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Real-time News
February 9th - The overnight SHIBOR was 1.2700%, down 0.70 basis points; the 7-day SHIBOR was 1.5050%, up 7.00 basis points; the 14-day SHIBOR was 1.5840%, up 8.00 basis points; the 1-month SHIBOR was 1.5500%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.On February 9th, NIO founder, chairman, and CEO William Li announced plans to build 1,000 new battery swapping stations by 2026, increasing the number of "scenic charging routes" to 100. Following the completion of the G318 Sichuan-Tibet and Yunnan-Tibet battery swapping routes last year, the Silk Road battery swapping route will be opened this year. Furthermore, large-scale construction of the fifth-generation battery swapping stations will begin this year.February 9th - BNP Paribas economists stated that the ruling Liberal Democratic Partys (LDP) victory in the general election is expected to further strengthen its stringent economic policies. Their research report noted, "While there are still cautious opinions within the LDP regarding a consumption tax cut, the likelihood of its implementation has significantly increased given the election results." Analysts believe that considering the Prime Ministers public commitment to implementing the consumption tax cut by fiscal year 2026 and his overwhelming victory, the government is likely to accelerate the implementation of this measure while remaining focused on market stability. The report also pointed out that the LDPs victory could make it easier for the Takashimakata municipal government to push through the increased defense spending requested by the United States.On February 9th, Bank of America Securities issued a report stating that Meitu (01357.HK) expects its non-GAAP adjusted net profit for last year to grow by 60% to 66%, to RMB 938 million to RMB 973 million, with a median growth of 63% to RMB 955 million, slightly higher than market expectations and Bank of Americas forecast by 1%. This is mainly driven by two factors: rapid growth in product revenue and operating leverage. Bank of America Securities maintains its "Buy" rating on Meitu with a target price of HKD 11.3, based on the strong profit expansion driven by the increase in the proportion of paying users and operating leverage.On February 9th, Daiwa Securities issued a report stating that Yum China (09987.HK)s fourth-quarter results for 2025 exceeded expectations. KFCs same-store sales growth was better than anticipated, and the price increase for delivery channels in January indicated a recovery in consumer confidence and a more rational pricing trend in the industry. The report noted that Yum Chinas management forecasts a slight year-on-year increase in operating profit margin for 2026, but with improved competition in the Chinese market, further room for profit margins to exceed market expectations is anticipated. Daiwa reiterated its "Buy" rating on Yum China and raised its target price from HK$450 to HK$520.

Oil prices fall owing to rising U.S. stocks and weaker demand

Skylar Williams

Jul 13, 2022 11:03

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Oil prices dipped in early Asian trade on Wednesday with the release of U.S. inventory data indicating a rise in crude oil and refined products, amid rising fears of a global economic slowdown.


Brent oil futures shed 68 cents, or 0.7 percent , to $98.81 a barrel at 0002 GMT. The price of U.S. West Texas Intermediate crude oil dropped 72 cents, or 0.8 percent, to $95.12 a barrel, which is also the lowest level in three months.


Concerned that aggressive interest rate increases to battle inflation may precipitate a recession, which will severely influence oil consumption, investors have sold their oil holdings. Due to volatile trading, prices dropped by more than 7 percent in the previous session.


China's renewed COVID-19 travel restrictions had an effect on the market. Multiple cities in the world's second-largest economy have enacted further restrictions, ranging from firm closures to wider lockdowns, to prevent the spread of a highly dangerous virus strain.


During the week ending July 8, crude oil stocks climbed by around 4.8 million barrels in the United States. According to market sources citing data issued by the American Petroleum Institute on Tuesday, gasoline supplies grew by 3 million barrels, while distillate stockpiles increased by 3,3 million barrels.


The dollar index, which compares the dollar to a basket of six other currencies, reached its highest level since October 2002 on Tuesday, reaching 108.56.


Since oil is frequently priced in U.S. dollars, a stronger dollar makes the commodity more expensive for foreign currency holders. During times of market volatility, the dollar is often viewed as a safe haven by investors.


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