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Leapmotors official Weibo account said that its deliveries in April reached 41,039 units, a year-on-year increase of 173%, setting a new record high in growth rate.1. MUFG: Expected to lower economic growth and core inflation forecasts for this year; even if the central bank is cautious about further rate hikes, the yen still has room to appreciate. 2. Bank of America: Trumps policies have increased uncertainty, pay attention to clues of rate hikes in June or July, and the expectation of the next rate hike has been postponed from June to the end of the year. 3. ANZ Bank: Expected to remain on hold amid uncertainty in trade policy, the press conference will adopt a cautious tone, and the expectation of the next rate hike will be postponed from May to October. 4. Reuters survey: 84% of economists expect interest rates to remain at 0.50% by the end of June; 52% of economists expect a rate hike in the third quarter. 5. Fanon Credit: Inflation expectations may be significantly lowered in view of the appreciation of the yen and the decline in oil prices. Pay attention to whether it will mention that the strengthening of the yen may slow the pace of policy normalization. 6. Citibank: Real wage increases support consumption, however, considering the implementation of reciprocal tariffs and automobile tariffs, we do not expect the Bank of Japan to raise interest rates this year. 7. S&P: Japanese interest rates are not expected to change until the second half of this year, but the Bank of Japans stance will be watched as inflation continues to rise. 8. Monex Securities: Expected to keep interest rates unchanged, with a focus on the outlook. The balance between rising inflation and increased uncertainty is key to the interest rate path. 9. IG Group: Expected to remain on hold given the continued uncertainty over tariffs and economic growth risks; wage growth exceeding inflation may add confidence to tightening policy. 10. Continuum Economics: Expected to keep interest rates unchanged and not change forward guidance; tariff uncertainty plus continued inflation puts it in a dilemma.According to the Wall Street Journal: Teslas (TSLA.O) board of directors has begun the process of finding a successor to Musk as CEO.New York gold futures fell below $3,250 an ounce, down 2.09% on the day.Starbucks (SBUX.O) is considering cutting spending on store upgrades, which could help ease investor concerns about the chains cost tussle. Starbucks CEO Brian Niccol told employees at a company-wide meeting that each Starbucks store remodel costs between $800,000 and $1 million, according to a recording obtained by CNN Business. The coffee chain is looking for ways to reduce the cost of these renovations, which could involve major changes such as electrical or plumbing upgrades.

WTI is rangebound around $74.00 despite escalating recession concerns

Daniel Rogers

Jan 06, 2023 11:11

In the early Tokyo session, West Texas Intermediate (WTI) futures on NYMEX are fluctuating in a limited range around $74.00. The oil price is fighting to acquire a direction after a straight decline to about $73.00 from the important resistance of $81.00.

 

Despite the publication of reliable United States Automatic Data Processing (ADP) Employment Change data, the black gold remained hidden in the woods. According to the organization, the United States economy has generated fresh 235K vs. the forecasts of 150K and the earlier release of 127K.

 

Solid payroll data from the United States is a double-edged sword for the oil price. No doubt, bigger demand for labor force is often essential to cater to bumper demand from companies to address operations, which displays a spectacular requirement of oil to execute operations. On the other hand, a tight US labor market will be hampered by greater wage inflation, which would leave the Federal Reserve (Fed) with no room to consider slowing the rate of policy tightening until the end of CY2023 and could spark recession fears.

 

TD Securities analysts noted in their analysis of the Federal Reserve's December policy meeting minutes that officials were largely in agreement about the need to tighten monetary policy in the near future. Therefore, it anticipates a rate increase of 50 basis points (bps) in February, followed by rate increases of 25 bps in March and May. It is anticipated that the Fed will agree on a target range for the Fed funds rate between 5.25 and 5.50 percent by May."

 

Meanwhile, a considerable pace adopted by the Chinese administration in reopening the economy for spurting the volume of economic activity has resulted in an upside revision of Gross Domestic Product (GDP) predictions. The National Bureau of Statistics increased China's real GDP growth for 2021 from 8.1% to 8.4%, providing a stronger comparison base for 2022. This could result in a future increase in oil prices.

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