears to be the result of a combination of factors, including reports that the United Kingdom has sufficient natural gas supplies to last through the winter and concerns about the likelihood of milder weather in the West. The Financial Times (FT) may have reported similar information: "The EU is storing record amounts of natural gas after a milder-than-expected winter, bolstering hopes that the bloc can wean itself off imports from Russia." According to the industry group Gas Infrastructure Europe, the bloc's storage capacity reached 55.7% at the beginning of the month, the highest level for early April since at least 2011.

 

In spite of this, the US Dollar Index (DXY) reverses its previous recovery from a one-year low and gains offers to 101.80 at the latest.

 

The previous day, the dollar index versus six main currencies reversed course in response to declining yields. In spite of this, US 10-year and 2-year Treasury bond coupons declined for the first time in four days by the end of Tuesday, hovering around 3.59 and 4.29 percent at the time of publication.

 

As a result of these trades, S&P 500 Futures have retreated from their greatest levels since early February, which were recorded the day before, and are currently trading near 4,178. Notable is the fact that the US stock futures ended their two-day winning trend with the most recent inactivity.

 

The news surrounding China and the US Federal Reserve (Fed), as well as the Fed Beige Book, can occupy Natural Gas traders until Thursday's release of weekly inventory data from the US Energy Information Administration (EIA).

 

 


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