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On May 22, Nomura Securities predicted that the Federal Reserve will keep interest rates unchanged until 2026 due to rising inflation and weakening support for policy easing from Federal Reserve officials, reducing the likelihood of a near-term rate cut. "Incoming Fed Chairman Kevin Warsh may still have the incentive to ease policy, but recent data and comments from Fed officials make us doubt his ability to convince a majority of the Federal Open Market Committee to support rate cuts," Nomura said in a report on May 21. The firm had previously projected 25-basis-point rate cuts in September and December of this year.According to the Financial Times, the French finance minister stated that countries cannot decide whether to release more oil reserves until they understand how long the conflict with Iran will last.According to the Financial Times, JPMorgan Chase (JPM.N) is seeking to reduce its $4 billion exposure to private equity-related loans.According to the Financial Times, the European film industry is urging EU regulators to review the deal between Warner Bros. Discovery (WBD.O) and Paramount.On May 22nd, Nomura Securities analysts wrote in a report that NIO (NIO.N) needs to launch more popular models to further support its sales, market share, and profit margins. They stated that investors will be watching the performance of the ES9, which will be launched next Wednesday. Given the positive customer feedback in the ES9 pre-sale data, Nomura remains optimistic about the company and expects NIO to achieve sequential improvement in deliveries and financial data in the second half of this year. NIO will launch a five-seat version of the ES8 in the second half of the year and plans to launch three to five new models annually in the coming years. Nomura maintains its buy rating on NIO with a target price of $8.60. The stocks American Depositary Receipts closed at $5.60 yesterday.

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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