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Frances final harmonized CPI annual rate for July was 2.4%, in line with expectations and down from 2.40% previously.Frances final harmonized CPI monthly rate for July was 0.6%, in line with expectations and down from 0.60% previously.The final reading of Frances July CPI will be released in ten minutes.On August 14th, the China Motorcycle Chamber of Commerce released data showing that in July, the industry produced and sold 1.9384 million and 1.8996 million gasoline-powered motorcycles, respectively, representing month-on-month increases of 5.13% and 2.97%, and year-on-year increases of 22.32% and 18.85%. According to incomplete statistics from the Chamber, electric motorcycle production and sales reached 331,100 and 321,200 units, respectively, representing month-on-month decreases of 21.21% and 20.87%, and year-on-year increases of 10.37% and 9.5%. In July, total motorcycle production and sales reached 2.2696 million and 2.2208 million units, respectively, with production increasing by 0.24% month-on-month and sales decreasing by 1.33% month-on-month, but year-on-year increases of 20.42% and 17.4%. Domestic motorcycle sales reached 801,200 units, a month-on-month decrease of 8.15% and a year-on-year increase of 7.6%; domestic sales of gasoline-powered motorcycles reached 484,900 units, a month-on-month increase of 0.79% and a year-on-year increase of 6.03%.On August 14th, at Baidu AI Day, Baidu Wenku Cloud Drive officially announced the Chinese name of its general-purpose intelligent agent GenFlow as "KuKu AI". GenFlow has surpassed 100 million monthly active users, and its AI office MAU currently exceeds 25 million. Simultaneously, Wenku Cloud Drive announced the launch of the "KuKu AI" standalone platform, including the KuKu AI office PC client, KuKu AI web client, mini-program, and KuKu AI enterprise edition.

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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