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Japanese Finance Minister Satsuki Katayama declined to comment on whether foreign exchange intervention was carried out today.On August 3rd, the Token Service Working Group (in preparation) of the Artificial Intelligence Industry Development Alliance (AIIA) recently held a closed-door seminar on "Token Cross-border Flow and Open Cooperation." The Token Service Working Group will systematically promote the construction of a token cross-border flow and open cooperation mechanism in the following five aspects: First, systematically conduct research on cross-border flow mechanisms. Compile the "Token Cross-border Flow Development Research Report," analyze the regulatory policies and technical constraints of major global markets, and clarify compliance boundaries, risk points, and feasible paths; Second, simultaneously develop dual standards and specifications for compliance and technology. Promote the compilation of the "Artificial Intelligence Token Cross-border Flow Compliance Guidelines" and the "Artificial Intelligence Token Cross-border Flow Technical Requirements," clarify compliance requirements for data export and technology export, and unify interface specifications for cross-domain transmission and computing power scheduling; Third, conduct pilot demonstrations in emerging markets. Relying on multilateral and bilateral mechanisms targeting emerging markets such as ASEAN and BRICS, and the advantages of free trade zones, conduct closed-loop verification of "compliant entry + domestic processing + compliant exit," testing the stability of technical solutions and the effectiveness of compliance mechanisms; Fourth, build a cross-border service supply and demand matching platform; Fifth, construct a token cross-border flow service system.Japanese Chief Cabinet Secretary Minoru Kihara: Japan and the United States maintain close communication on foreign exchange issues. If necessary, Japan will not hesitate to take further foreign exchange action.August 3 - The Peruvian National Institute of Geophysics reported that a 5.7-magnitude earthquake struck 53 kilometers northeast of Ocaiacu, Leoncio-Oprado Province, Huanuco Region, at 8:42 p.m. local time on August 2. The earthquake had a depth of 152 kilometers, and there are currently no reports of casualties or damage.August 3rd - Driven by major customers such as Nvidia, AMD, and Broadcom actively securing production capacity, TSMCs 3nm process target of 180,000 wafers per month, originally scheduled for the end of the year, is expected to be achieved ahead of schedule in early Q4. Meanwhile, orders for the 2nm process are also rapidly increasing, with monthly wafer shipments expected to approach 100,000 wafers by the end of the year as planned.

WTI crude oil prices remain subdued in the mid-$79.00 range with fresh recession concerns

Daniel Rogers

Jan 19, 2023 15:00

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WTI crude oil maintains losses near $79.50 on Thursday morning, following a steep decline from the 1.5-month high the previous day. In doing so, the black gold struggles to justify expectations of increased energy demand from China amidst fresh US economic downturn concerns. The stronger U.S. dollar and recent hawkish statements from Federal Reserve (Fed) officials could also be placing downward pressure on the energy benchmark.

 

The previous day, declining US data rekindled fears of an economic slowdown and weighed on Oil prices. In spite of this, US Retail Sales posted a 1.1% MoM decline in December, compared to a -0.8% market projection and a -1.0% prior reading (revised). On the same note, the Producer Price Index plummeted to its lowest level in six months with a -0.5% MoM figure, compared to a -0.1% MoM figure that was anticipated and a 0.2% MoM result from the previous month (revised).

 

In spite of this, Fed members remained hawkish as St. Louis Federal Reserve President James Bullard stated that US interest rates must rise higher in order to reduce inflationary pressures. On the same line, Loretta Mester, president of the Federal Reserve Bank of Cleveland, and Esther George, president of the Federal Reserve Bank of Kansas City, stated that the central bank must restore price stability, "which includes returning to 2% inflation." Recently, Lorie Logan, president of the Federal Reserve Bank of Dallas, advocated for a slower rate of rate hikes but also acknowledged the possibility of a higher rate ceiling.

 

Aside from China, experts at Goldman Sachs anticipated a stronger global economy and preferred more energy consumption from the dragon nation. In recent times, though, worries about the US-China friction have outweighed optimism. US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He met in Germany on Wednesday, which initially bolstered risk appetite with the BOJ's inactivity. However, the diplomats' mention of the disagreements sparked market fears of a new round of friction between the United States and China. Previously, the South China Morning Post (SCMP) stated that Beijing'should be cautious' as the United States and Taiwan pursue tighter economic ties.

 

The American Petroleum Institute's (API) Weekly Crude Oil Stock was 7.615 million compared 14.865 million the week prior.

 

As a result of these bets, Wall Street closed in the red, and yields also declined, but the US Dollar rebounded after falling to its lowest level since late May. However, the US Dollar Index (DXY) also rebounded from levels that were the lowest since May 31.

 

In the future, risk triggers will be more significant than the weekly oil inventory data from the US Energy Information Administration, which is predicted to be -1.75M compared to 18.962M previously.


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