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Ukraines air force said Russia launched five ballistic missiles and 170 drones into Ukraine overnight.Zeekr Auto: In April, its Zeekr and Lynk & Co brands delivered a total of 41,316 vehicles, a month-on-month increase of 1.5%.Tesla (TSLA.O) rose sharply in the night session, having previously fallen by more than 4%.Futures May 1, Economies.com analysts latest view today: Spot gold prices fell sharply in the last trading of the day, and the intraday technical pressure increased, exhausting the bulls momentum and causing it to encounter more downward pressure. The decline was mainly due to its continued trading below EMA50, forming a significant selling pressure. Our expectations indicate that if the price closes below $3,300, there will be more downward fluctuations in the upcoming intraday trading, targeting the $3,200 support level. The expected trading range is between the $3,200 support level and the $3,300 resistance level.Futures May 1, Economies.com analysts latest view today: WTI crude oil futures continued to fall sharply in intraday trading, breaking through the support level of $58.80 and closing below this level, confirming the breakout signal, which indicates that the bearish wave is expected to continue. Our expectations indicate that prices will continue to fall in the upcoming intraday trading, especially if prices close below $58.80, targeting the key support level of $56.70. The expected trading range is between the support level of $56.70 and the resistance level of $58.80.

WTI rebounded from $73.00, but a decline appears probable as negative US PMI spark recession fears

Daniel Rogers

Jan 05, 2023 14:41

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have regained some ground in the Asian session after falling to near $73.00. Oil prices experienced a slaughter on Wednesday, which was precipitated by a consecutive dip in United States Manufacturing PMI data provided by the Institute of Supply Management (ISM) department.

 

The U.S. Manufacturing PMI dipped to 48.4 vs estimates of 48.5 and the previous publication of 49.0, marking the lowest figure since May 2000. The Federal Reserve's (Fed) aggressive policy tightening actions to combat persistent inflation have reduced the volume of manufacturing operations. To avoid increasing interest costs, companies are avoiding debt-raising negotiations, which has resulted in unaltered production capacities and diminished investment options.

 

In the meantime, the robust U.S. job market gives the Federal Reserve (Fed) a compelling justification to maintain higher interest rates for an extended period. The Unemployment Rate is extremely steady at lower levels, and pay growth is robust, which continues to keep inflationary pressures in check.

 

The American Petroleum Institute (API) stated that oil inventories grew by 3,298 million barrels for the week ending December 30. As people were preoccupied with New Year's celebrations, the majority of operational activity ceased. The official US oil inventory figures will provide fresh impetus moving forward.

 

In the Asian region, increased Covid infections in China are indicative of a delayed economic recovery. Analysts at Rabobank believe that China is still attempting to deal with the increase in Covid infections following the easing of restrictions. "The current increase of Covid infections is stressing the Chinese health care system in more ways than one. Bloomberg adds that this may also impede Beijing's aspirations to launch a homegrown semiconductor industry to compete with US-controlled supply chains.

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