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The German DAX 30 index opened 73.28 points higher, or 0.30%, at 24,755.00 on Monday, June 29th; the UK FTSE 100 index opened 18.52 points lower, or 0.18%, at 10,489.50; and the French CAC 40 index opened 10.60 points lower, or 0.13%, at 8,374.27. The Stoxx 50 index opened 4.50 points higher, or 0.07%, at 6226.05 on Monday, June 29; the Spanish IBEX 35 index opened 53.45 points lower, or 0.28%, at 19371.85 on Monday, June 29; and the Italian FTSE MIB index opened 47.15 points higher, or 0.09%, at 51312.50 on Monday, June 29.As of 3:00 PM Beijing time, spot platinum fell 0.38%, while spot palladium rose 1.62%.Spains harmonized CPI rose 0.6% month-on-month in June, below the expected 0.4% and the previous reading of 0.10%.June 29th - According to the State Administration for Market Regulation, Chinas corporate credit index was 161.53 in May, indicating that the overall credit level of enterprises remained stable. The top five industries in terms of credit index were finance, electricity, heat, gas and water production and supply, residential services, repair and other services, water conservancy, environment and public facilities management, and manufacturing. Among them, the residential services sector saw the largest increase in the index, entering the top five for the first time this year. The culture, sports and entertainment industry also saw a slight increase in its index score, indicating continued strengthening of its credit resilience.Spains preliminary CPI monthly rate for June was 0.6%, below the expected 0.4% and the previous value of 0.10%.

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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