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The MBA 30-year fixed mortgage rate in the U.S. for the week ending February 6 was 6.21%, unchanged from the previous week.On February 11, the State Council held its 18th thematic study session, focusing on deepening and expanding "Artificial Intelligence+" and comprehensively empowering various industries. Premier Li Qiang pointed out that it is crucial to deeply understand and grasp the development trend of artificial intelligence, promote breakthroughs across the entire AI chain and its application in all scenarios, and further unleash its development potential. He emphasized the need to continuously strengthen the technological foundation, promote algorithmic innovation, increase the supply of high-quality data, improve the performance of large-scale models, and proactively plan for new technologies and pathways. He also stressed the importance of vigorously promoting large-scale commercial applications, stimulating AI terminal and service consumption, building pilot-scale AI application bases, developing and expanding the intelligent agent industry, and developing more high-value application scenarios. Finally, he called for accelerating the cultivation of the industrial ecosystem, optimizing the allocation of intelligent computing resources, increasing the synergy of data, computing, power, and network resources, promoting software and hardware adaptation, and forming a pattern of integrated development across the upstream and downstream of the industrial chain.Total expects first-quarter production to exceed 2.6 million barrels of oil equivalent per day, in line with market expectations.February 11th - On February 11th, the State Council held its 18th thematic study session on the theme of deepening and expanding "Artificial Intelligence+" and comprehensively empowering all industries. Premier Li Qiang, presiding over the session, emphasized the need to thoroughly study and implement General Secretary Xi Jinpings important instructions on the development of artificial intelligence and the relevant decisions and deployments of the Party Central Committee, comprehensively promote artificial intelligence technological innovation, industrial development, and empowerment applications, cultivate and strengthen new productive forces, and promote high-quality development.February 11 - The European Parliament on Tuesday approved a €90 billion aid loan for Ukraine to support the countrys budget and strengthen its defense capabilities.

WTI crude oil climbs above $80.00 as NFP and recession fears contend with an OPEC+ surprise

Daniel Rogers

Apr 07, 2023 11:36

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As energy markets celebrate the Good Friday holiday, WTI crude oil prices remain stable around $80.50, poised for a three-week uptrend. In doing so, black gold defends the week-beginning gains provided by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, headed by Russia, known as OPEC+, who announced a surprise output cut. However, concerns of a recession and a cautious disposition ahead of the March US employment report have recently posed a challenge to the energy benchmark.

 

The OPEC+ group startled the market with a voluntary output decline of nearly 1.66 million barrels per day. The International Energy Agency (IEA) stated, in response to the OPEC+ announcements, that the OPEC+ decision to reduce oil output risks aggravating a stressed market by driving up oil prices in response to inflationary pressures.

 

On the other hand, the US Dollar's weakness, bolstered by disappointing US data, supported the recovery of the black gold.

 

In spite of this, the US Dollar Index (DXY) has a four-day losing streak and is currently trading around 102.000.

 

Initial Jobless Claims for the week ending March 31 increased to 228K from 200K expected and an upwardly revised 246K the previous week. Notable is that the Challenger Job Cuts for the given month increased from 77,77K to 89,703K. Previously, US JOLTS Job Openings fell to a 19-month low in February, and March's ADP Employment Change figures of 145K also disappointed markets. In addition, the US ISM Services PMI for March decreased to 51.2 compared to 54.5 anticipated and 55.1 previously.

 

China's optimism for economic development and optimistic activity data from the dragon nation could also support the oil price. Pan Gongsheng, the director of China's State Administration of Foreign Exchange (SAFE), stated on Friday that Beijing "will defend itself against external financial market shocks and risks."

 

It should be noted, however, that recent calls for a recession pose a challenge to WTI crude oil purchasers, and more signs of economic decline should be monitored for direction, particularly when commodity prices trade near the key short-term resistance line.

 

In addition to the news about the recession, the March US employment report will be crucial to monitor for direction. Analysts anticipate a decline in headline Nonfarm Payrolls (NFP) to 240K from 311K previously, with the unemployment rate remaining unchanged at 3.6%. However, the contradictory forecasts for Average Hourly Wages make the outcome even more intriguing.


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