EUR/USD 1.15246
0.001%
Gold 4398.85
-0.217%
Oil 81.882
0.269%
USD/JPY 159.340
-0.047%
GBP/USD 1.34936
-0.004%
GBP/JPY 215.013
-0.044%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Hang Seng Tech Index surged in the afternoon, rising over 1%, with Lenovo Group (00992.HK) leading the gains among constituent stocks, rising over 16%.August 13th - According to foreign media reports, Japanese Prime Minister Sanae Takaichi supports a near-term interest rate hike by the Bank of Japan, with the next move likely in September or October. The Bank of Japans concerns about the weak yen pushing up prices, coupled with the governments desire to enhance the effectiveness of recent joint US-Japan foreign exchange market intervention, have led to a convergence in their stance on the necessity of a near-term rate hike. The Prime Ministers Office believes that specific monetary policy measures, including interest rate hikes, should be decided by the Bank of Japan, but both sides should cooperate closely to achieve the 2% inflation target with "stability."Market news: The Bank of Japan may raise interest rates in September or October.Market news: Japanese Prime Minister Sanae Takaichi reportedly supports the Bank of Japan raising interest rates more quickly.On August 13, the Bank of Korea (BOK) purchased gold-related assets for the first time in 13 years to hedge against geopolitical and economic uncertainties. According to a filing with the U.S. Securities and Exchange Commission, the BOK held 679,765 shares of SPDR Gold Shares, worth approximately $250 million, at the end of the second quarter. The filing shows that three months prior, the bank did not hold any shares in the worlds largest physical gold-backed ETF. The BOK stated that this investment marks its first purchase of gold-linked assets since 2013. This purchase will not increase the banks official gold reserves, as gold ETFs are classified as securities and are part of its foreign exchange reserves. Choi Kyuho, an economist at Hanwha Investment & Securities, said, "The BOKs current gold allocation is quite low. From a global standards perspective, the BOK still has room to purchase more gold. I believe they will gradually increase their gold holdings."

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


Suggestion