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The Central Bank of Peru kept its benchmark interest rate at 4.25%, in line with market expectations.June 12 - According to the Iranian Students News Agency (ISNA) on June 11, Tehran Mayor Abu Zarqaani announced that the funeral of the late Supreme Leader Ali Khamenei would be postponed until after the tenth day of Muharran (the first month of the Islamic calendar). Zarqaani stated that the funeral would both embody the continuation of the late Supreme Leaders ideals and express loyalty to the current Supreme Leader, Mojtaba Khamenei.Sources say Nvidia (NVDA.O) has hired veteran lobbyist Bruce Andrews as its head of government affairs in Washington, D.C. Andrews previously served as head of government affairs at Intel and as an official in the Obama administration.According to Irans Fars News Agency, Iranian forces prevented an uncoordinated "illegal oil tanker" from entering the Strait of Hormuz.Ceasefire Negotiations 1. Iran – ① Iranian Foreign Ministry: No final conclusion has been reached on the Iran-US agreement. All matters concerning the agreement are speculation. ② Iranian media: There is a high probability that Iran will approve the text. ③ Iranian Armed Forces: If the US attacks again, it will suffer a more violent response. 2. United States – ① Trump: The agreement is expected to be signed this weekend. The Supreme Leader has agreed to reach an agreement, and all parties in Iran have approved the US-Iran agreement; he refused to set a deadline for the agreement; once the agreement is signed, the US will lift the blockade. ② US media: The three major differences have been narrowed under Qatars mediation. 3. Israel – ① Israel: Trump promised that Iran would limit missile production and stop regional support. ② Israel was surprised by Trumps post. Israeli Prime Minister Netanyahu learned of this during a cabinet meeting. 4. Others – ① Sources say that dialogue on Lebanon and regional security will continue after the US-Iran agreement is reached. ② Pakistan, Qatar, Saudi Arabia, Egypt, and Turkey gathered to assess mediation efforts regarding the US-Iran situation. Strait of Hormuz 1. Iran – ① Iranian Foreign Ministry: The strait remains closed. 2. The United States—① U.S. Central Command: Since imposing the blockade on April 13, it has crippled 9 ships and forced another 135 to change course. ② Trump: The strait may open on Saturday or next Monday. ③ U.S. military: The Strait of Hormuz remains open to traffic. 3. Others—① Indian Ministry of Shipping: 13 Indian-flagged ships ran aground in the Strait of Hormuz; Indian Ministry of External Affairs: All three ships attacked were carried out by the U.S. Navy. Other situations: 1. Kuwait Civil Aviation Authority announced that flights suspended due to the Iranian attack have resumed. 2. According to Axios: The Israeli government expects to allocate more than $350 million over several years to relocate 61 newly approved settlements. 3. Bessant: Any damage to Gulf allies will be paid for with Iranian funds, and Iran will lose its ongoing zero-sum game. If necessary, the U.S. will withdraw funds from Iranian accounts.

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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