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Hong Kong stocks closed higher, with the Hang Seng Index rising 0.60% and the Hang Seng Tech Index rising 2.20%. Sectors such as chips, optical communications, robotics, and artificial intelligence led the gains. Lenovo Group (00992.HK) rose more than 9%, with its market capitalization exceeding HK$460 billion, a record high.Intel (INTC.O) shares rose more than 3% in pre-market trading.ECB Governing Council member Kazak: The exact level of the neutral interest rate is not the main issue at present. We must prevent a second round of effects.The Eurozones seasonally adjusted current account for July will be released in ten minutes.Interest Rate Decision: 1. Interest Rate Decision: The Bank of Japan raised interest rates by 25 basis points as expected. 2. Voting Ratio: 7-2, with Asada and Sato dissenting on the interest rate decision. 3. Forward Guidance: The Bank of Japan will continue to raise interest rates based on economic and price developments and financial conditions. It will review the situation in the Middle East, the demand for artificial intelligence, and the impact of foreign exchange on the economy and prices to formulate policy. 4. Economic Outlook: The Japanese economy is recovering moderately, but it cannot be simply stated that the economic situation is strong. 5. Inflation Outlook: Inflation expectations have risen moderately. Wholesale inflation remains high due to the impact of oil, foreign exchange, and artificial intelligence demand, and there is a risk that underlying inflation will exceed the 2% target. 6. Artificial Intelligence: The Bank of Japan will closely monitor the demand for artificial intelligence, which has an impact on inflation. Press Conference: 1. Interest Rate Outlook: The Bank of Japan will continue to raise interest rates based on economic, price, and financial conditions; it is not considering raising rates at a specific time, and there is no predetermined pace of rate hikes; it does not rule out any specific policy measures, depending on the inflation situation. 2. Economic Outlook: The Japanese economy is likely to continue to grow moderately, and overall financial conditions remain loose. The degree of looseness is diminishing. 3. Inflation Expectations: There is a risk that potential inflation will exceed the 2% target, and the risk of inflation overshooting is rising. The situation in the Middle East is a factor that increases inflation risk. 4. Internal Disagreements: It is normal for committee members to have differing views. Disagreements in this decision-making process are not a problem.

WTI fluctuates below $80 as investors redirect their attention to Fed comments

Alina Haynes

Nov 30, 2022 15:23

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) are fluctuating below the key resistance of $80.00 during the early European session. As investors anticipate a fresh impetus from Federal Reserve (Fed) chairman Jerome Powell's upcoming address, oil prices have been neglected by market players.

 

The black gold has drifted sideways following Monday's phenomenally strong buying action near $74.00. Prior to Fed Powell's speech, the recent increase and bullish expectations for oil prices are contingent on considerable pressure on the US Dollar. After a dip in inflation in October, investors are eager to know if the Federal Reserve is seriously considering a slower rate of interest rate increases.

 

The United States American Petroleum Institute (API) reported a large decline in oil inventories for the week ending November 25. This has also contributed to a rise in oil prices. The oil supply has decreased by 7.85 million barrels. This is the third straight decline in oil inventory published by the API, which has given the oil bulls a shot of adrenaline. However, investors will await the Energy Information Administration's (EIA) official oil inventory report for relevant indicators.

 

The case for supply concerns has been supported by news reports from Russia that the country will not provide oil under a price cap anyway, as stated by the country's Deputy Prime Minister, Alexander Novak.

 

In addition, predictions that OPEC+ will expand supply cutbacks at its December meeting are keeping oil bulls in check. The oil cartel declared that the promise to reduce production by two million barrels per day will be extended to the end of CY2023. In light of the current decline in oil prices, the oil mafia may increase production cuts.


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