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According to the International News Agency, taking into account the compensation (production reduction) factor, OPEC+s actual production increase in June may be 359,000 barrels per day.Kremlin: Putins proposal for a three-day ceasefire to coincide with World War II commemorations is intended to test Kievs readiness for peace. Ukraines refusal to agree to a ceasefire shows that "neo-Nazism" is the foundation of the Ukrainian government.On May 3, according to the data from Leyoujia Research Center, the number of second-hand houses in Shenzhen in April was 6,597, a decrease of 14.4% from the previous month and an increase of 33.5% from the previous year, far exceeding the 5,000-unit boom-bust line and at a relatively high level. The number of second-hand residential properties signed online in Shenzhen in April was 5,733, a decrease of 5.7% from the previous month and an increase of 37.4% from the previous year. In terms of new houses, the total number of first-hand residential properties signed online in Shenzhen in April was 3,695, an increase of 28.7% from the previous year, still at a relatively high level. As of the end of April, the inventory of first-hand pre-sold residential properties in Shenzhen was 28,062 units. Based on the average monthly sales rate of first-hand pre-sold residential properties in the past 12 months (an average of 3,494 units per month), the sales cycle is 8.0 months.On May 3, market analysis pointed out that OPEC+ originally planned to gradually and steadily lift production cuts within 18 months starting from April, increasing production by about 137,000 barrels per day per month. But todays decision means that the eight-nation bloc consisting of Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Iraq, Algeria, Oman and Kazakhstan will make up nearly half of the production cuts (2.2 million barrels per day) in just three months.On May 3, the OPEC+ meeting ended. The organization announced that the eight participating countries will increase production by 411,000 barrels per day in June. The gradual increase in production may be suspended or reversed, depending on changes in market conditions. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman reiterated their commitment to maintain market stability based on the current healthy oil market and increase production. In addition, the announcement showed that Saudi Arabias crude oil quota for June was set at 9.367 million barrels per day.

Prior to UK Employment, GBP/JPY Expects Gains Above 163.00

Alina Haynes

Mar 14, 2023 14:26

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In the early Asian session, the GBP/JPY pair is evaluating an intermediate cushion above 162.00 after detecting restrictions in the upside momentum above 163. As investors become concerned about the United Kingdom's labor cost index, which has occupied the Bank of England (BoE) with high inflation issues for the past year, the cross is expected to resume its upward trend.

 

The release of the UK's Employment data will be the primary catalyst for the British Pound in the near future. Claimant Count Change (Feb) is expected to decline by 12.4K compared to the previous release of 12.9K. The three-month Unemployment Rate is expected to increase to 3.8% from the previous release of 3.7%.

 

The primary catalyst will be the Average Earnings data, which is anticipated to decrease to 5.7% from the previous release of 5.9%. Investors should be aware that higher employment costs and persistent food price inflation in the British economy have fueled inflationary pressures. And now, a decline in the labor cost index will please Bank of England Governor Andrew Bailey, who is losing sleep over devising a strategy to slow the double-digit inflation rate.

 

It is essential to observe that the failure of Silicon Valley Bank (SVB) has repercussions outside of the United States. In a joint statement from the UK Treasury and the Bank of England (BOE) on Monday, Jeremy Hunt, the minister of finance, stated that "deposits will be protected without taxpayer support." The UK authorities have confirmed that HSBC has agreed to rescue Silicon Valley Bank's (SVB) UK subsidiary. UK Hunt added, "These actions have no direct material impact on any other British institutions."

 

Following the announcement of unchanged monetary policy by former Bank of Japan (BoJ) Governor Haruhiko Kuroda, investors are shifting their focus to BoJ Kazuo Ueda's commentary on the Yield Curve Control (YCC) and a transition to restrictive monetary policy.

 

Alvin Liew, senior economist at UOB Group, believes that Japan's exit from the YCC and negative interest rates are inevitable; the question is how Ueda will implement his plan. We anticipate a gradual, well-communicated change in Ueda's pace, as opposed to a sudden one. We see it as two primary steps: 1) Protracted adjustment to its forward guidance on YCC and interest rates (April to December 2023) and 2) Elimination of YCC and abolition of the negative policy rate in early 2024."


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