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On August 29th, the U.S. Commodity Futures Trading Commission (CFTC) ordered former White House teleprompter operator Gabriel Perez to pay $172,539 for illegally trading on a prediction market platform using advance access to Trumps speeches. Under the settlement agreement with the CFTC, Perez must return $107,539.02 in illicit gains and pay a $65,000 civil penalty. He also agreed to a three-year trading ban and pledged to cease and not violate the Commodity Exchange Act and CFTC regulations. The CFTC stated that Perez traded Trump "mention market" contracts on the Kalshi platform between December 2025 and February 2026, while serving in the White House. These contracts are event-based contracts, with payouts determined by whether the president uses specific words or phrases in his speeches.Strait of Hormuz: 1. The US claims its continued maritime blockade of Iran has forced 82 merchant ships to change course. 2. Trump stated the Strait of Hormuz is open, while US officials say Irans leverage is eroding. 3. The US hopes to widen the main channel of the Strait of Hormuz by mid-September so that at least 50 ships can enter and exit the Gulf each night. 4. Iranian President Pezechiyan: Oman has agreed that the Strait of Hormuz should be managed according to the Islamabad Memorandum of Understanding. Iran will open the channel if the four commitments are fulfilled. 5. US Treasury Secretary Bessant: Blockade and economic isolation will destroy Irans collapsing economy. In the past 14 days, the US has diverted 130 million barrels of oil out of the Strait of Hormuz, while Irans crude oil exports have been zero. 6. Iranian Revolutionary Guard: Iranian fighters have complete and unquestionable control over the strategic waterway of the Strait of Hormuz. All ships attempting to pass through without Iranian coordination will be blocked from the Strait of Hormuz by full force and absolute authority. Other matters: 1. The US Treasury Department announced a new round of sanctions against Iran. 2. Hezbollah leaders in Lebanon called for the cancellation of the trilateral framework agreement between Lebanon, Israel, and the US. 3. Goldman Sachs: Persian Gulf oil exports have recovered to about two-thirds of pre-war levels. 4. Iranian Foreign Minister: Getting diplomacy back on track is not impossible, but "pressure will not work." 5. Iranian Foreign Ministry condemned the new economic threat from the US and called on all countries not to implement it. 6. British media: The US military is facing a "serious financial crisis" and has been forced to divert salaries to pay for the war against Iran. 7. US Treasury Department: We have identified the networks, intermediaries, and funding channels used by Iran for oil smuggling and sanctions circumvention. 8. US Treasury Secretary Bessenter: The Treasury Department pledged to cut off every remaining economic lifeline of Tehran and ultimately end the threat to the Iranian regime. 9. According to the Islamic Republic of Iran Broadcasting (IRIB): Sources say Yemeni drones attacked a Saudi-backed mercenary base in the port of Mocha.Market news: Gunfire and explosions have been heard in several areas of Niamey, the capital of Niger.August 29th - According to a report by NBC on the 28th, two sources familiar with the matter revealed that US Defense Secretary Hergsays recently discussed the possibility of running for president in 2028 with those close to him. However, the Pentagon denied this. In response to the NBC report, a Pentagon spokesperson denied the claims, stating, "Hergsays will not run for president; his primary responsibility is to lead the Department of Defense. All other speculation is absurd."August 29th - On August 28th local time, the U.S. Central Command stated that the United States continues its naval blockade of Iran. As of the 28th, U.S. Central Command forces had guided 82 merchant ships to change course, rendered 3 merchant ships incapable of navigation, and boarded and inspected 2 other merchant ships.

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.