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On August 28th, during Meituans Q2 earnings call, CEO Wang Xing shared Meituans internationalization progress: "Keeta began trial operations in the Saudi market in September 2024, and achieved profitability in July of this year, taking only 22 months." He also stated that Keeta will focus on operations in existing markets in the second half of this year, paying attention to improving business operational efficiency. Meanwhile, he remains confident in the long-term potential of the Brazilian market.On August 28th, Allianz Chief Advisor El-Erian stated, "Federal Reserve Chairman Warsh is about to deliver his first Jackson Hole keynote address. At this crucial moment, he faces a delicate challenge: how to respond to the highly diverse expectations of the market and various sectors. On one hand, some hope he will continue the tradition of previous Fed chairs, providing forward-looking guidance while elaborating on the current policy response mechanism—how the Fed will make policy decisions in response to economic data and changing circumstances. On the other hand, others hope he will return to the original long-term strategic positioning of this unique meeting. This means focusing more on the increasing and more complex domestic economic and policy issues in the context of profound structural changes driven by technological innovation and geoeconomics. Balancing these two expectations is no easy task. This balance is not only difficult to maintain but also almost certain to satisfy everyone. Meanwhile, policy factors outside the Fed further increase the difficulty of decision-making. However, Warshs speech will undoubtedly provide an important window for the outside world to gain a deeper understanding of the new Fed chairs policy philosophy and leadership style. Personally, I hope his speech will focus more on long-term structural issues, especially given the significant disagreements within the FOMC."On August 28th, the Securities Association of China and the Asset Management Association of China, based on their previous practical experience and research findings, jointly drafted the "Securities Company Trading Information System Access Management Standards (Trial Implementation)". The Standards clarify that securities companies must conduct trading information system access in accordance with laws and regulations, provide system access services prudently, treat system access clients fairly, and refrain from providing differentiated arrangements for technical or business resources to specific access clients. The Standards emphasize the primary responsibility of securities companies for managing external system access, requiring them to conduct comprehensive and thorough management, fully verify investor qualifications, and fully validate relevant system functions. During the access process, securities companies must earnestly fulfill their management responsibilities, strictly adhere to existing securities market trading management regulations, strictly control risks, and ensure that system access remains compliant, secure, and stable at all times.On August 28, Chow Sang Sang (06168.HK) announced on the Hong Kong Stock Exchange that it achieved operating revenue of RMB 2.365 billion in the first half of 2026, a year-on-year decrease of 24.9%; net profit was RMB 388 million, a year-on-year decrease of 6.5%.Ukrainian Minister: Gas reserves are sufficient for winter.

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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