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TotalEnergies: will provide renewable electricity to Airbuss factories in Germany and the UK.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.14% and the Hang Seng Tech Index rising 0.74%. Southbound capital saw a net inflow of over HK$24.9 billion. New energy vehicle companies, aviation, telecommunications, biomedicine, domestic banks, and logistics concepts performed strongly, while non-ferrous metals, commercial aerospace, optical communications, chips, and photovoltaic solar energy concepts weakened.Volvo Cars CEO: U.S. tariffs had a significant impact in the fourth quarter.Oriental Selection (01797.HK) rose more than 10% in the afternoon.February 5th - ING analysts stated that ahead of the European Central Banks (ECB) interest rate meeting, the market generally believed that it would not take any action to change its policy direction. The regions economic growth outlook remains robust, and recent volatility in the foreign exchange and energy markets is clearly insufficient to trigger any immediate reaction. However, the ECBs "favorable position" is not without uncertainty; the market sees an opportunity for policy easing before the end of the year, with an implied probability of a rate cut this year of approximately 25%. Since the ECB will not release new forecasts at this meeting, the markets focus is on any potential adjustments to its communication methods and their impact on future policy responses. If the bank increases its focus on the foreign exchange market, or engages in more intense discussions surrounding it, this could be seen as lowering the threshold for further easing. This would confirm market expectations of a policy easing bias in the coming quarters.

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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