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Hong Kong-listed AI application stocks showed mixed performance. Meitu (01357.HK) surged over 16%, Kingsoft Cloud (03896.HK) rose over 5%, and Zhixing Technology (01274.HK), Baidu (09888.HK), and Alibaba (09988.HK) all rose over 3%. Meanwhile, 51Vision (06651.HK) fell over 6%, Micro-Robotics (02252.HK) and MyFT (02556.HK) fell over 5.5%, and Xunze (03317.HK) fell over 4%.Hong Kong-listed mainland property stocks continued their upward trend during the session, with China Jinmao (00817.HK) and Yuexiu Property (00123.HK) both rising by more than 6%, Jianfa International Group (01908.HK) rising by more than 5.5%, and China Resources Land (01109.HK), China Overseas Land & Investment (00688.HK), Greentown China (03900.HK), Longfor Group (00960.HK), and many other stocks rising by more than 4%.The main contract for low-sulfur fuel oil (LU) surged 4.00% intraday, currently trading at 5294.00 yuan/ton.May 6 – Following fuel supply concerns in Australia stemming from the conflict with Iran, the country plans to include a A$10 billion (US$7.2 billion) fuel security and resilience plan in next weeks budget proposal. Australian Prime Minister Barnes stated that the plan will help build fuel and fertilizer reserves, including supporting the expansion of total diesel and aviation fuel reserves to a 50-day supply. He also indicated that the government itself will hold approximately 1 billion liters of fuel reserves. The Prime Minister and the Energy Minister discussed the plan after a national security meeting in Sydney. The Energy Minister stated that Australia has responded to the crisis and currently has more fuel reserves than at the start of the conflict with Iran. He said, "This marks a significant shift in our national response. We have been looking at how to better prepare for future shocks."On May 6th, analysts stated that gold futures prices rose as tensions in the Middle East eased. Vivek Dahl of the Commonwealth Bank of Australia noted in a research report that Trumps announcement of a temporary suspension of plans to provide safe passage for ships in the Strait of Hormuz eased tensions. Since gold prices hit an intraday high of $5,422 per ounce on March 2nd, gold futures have generally moved negatively correlated with the level of tension in the Middle East. Dahl added that the upward momentum in gold prices could be driven by several factors: hopes for a ceasefire in the Middle East, market pricing in interest rate cuts due to high energy prices dragging down global growth, and concerns about the independence of the Federal Reserve.

Near 1.3600, USD/CAD Meets Difficult Resistance Amid a Weak USD Index and Rising Crude Prices

Daniel Rogers

Mar 29, 2023 14:32

USD:CAD.png 

 

Near 1.3600, the USD/CAD pair encountered resistance during the Asian session. As the US Dollar Index (DXY) appears vulnerable to further losses below 102.40, the Canadian dollar appears to have a sturdy downside bias. The USD Index has found support near 102.40, but a retracement is likely as risk appetite improves.

 

The USD Index is under intense pressure as a result of the decline in U.S. banking concerns. As reported by Reuters, US House Speaker Kevin McCarthy stated in an interview with CNBC on Tuesday that "at this time" there is no need for universal insurance on all bank deposits, reviving concerns of a banking crisis in the United States.

 

Tuesday's S&P500 futures remained predominantly constrained in response to House Speaker Kevin McCarthy's remarks. The Federal Reserve (Fed) is expected to maintain a consistent tone when announcing its interest rate decision at its May monetary policy meeting, despite the optimistic market sentiment.

 

In the interim, demand for U.S. government bonds remained low due to investors' expectation that the nation will emerge from its banking crisis sooner. This led to a rise in 10-year US Treasury yields to 3.57 percent.

 

According to Bloomberg, the Canadian Dollar remained volatile on Tuesday after Finance Minister Chrystia Freeland's announcement that dividends received by financial institutions from holding domestic equities will be considered business income. This will generate billions in tax revenue from banks and insurance firms that receive dividends from Canadian corporations.

 

Due to a weakening US Dollar and expectations of additional sanctions against Russia, the price of oil has risen to close to $74.00 on the energy front. The US Energy Information Administration (EIA) oil inventory data will be attentively monitored for additional guidance. As anticipated, the US EIA will report an increase of 0.187 million barrels in oil stocks for the week ending March 24.

 

Notably, Canada is the leading oil exporter to the United States, and rising crude prices would strengthen the Canadian Dollar further.

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