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Japanese chip stocks surged, with Renesas Electronics up 5.0%, Tokyo Electron up 3.8%, and Raytheon up 4.0%.December 3rd - A research report from CICC stated that golds rapid rise since the beginning of the year has exceeded levels commensurate with fundamentals, potentially leading to increased volatility in the future. However, considering the Federal Reserve is still in a rate-cutting cycle and the dollars credibility has been damaged, we believe the gold bull market is not yet over and recommend maintaining an overweight position, increasing holdings on dips.On December 3rd, a research report from CICC stated that considering the possibility of a shift in the pace of interest rate cuts by the Federal Reserve in 2026, we expect increased volatility in dollar liquidity and the market environment after the December FOMC meeting. On the one hand, weak US growth and employment data, along with speculation about the next Fed chair, may push up expectations for rate cuts. On the other hand, inflation concerns among current Fed officials will suppress expectations for rate cuts. Therefore, we believe that the certainty of an easing trade is higher in early December, which is more favorable for the performance of various assets. Entering mid-to-late December, although global assets often experience a "Christmas rally," i.e., a temporary strengthening of risk assets such as US stocks and commodities, we believe that uncertainty will be relatively high this year.According to the New York Times, the United States has suspended processing all immigration applications submitted earlier this year by immigrants from 19 countries whose entry restrictions were imposed.On December 3, Colombian President Petro Petro warned on social media against threatening Colombian sovereignty, stating that "violating our sovereignty is tantamount to declaring war," in response to US President Trumps December 2nd claim that Colombia might be "attacked" due to its drug problem. Earlier that day, Trump told reporters at a White House cabinet meeting that drug labs in Colombia manufacture cocaine and sell it to the United States, and that any country that "traffickles drugs" to the US would be "attacked."

WTI bulls continue to dominate in short squeeze

Daniel Rogers

Nov 16, 2022 14:45

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West Texas Intermediate, (WTI) experienced a short squeeze in the final portion of Tuesday's Wall Street session, moving towards in-the-money shorts from the beginning of the week. At the time of writing, the price of black gold is $87.47 and is up approximately 0.7% on the day so far.

 

According to reports, a Russian missile launched as part of an attack on Ukraine's energy systems landed in NATO member Poland and killed two people. The emergency gathering of Poland's leaders is referred to as a "crisis situation." The attack occurred near the village of Przewodow, close to the Ukrainian border, according to Polish media. Since then, the Polish foreign ministry has verified that a Russian-made rocket hit the Polish hamlet of Przewodów. In response, Stoltenberg will preside over an emergency summit of NATO on Wednesday morning.

 

According to ANZ Bank analysts, prices rose late in the session after a crucial pipeline transporting Russian oil to Eastern Europe was shut down due to a power outage. "The Ukrainian pipeline management stated that the cause was Russian artillery. The suspension impacts flows to Hungary, the Czech Republic, and Slovakia. It is currently unknown how long the pipeline disruption will last. This precedes the 5 December imposition of European restrictions on Russian crude oil imports. "Prices for crude oil had been under pressure early in the session due to demand concerns.

 

The data counterbalanced the negative IEA news that the agency has lowered its prediction for 2023 demand growth to 1.6 million barrels per day from 2.1 million bpd this year, while predicting a 240,000 bpd decline in demand in the fourth quarter of this year. "The GDP prognosis has deteriorated and 4Q22 global oil consumption will decline (-240 kb/d) compared to the same period last year. China's consistently sluggish economy, Europe's energy problem, expanding product defects, and the strength of the US dollar all impact hard on consumption "The agency's study stated.

 

"Earlier this week, OPEC also expressed concern about demand and therefore lowered its demand prediction for the fourth quarter. ANZ Bank analysts explained that rising COVID-19 instances in China dragged on confidence despite prospects of reducing virus restrictions earlier in the week. "Numerous large cities continue to report significant case counts. Across the nation, travel remains restrained due to the public's continued anxiety that it will be quarantined.

 

Separately, China has reported an increase in Covid infections, and many people under lockdown in the manufacturing hub of Guangzhou broke the containment barriers to protest in the streets. China's weak demand has been a drag on oil prices. Reuters stated that "new cases in Guangzhou surpassed 5,000 for the first time, increasing concerns that the city of more than 15 million could face larger lockdowns" The government reported 17,772 new cases of the coronavirus on Monday, up from 16,072 the day before.

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