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On August 14th, Bank of America strategists stated that a Republican victory in the midterm elections and retention of the Texas governorship could propel the stock market further upward. A team led by Michael Hartnett wrote that a strong performance by Trumps party on November 3rd, coupled with Greg Abbotts re-election in Texas, would be particularly beneficial for artificial intelligence (AI) trading. The midterm elections are considered a major risk event for US stocks, and Goldman Sachs strategist Snider recommends buying index volatility in the months leading up to the election. Hartnett stated, "If Trump retains the Senate and Abbott in Texas, the stock market—especially the AI sector—is expected to surge into a bubble 2027." However, if the Democrats win the Senate and defeat Abbott, the stock market could experience a "significant drop" of over 10%, and the dollar and bond yields would also decline by the end of the year.According to Axios: OpenAI underwent executive changes ahead of its IPO.August 14th - As of today (August 14th), the number of inbound and outbound passengers at Hangzhou Port this year has exceeded 3 million, roughly the same as the previous year. Among them, over 270,000 are foreign passengers, representing a year-on-year increase of over 12%, while over 160,000 are visa-free foreign passengers, representing a year-on-year increase of over 20%. The main sources of foreign passengers are South Korea, Vietnam, Singapore, and Malaysia.Russia has stated that there is no reason to give Ukraine a "temporary respite" regarding the situation in the Black Sea.Russia has stated that it cannot revive the 2022-23 Black Sea Initiative.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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