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JD.com will hold an earnings call in ten minutes.On May 12th, the State Administration for Market Regulation issued an announcement approving Tencent Holdings Limiteds acquisition of a stake in Himalaya FM, subject to restrictive conditions. On June 10th, 2025, Tencent, through its holding company Tencent Music Entertainment Group, signed an agreement with Himalaya FM to acquire its equity and gain sole control of the company. Industry insiders point out that after the acquisition, Tencent Music is expected to enhance the competitiveness of Himalaya FMs products through technological empowerment, improve user product and service experiences, and discover and create more high-quality long-form audio content, thus benefiting the long-term development of the online audio market. For Tencent Music, this transaction will further enrich its supply of high-quality audio content based on its existing business, further opening up future growth potential.On May 12th, ING strategists stated in a report that the rise in UK 2-year gilt yields was primarily due to political tensions and high oil prices, leading investors to increasingly doubt the Bank of Englands ability to cut interest rates in the coming years. They noted that this shift is also related to market expectations: if Starmer steps down, fiscal spending could expand and government debt could rise under a new prime minister, further pushing up interest rate expectations. Prime Minister Starmer is currently facing significant pressure to resign due to the Labour Partys poor performance in last weeks local elections. The UK money market is already pricing in two to three interest rate hikes in 2026 due to persistently high inflation.On May 12th, Anta Sports (02020.HK) announced on the Hong Kong Stock Exchange an adjustment to the conversion price of its €1.5 billion zero-coupon guaranteed convertible bonds maturing in 2029. In accordance with the terms and conditions of the bonds and due to the approval of a dividend by shareholders at the companys Annual General Meeting to be held on May 12, 2026, the conversion price will be adjusted from HK$101.13 to HK$99.80. The adjustment will take effect on May 19, 2026. Except for the adjustment, all other terms and conditions of the bonds remain unchanged.Futures News, May 12th: 1. Today, the spot price of Guangxi white sugar was 5406 yuan/ton, up 22 yuan/ton; Guangxi Sugar Groups quoted price range was 5400-5490 yuan/ton, up 20-30 yuan/ton; Yunnan Sugar Groups quoted price was 5210-5270 yuan/ton, up 20 yuan/ton; the mainstream quoted price range of sugar mills was 5800-5950 yuan/ton, with some up 20-60 yuan/ton. Both spot and futures prices strengthened, driven by the "buy high, sell low" mentality, leading to continued increased trading activity. 2. The US-Iran ceasefire agreement appeared somewhat fragile, with crude oil prices rising nearly 5% intraday, subsequently driving up international sugar prices. ICE raw sugar futures finally closed at 14.95 cents/lb, up 0.26 cents/lb. Current energy prices remain high, and with international sugar prices climbing again to around 15 cents/lb, the ethanol-to-sugar premium has somewhat declined. In the short term, attention should be paid to whether the latest sugar production ratio data for south-central Brazil will be adjusted. 3. Zhengzhou sugar futures contract SR2609 continued its range-bound consolidation in overnight trading. During the day, driven by the recovery in the commodity market, prices fluctuated upwards, breaking through the 5500 yuan/ton mark, before turning to range-bound trading, closing at 5504 yuan/ton, up 27 yuan/ton. Open interest increased by 8,700 lots during the day. The battle between bulls and bears continues, and Zhengzhou sugar futures prices are likely to maintain a range-bound trading pattern in the short term.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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