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On August 17, the Hong Kong Stock Exchange (HKEX) announced that its Board of Directors has approved a three-year contract extension for its Group Chief Executive Officer, Chen Yiting, from March 1, 2027 to February 28, 2030 (both dates inclusive).A Houthi spokesman said: "The armed forces confirm that they are closely monitoring all actions and military movements of the Saudi adversaries and will strike against them, whether they occur on land or at sea."A Houthi spokesman stated that the armed forces successfully used multiple ballistic missiles to strike a Saudi enemy landing ship and four accompanying military vessels near the coast of Mocha in the Red Sea. The operation resulted in the ship catching fire, several accompanying vessels sinking, and the remaining vessels catching fire.Futures Market Summary | Monday, August 17th, CCTV News Highlights: 1. A grand meeting commemorating the 100th anniversary of Jiang Zemins birth was held in Beijing, with Xi Jinping delivering an important speech. 2. Xi Jinping sent a message of condolence to the Indonesian President regarding the strong earthquake in Indonesia. 3. At the invitation of Xi Jinping, the King of Jordan will pay a state visit to China. 4. Li Qiang chaired the 12th plenary meeting of the State Council. 5. A symposium on Jiang Zemins philosophy of peace and tranquility was held in Beijing, with Cai Qi attending the opening ceremony and delivering a speech. 6. The national economy maintained steady and positive growth from January to July. 7. Sales prices of commercial housing in first-tier cities generally rose month-on-month in July. 8. Eight departments jointly issued a document to ensure the safety of agricultural irrigation water. 9. my country has determined the first batch of primary care disease patients to receive "same disease, same payment" for hospitalization. 10. Change 6 lunar soil research provides new evidence of differences between the near and far sides of the moon. 11. The TV series "Hidden Edge" premieres tonight on CCTV-1. 12. Iran claims the US and Israel have achieved no objectives in the war against Iran; US media reports rising frustration among Gulf allies. 13. Russia claims to have shot down over 1,400 drones in one day; Ukrainian attack on major Russian logistics hub. 14. US President calls for a significant reduction in US-South Korea military exercises. 15. Foreign ministers of eight countries condemn Israels rejection of the Gaza peace plan. 16. Ebola death toll in the Democratic Republic of Congo rises to a new high. 17. Wildfires spread rapidly on islands near the Greek capital. 18. Hurricane causes widespread flooding and power outages in Hawaii.On August 17th, Morgan Stanley analysts stated in a report that low volatility in the G10 foreign exchange markets is expected to continue into late August and early September. Data from now until the Federal Reserve meeting in September should align with expectations that the Fed will maintain interest rates this year, which will prompt the market to gradually digest expectations of a rate hike. "Given the weak long-term correlation between Fed policy pricing and foreign exchange volatility, we expect foreign exchange volatility to face downward pressure." Furthermore, Middle East risks may continue to be priced into the market ahead of the US midterm elections, and August is historically a relatively calm period for the market.

WTI crude oil drifts above $80.00 amidst a US Dollar rebound and supply shortage concerns

Alina Haynes

Apr 10, 2023 14:16

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In the early hours of Monday, purchasers of WTI crude oil struggled to maintain the price above $80.70 as risk aversion and hawkish Fed forecasts bolstered the US Dollar. However, threats to Oil supplies, primarily emanating from China and OPEC+, appear to keep purchasers of black gold optimistic.

 

US Dollar Index (DXY) reverses a four-day downtrend near 102.25 despite the inability of US Treasury bond yields to recover due to recession concerns. However, US 10-year and 2-year Treasury bond yields remain under pressure near 3.37 percent and 3.95 percent, respectively. In doing so, the benchmark bond coupons extend the previous day's losses and illustrate the market's flight to protection in response to concerns of an economic decline.

 

In spite of this, the recent disappointing US data reignite concerns of a recession in the world's largest economy and challenge the optimists in the energy sector. However, the positive US Nonfarm Payrolls (NFP) data enabled Fed hawks to return to the table and renew demands for a 0.25 percentage point rate hike in May. The same constrains the value of the US dollar and stimulates demand for WTI crude oil.

 

On the other hand, geopolitical concerns surrounding China, particularly after the dragon nation's military exercises near Taiwan, combine with last week's unexpected OPEC+ production cut to keep Oil purchasers optimistic.

 

China's willingness to defend the global economy through robust monetary and fiscal easing at home also enables Oil purchasers to maintain optimism in the face of optimism among the world's largest Oil consumers.

 

The Easter Monday holiday in spot markets may limit Oil price movements, but the investors appear to be out of steam, so US inflation and Fed Minutes will be closely monitored for signs of a pullback.


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