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July 24th - According to tech media Benchlife, NVIDIA (NVDA.O) has notified its motherboard partners of a price increase affecting GDDR6 and GDDR7 memory kits. It is understood that NVIDIA packages GPU chips and VRAM (video memory) chips into kits when selling products to its partners, who are then responsible for installing these chips onto their own designed PCBs (printed circuit boards) to produce custom graphics cards. With the upcoming price increase for GDDR6 and GDDR7 memory kits, it is expected that AIB (Add-in Board) manufacturers will have no choice but to raise their graphics card prices accordingly.On July 24th, to facilitate the development of supporting regulations for the "Regulations on the Supervision and Management of Non-bank Payment Institutions" and to standardize the management of Category II stored-value account operations, the Peoples Bank of China has drafted the "Administrative Measures for Category II Stored-Value Account Operations." The "Regulations" and their implementing rules redefine payment business classifications, placing prepaid card issuance and acceptance under Category II stored-value account operations and outlining basic business requirements. As a supporting system to the "Regulations," the "Measures" clarify specific rules for Category II stored-value account operations, ensuring the thorough implementation of the "Regulations." With the development of prepaid card business, some new situations have emerged in the market, including both innovative practices that benefit the public and issues of irregularities and risks. Therefore, it is necessary to adapt and improve the regulatory system in light of the development trends and potential risks of prepaid card business, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.Next week will see a flurry of earnings reports from tech stocks, including Apple (AAPL.O), Meta Platforms (META.O), Amazon (AMZN.O), Microsoft (MSFT.O), Qualcomm (QCOM.O), and SK Hynix. On the economic data front, Chinas official July manufacturing PMI, the US June PCE and ADP employment figures, and the preliminary annualized quarterly GDP growth rate for the second quarter will all be released next week. Additionally, the Federal Reserve will announce its interest rate decision next week. Please stay tuned. For a complete earnings calendar, please visit the US-Hong Kong Telecom APP—Calendar. Click to view...A Bank of England survey released on Friday, July 24th, showed that British businesses expect to slightly raise prices and wages next year due to a temporary drop in energy prices during the ceasefire in the Iran-Iraq conflict. The survey indicated that businesses expect prices to rise by 3.9% over the next 12 months, down from the previous 4.1% (the highest level in over two years), but still higher than the 3.4% predicted in February before the war. Expectations for wage growth next year fell by 0.1 percentage point to 3.4%. This data is likely to be welcomed by the Bank of England, which is closely monitoring business pricing and wage growth. The Bank of England is expected to keep interest rates unchanged next week.The forward premium for the US dollar against the Indian rupee narrowed; the 1-year premium fell 4 basis points to 2.93%.

Oil Prices Climb As The EU Bans Most Russian Oil Imports

Charlie Brooks

May 31, 2022 11:42

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Oil prices increased on Tuesday as the European Union (EU) agreed to reduce its oil imports from Russia by the end of 2022, fueling fears of a tightening market already stressed for supply due to rising demand ahead of the peak summer driving season in the United States and Europe.


At 00:54 GMT, Brent crude futures for July, whose contract expires on Tuesday, rose 33 cents to $122.50 a barrel. The more popular August contract increased 33 cents to $117.93.


Futures contracts for U.S. West Texas Intermediate (WTI) crude were trading at $117.31 a barrel, an increase of $2.24 from Friday's closing. Due to a U.S. holiday, there was no settlement on Monday.


European Union leaders agreed in principle to reduce oil imports from Russia by 90 percent by the end of 2022, breaking a stalemate with Hungary over the bloc's heaviest sanction against Moscow since the invasion of Ukraine three months ago.


Due to the fact that the market has already factored in the supply limits, according to some analysts, oil price improvements may be modest.


SPI Asset Management Managing Partner Stephen Innes told Reuters that the market had "already factored in EU self-sanction and much less Russian oil moving to Europe this year"


Innes continued, "I believe the market is pricing in some more Asia demand via China; nevertheless, the glaring issues are the soaring gasoline prices at the pump, which could lead to some demand destruction over the driving season."


Following the removal of COVID-19 restrictions, China's demand is anticipated to increase. Shanghai has announced the end of its two-month lockdown and will permit the vast majority of residents in China's largest metropolis to leave their homes and drive cars beginning Wednesday.


On the production side, OPEC+ is expected to adhere to its agreement from last year at its meeting on Thursday, with a moderate July output rise of 432,000 barrels per day, according to six sources from OPEC+. This is in response to Western calls for a more rapid increase to curb skyrocketing prices.


The Organization of the Petroleum Exporting Countries and its allies, led by Russia, argue that the oil market is in equilibrium and that recent price increases are unrelated to underlying fundamentals.


In 2022, oil prices on both sides of the Atlantic reached their highest level in more than a decade and are up more than 55 percent so far in 2022.

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