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According to the New York Post: US President Trump is considering ending the two-week recess of Congress.EU Energy Commissioner: The EU must avoid individual countries acting independently in response to the pandemic; relevant measures should be targeted and phased.March 31 - European stock markets closed with the STOXX Europe 600 index down approximately 7.8% for March, the Euro Stoxx 50 index down approximately 9.3%, the UK FTSE 100 index down 6.7%, the French CAC 40 index down 8.9%, and the German DAX 30 index down 10.3%.On March 31, Paul Watters, Head of European Credit Research at S&P Global Ratings, stated that the European Central Bank (ECB) and the Bank of England (BOE) may raise interest rates as early as April to address inflation triggered by the energy supply shock. He said, "The ECB and the BOE will not ignore this inflationary shock." Core inflation in both the Eurozone and the UK is above 2%, exceeding what central banks would tolerate, thus making a rate hike highly likely. LSEG data shows that the market currently expects a slightly higher than 60% probability that both the ECB and the BOE will raise rates by 25 basis points at their next policy meeting on April 30.On March 31, memory chip manufacturer Kioxia issued another production halt notice to its customers, announcing that some of its traditional floating-gate 2D NAND and third-generation BiCS FLASH products will be gradually phased out of the market. Previously, Kioxia had already announced the discontinuation of its small-capacity TSOP packaged products. According to the notice, the last anticipated order deadline for these products is September 30, 2026, while the final shipment deadline is December 31, 2028.

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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