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Hong Kong-listed tech stocks rallied again in late trading, with Meituan (03690.HK) up over 15%, and JD.com (09618.HK) and Alibaba (09988.HK) up over 4%.March 25 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on March 25. It was reported that Venezuelan President Maduro and his wife will appear again in a U.S. federal court on March 26. A reporter from Venezuelas Southern Television asked at the conference what specific measures China is taking, together with the international community, to ensure the release of Maduro and his wife. Lin Jian stated that the U.S.s forceful control over a head of state clearly violates the purposes and principles of the UN Charter, international law, and the basic norms of international relations. China firmly opposes this. We support Venezuela in safeguarding its sovereignty, dignity, and legitimate rights.Türkiyes Energy Minister: Regional oil dependence is at a manageable level.March 25 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on March 25. An AFP reporter asked, “According to US media reports, US President Trump stated that he has proposed a peace plan to Iran and expressed optimism about ending the nearly month-long conflict. At the same time, Iran has also announced that it will allow ‘non-hostile’ oil tankers to pass through the Strait of Hormuz. What is China’s response to these latest developments?” Lin Jian stated that China is deeply concerned about the continued tension in the Middle East and its impact on regional and international peace and stability. A ceasefire is of paramount importance, and dialogue and negotiation are the way to break the deadlock. We support all efforts conducive to easing tensions, de-escalating tensions, and resuming dialogue.March 25th - Following the lifting of US sanctions, buyers rushed to purchase Russian crude oil, but adopted a more cautious approach to Iranian oil. Earlier this month, the Trump administration temporarily lifted restrictions on Russian and Iranian oil to address soaring energy prices caused by the Middle East wars. However, due to the short duration of the waivers and compliance issues, oil flows are unlikely to return to normal. Ship tracking data shows that approximately 18 oil tankers east of the Suez Canal, carrying about 13.5 million barrels of Russian crude oil, may be available for purchase. This is a decrease from the 25 tankers carrying approximately 19 million barrels of crude oil nearly two weeks ago. In contrast, according to data from Vortexa Ltd., since Iran received its waiver last Friday, its crude oil inventory in floating storage facilities has remained relatively stable at around 27 million barrels. Floating storage typically refers to oil tankers that remain idle at sea for at least a week. Vandana Hari, founder of Singapore-based consulting firm Vanda Insights, said: “I expect that countries will be more hesitant to buy Iranian oil than Russian oil if they receive a US waiver. Iranian oil may have quality issues and there are questions about the payment mechanism, while Russian oil does not have these problems.”

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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